Development Site Sales Lead Q1 Results
April 27 2022
Development sales led a stellar first quarter for Kollosche Commercial with more than $34 million worth of commercial property transacted in the three months to March.
Sales over the three months totalled $34,110,000 with an average sale price of $2,840,000. For the month of March, an impressive sales tally of $29,888,000 produced an average sale price of $3,736,000.
The March quarter deals included the $13,510,000 sale of a Palm Beach development site at 215-217 Jefferson Lane, which set a new price benchmark for beachfront land in the suburb.
On March 23, a development site at 2797 Gold Coast Highway, Broadbeach was sold by Kollosche Commercial for $4,300,000.
A stellar first quarter comes on the back of $192,000,000 in unconditional sales achieved by Kollosche Commercial for a range of clients in 2021.
Our Q1 results highlight the continued strength of the Gold Coast development market, especially for luxury boutique projects.
The Jefferson Lane site, sold by Team Grbcic with colleague Troy Dowker, attracted a massive 350 enquiries and 11 bidders on auction day, with interest bolstered by DA approval for a nine-storey tower.
As we move into the winter months, boutique development sites remain firmly in demand from Broadbeach all the way to the Tweed.
Team Grbcic is also fielding significant enquiry for freehold assets priced between $1,000,000 and $5,000,000, with industrial properties and storage highly sought after.
Vacant properties are attracting plenty of attention too, with recent sales of a vacant warehouse and a storage facility resulting in tidy gains for those vendors.
South East Queensland buyers remain active with plenty of competition from Sydney and Melbourne investors who have seen yields continue to shrink in the southern markets.
If we can assist in any way this week, reach out to Team Grbcic for a conversation around your commercial real estate goals.