The enviable mix of lifestyle, tourism, amenity and some incoming top tier tenants have put the area in the spotlight with investors and the results have been astounding. A Burleigh Heads local understands firsthand how the demand in the area has grown.
‘In the last three months, we have seen some outstanding results, in particular, we saw 15 James Street transact for $4,240,000 representing a 5.6% yield and McDonald House for $8,300,000 or approximately 7%. The level of enquiry for Burleigh is not like anything I have ever seen before. There are people calling me from Sydney and Melbourne who cannot find a home for their capital and have identified Burleigh Heads as the ideal investment destination and these sales certainly reinforce the strength of the demand in the tightly held precinct.’
Scott Imlach, the popular restaurateur behind Bine, Nobbys Arc and the Hideaway Bar has also seen the emergence of Burleigh as a popular foodie destination and has responded by opening ‘Nightjar’ a bar within 99m² tenancy in the alley way behind the old Mount Woodgee surf shop in an endeavour to cater for the younger demographic who want a low key fun place to go for beer that is close to home.
‘The emergence of global surf retainer ‘Ripcurl’ at number 15 Connor Street has demonstrated that Burleigh is coming onto the radar of national retailers in conjunction with the existing smaller boutique tenancies. This increase in demand has resulted in a lift in the achievable rental rates for landlords. We are seeing rental rates of between $800 and $1450 per square metre consistently throughout the precinct for ground floor retail and importantly with the arrival of the light rail we expect these rents to be sustainable for the long term.’ He said.
Stage 3a of the light rail is currently in the planning stages and is proposed to stretch for 7km, allowing residents to move from the city lights of Broadbeach to the sandy shores of Burleigh in less than 20 minutes. The Gold Coast City Council is expecting the public to greatly increase its travel commitments on the light rail from the 21,000 daily trips made currently.