First Asset Management expands into the Gold Coast

Brisbane-based commercial property specialist First Asset Management has expanded to the Gold Coast in a move aimed at capitalising on emerging opportunities in the region.

The company, founded by Angelo Efstathis, has extensive experience in managing retail, commercial and industrial assets across south-east Queensland.

First Asset Management’s existing Gold Coast portfolio includes Ashmore City, Metro Marketplace Biggera Waters, Hope Island Central, Lakeside 1 & 2 Varsity Lakes and the Benowa Gardens shopping centre.

With the recent shake-up in the Gold Coast commercial property market, including the departure of Knight Frank from the Gold Coast, Mr Efstathis says the Gold Coast market is ripe for the dedicated specialist asset management services that his team provides.

“As some of the larger players are scaling down, we’re scaling up because we’re seeing a real void in the market for specialist services,” said Mr Efstathis, the managing director of First Asset Management.

“We’ve been encouraged by the quality of local inquiries our team has received from property owners and businesses in recent months and we’re currently working on a number of deals at the moment. The market is looking for an active, strategic approach to property management and that’s what we do well, especially in these challenging times.”

First Asset Management is building on the success of Ashmore City shopping centre, which underwent a major facelift last year. The group led the repositioning of the centre with a new tenancy mix focused on retail specialty, service based, health and allied services.

First Asset Management already has a centre management team at Ashmore City and it has now leased a dedicated office at the Ashmore Professional Centre on Currumburra Road, within the shopping centre complex.

Seasoned Gold Coast commercial real estate professional Kelly Buxton will be co-managing the new Gold Coast office alongside Mr Efstathis. Ms Buxton, who was previously with Colliers International, has worked on the Gold Coast for more than 30 years, specialising in retail-office sales and leasing.

“We’ve already activated our team to cover the whole Gold Coast and the feedback we have received so far has been quite encouraging,” said Ms Buxton.

“Our main targets will be neighbourhood centres and office assets, especially for those investors looking to tap into our proven asset management strategy.

“The plan is to bring a new level of services to the Gold Coast, leveraging off the success Angelo and his team have achieved across the group’s portfolio, and we’ve already hit the ground running.”

First Asset Management is offering a full circle of services to the Gold Coast market, from asset management, leasing, sales, acquisition advice and strategy, as well as retail strategic advice.

“We will be a one-stop shop for our clients servicing the whole Gold Coast region,” said Mr Efstathis.

“The market is facing challenges at the moment, so more property owners understand the need for hands-on specialist advice and a more strategic approach to managing their assets.”

Mr Efstathis, with more than 35 years’ experience in retail/commercial/industrial property investment, established First Asset Management in 2009. He has since grown the business to a team of 23.