Tower development approval may see new commercial property investment
The Gold Coast City Council recently (June 25) approved the development of a tower in Southport ...
The Gold Coast City Council recently (June 25) approved the development of a tower in Southport that may bring in new opportunities for commercial property investors in the area.
Offices, commercial services, shops, a medical centre, cafe and a restaurant are planned for the 51-storey Sanbana Southport development, which is estimated to bring in around 350 jobs during construction and bring new life to the Southport area.
Commercial retail property and office opportunities have been cropping up in the area over the last six months, with two others already approved and two more proposals for high rises currently in assessment stages with the council.
The inclusion of rental properties in the tower will be welcome news for both investors and tenants, as the Real Estate Institute of Queensland (REIQ) reported a strengthening of demand for units earlier this month on June 7.
According to REIQ, the preliminary numbers of unit sales in the state increased by two per cent compared to the same time last year.
REIQ chief executive officer Anton Kardash highlighted the demand for such properties by saying that "the popularity of units and townhouses in our major tourist precincts has returned".