‘Sleepy’ Mudgeeraba emerges as commercial powerhouse
Mudgeeraba is being heralded as one of the Gold Coast’s most active emerging commercial precincts, with a string of recent sales heralding a new era for the area.
CBRE associate director of metropolitan investments and office services Brad Duncalfe says the suburb, which has direct access to the M1 Motorway, is increasingly being viewed as one of the Gold Coast’s most prominent commercial hubs.
“In the wake of rapid commercial growth in Robina and Varsity Lakes over the past five years, which will see it overtake Southport as the Gold Coast’s commercial heart, Mudgeeraba is quickly becoming a popular business centre,” Duncalfe says.
Robina and Varsity Lakes are both located on the coastal side of the M1, opposite Mudgeeraba, which occupies a large area inland.
Mudgeeraba will grow from its sleepy historic past to a budding central commercial location
Herron Todd White explains in its ‘June Month in Review’ that much of the nearby growth has been driven by Robina and Varsity Lakes having “seen the majority of office development on the Gold Coast over the past 10 to 15 years”.
Duncalfe adds that Mudgeeraba is benefiting from an uptick in owner-occupier business confidence on the Gold Coast, which has led to the area emerging as a business precinct in its own right.
“Favourable economic conditions are supporting business growth and reinjecting confidence back into the commercial sector,” he says.
According to CBRE, 18 months ago there had been a total of 17 sales totalling $10.4 million in Mudgeeraba over four years – an average of $611,000 per commercial sale.
By comparison, in the last 18 months there has been a significant spike in transaction activity, with $35.5 million in property changing hands over nine commercial sales – or an average of $3.73 million per transaction.
“As this small commercial precinct continues to be seen as a viable option for businesses looking for ease of access, car parking for staff and customers, and overall value for money, Mudgeeraba will grow from its sleepy historic past to a budding central commercial location,” Duncalfe says.
Favourable economic conditions are supporting business growth and reinjecting confidence back into the commercial sector
Railway St, just off the M1, has been a hive of activity, with three commercial properties transacting on the strip over the last 12 months.
A private owner-occupier acquired a two-level freehold office with 33 car parks at 63 Railway St for $1.25 million, with plans to operate his medical practice from the 1208sqm property, which was sold with vacant possession.
A separate owner-occupier recently purchased two freestanding houses on a 2057sqm centre zoned site at 65 Railway Street for $1.1 million.
The third recent transaction on the street was the $810,000 sale of a 1056sqm mixed-use property at 13 Railway St, with the private owner-occupier set to operate a security business from the property.
Other sales in the area include the $660,000 sale of a 1058sqm development site at 24 Robert St, and the $760,000 sale of a 799sqm mixed use site at 2 Regency Place.