Goldfields buys motel, sells land
Goldfields has sealed two commercial property deals at opposite ends of the country.
In Perth, the group has settled on the Quality Resort Sorrento Beach motel (pictured, top), for $31 million.
The deal with over 80 strata unit owners was mostly settled between last February and September.
The final apartment traded earlier this year.
Covering 7656 square metres opposite the beach on West Coast Drive, but with a street address 1 Padbury Circle, Goldfields director Lachlan Thompson said the property has shown consistent revenue growth over the decade.
Built in 1983, with studios, one, two and three bedroom suites, it will be updated, retained and managed as an investment.
A restaurant and bar will be added too.
CBRE’s Derek Barlow and Chloe Mason were the agents.
Sorrento is about 18 kilometres north west of the CBD.
Goldfields sells in Caboolture
Meanwhile, Goldfields has sold a 48 hectare industrial development site at Caboolture, between Brisbane and the Sunshine Coast.
It paid $27.7m for 575-595 Pumicestone Road in 2023.
It reoffered it permit-ready for a 32 lot subdivision. Thirty nine hectares is developable. The incoming owner is as yet undisclosed.
Cushman & Wakefield’s Morgan Ruig and Mitch Taulelei, with Modus, were the agents.
The land sits in the Moreton Bay region, forecast for 140,000 new residents in the next decade, they said. Some 115ha of industrial land is needed to service that demand, they added.
“The sale of 575 Pumicestone Rd is not just a win for Goldfields – it’s a signal to the market that the industrial frontier is shifting north and investors are following,” according to the executives.
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