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 AssetManagement’s existing Gold Coast portfolio includes Ashmore City, MetroMarketplace Biggera Waters, Hope Island Central, Lakeside 1 & 2 VarsityLakes and the Benowa Gardens shopping centre.

With therecent shake-up in the Gold Coast commercial property market, including thedeparture of Knight Frank from the Gold Coast, Mr Efstathis says the Gold Coastmarket is ripe for the dedicated specialist asset management services that histeam provides.

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

“We’ve beenencouraged by the quality of local inquiries our team has received fromproperty owners and businesses in recent months and we’re currently working ona number of deals at the moment. The market is looking for an active, strategicapproach to property management and that’s what we do well, especially in thesechallenging times.”

First AssetManagement is building on the success of Ashmore City shopping centre, which underwenta major facelift last year. The group led the repositioning of the centre witha new tenancy mix focused on retail specialty, service based, health and alliedservices.

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

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

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

“Our maintargets will be neighbourhood centres and office assets, especially for those investorslooking to tap into our proven asset management strategy.

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

First AssetManagement is offering a full circle of services to the Gold Coast market, fromasset management, leasing, sales, acquisition advice and strategy, as well asretail strategic advice.

“We will be aone-stop shop for our clients servicing the whole Gold Coast region,” said MrEfstathis.

“The market isfacing challenges at the moment, so more property owners understand the needfor hands-on specialist advice and a more strategic approach to managing theirassets.”

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