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Coffee Club founder pays $6M for ground floor of Ascot’s ‘Silk’

ONE of the Coffee Club founders, Emmanual Drivas, has purchased the entire ground floor retail component of the new “Silk” development in Ascot for $6,000,000 at 118 Racecourse Road.

“Silk” is the latest prestige creation of Brisbane’s Geocal Group and Loucas Zahos Architects.

‘Silk’ comprises 11 large residential apartments over the two top levels, two levels of car parking, almost 700sq m* of first level commercial space, and 600sq m* of prime ground-floor retail space.

The ground floor retail component was sold by Ray White Commercial QLD father and son duo Stephen and Elliot Kidd.

The duo has now completed the sales of the entire commercial floor with all seven assets now under contract or settled.

Mr Stephen Kidd said the ‘Silk’ development was breathing life back into one of Brisbane’s most prestigious addresses.

“The building is certainly a stand-out landmark for the street, with the sophisticated architecture by local award-winning firm, Loucas Zahos,” Mr Stephen Kidd said.

“One of the real attractions to the building was the opportunity for local businesses to own their own tenancy vs rent, which has led to strong demand for the commercial space. Of the seven tenancies under contract or settled, all of them have been purchased by owner-operators.

“The ground floor retail space will comprise a well-known and enhanced local café/restaurant, skin clinic (already trading), and a mix of food and services.”

“The project was officially completed in July and represents a vote of confidence in one of Brisbane’s wealthiest postcodes,” Mr Elliot Kidd said.

“The sale of the ground floor retail is an excellent example of having and utilizing a strong, national database. As soon as we were presented with the opportunity, we had the ideal buyer in mind.

“Our long-standing relationship, coupled with our knowledge of the kind of property Emmanual was after, led to the sale.”

Mr Kidd said it showed that developers were still finding ways to create special projects that left a lasting impression and he was looking forward to seeing people at ‘Silk’ soon.

*Approximately.

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