Coolangatta Arcade Sells for First Time in 55 Years
A Coolangatta arcade that’s been in the same family for more than half a century has sold ahead of auction for $4.175m.
Situated at 66-70 Griffith Street in the middle of Coolangatta’s retail precinct, the Pacific Arcade received nine offers ahead of auction with the purchaser tabling an offer for the three-level mixed-use building representing a land value of $8,486psm.
Ms Imlach said the property has been in the same family for 55 years. The patriarch of the family was involved in the engineering of the property.
The buyer was a growing clothing designer that had been searching for a Queensland base that could also double as a retail store.
The arcade – which has retained its original form - held 16 tenancies in a mixture of on-street retail, first floor office suites and four residential apartments on the top level.
“The purchaser recognised the site’s position in the middle of Coolangatta as being perfect for their business’ growth and tabled a very competitive offer to stop the property proceeding to auction,” said Ms Imlach.
“Its position in the centre of Coolangatta appealed to several investors and developers. The site has been a fixture of Griffith Street for a long time.
“The purchaser liked the layout and profile of the building which offered a net lettable area of 1032sqm on a 492sqm main street site. Apart from some cosmetic improvements, the purchaser plans to retain the essence of the original arcade. For the seller, whose family has close association with the development of the arcade, it’s nice to know their building will have a new chapter after their ownership.”
Ms Imlach said offers made for the property during the campaign from local and interstate interests.