Cavill Avenue Deal for $6.1 million

A 6-level commercial building on Cavill Avenue, Surfers Paradise has been sold for $6,100,000 in a highly contested sales campaign. A consortium of buyers headed by a local investor has purchased the asset which features five floors of office, basement parking and a ground floor retail arcade which connects to the Surfers Paradise RSL.

Steven King and James Crawford of Colliers International marketed 38 Cavill Avenue, Surfers Paradise via a 6 week on-market campaign which attracted more than 80 buyer enquiries. 

“We received 31 buyer enquiries in the first 24 hours and conducted 16 inspections throughout the campaign despite the current travel restrictions. In the end, offers come from both interstate and local buyers” said Mr King.

“At the time of sale, the building sold with an approximate net income of $300,000pa on an initial passing yield of around 5% but, with 3 levels of office available to lease, there is scope to increase the income profile with time” said Mr King. 

Located walking distance to the Light Rail, Hilton Hotel and 50 Cavill Avenue, the property has 2,600sqm of net lettable building area and sits on 888sqm of land.

“As one of only 17 freestanding properties in Cavill Avenue, buyers were attracted to the possibility of owning real estate in one of Australia’s most famous streets” said Mr Crawford.

“This sale demonstrates the on-going strong demand for strategic Gold Coast assets and follows the recent nearby sale of Circle on Cavill for $61.8m in March this year” said Mr Crawford.
 

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Steven King

Director in Charge | Gold Coast

Gold Coast

As the Director in Charge of the Gold Coast office, Steven is responsible for the continued success and growth of an award-winning team across multiple service lines. As part of his dual-role, Steven also represents Colliers International as the Director of Investment Services in a transactional based sales management role.

Working within our national platform, we share knowledge and have a collective commitment to deliver the absolute best results for our clients. 
In 2018, our Gold Coast office received the prestigious Real Estate Institute of Queensland ('REIQ') Commercial Agency of the Year Award.

Steven specialises in the marketing and sale of high profile commercial assets and with over 17 year’s experience, he has negotiated more than $500 million in local property sales. Steven offers an unrivalled track record in commercial sales and his in-depth knowledge and expertise of the local commercial market is second to none. Steven provides clients with a high level of service that extends beyond a traditional sales appointment by utilising both innovative and effective marketing strategies.  

Previously Steven has been honoured to receive the REIQ Commercial Salesperson of the Year Award.

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James Crawford

Director | Metro Sales

Gold Coast

I head up the Investment Services division for Colliers International on the Gold Coast.

We sell commercial realestate across various asset classes including: office, childcare, industrial, medical, retail, service stations, self-storage, residential apartment blocks, national tenanted investments and development sites.

Our clients include government agencies, listed companies, banks, funds, receivers, non-for profits, syndicates and private investors.

In recent years our Gold Coast office has been recognised as 'The Queensland Commercial Agency of The Year', a prestigious award from the Real Estate Institute of Queensland.

With a bachelor of Environmental Engineering from the University of Queensland, I have worked in the manufacturing industry as a Process Improvement Engineer.

I maintain a keen interest in innovations that benefit the agriculture and the wastewater industries. And, I serve on the board of a christian church.

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