Gold Coast, 20 August 2015 – The iconic 50 Cavill Avenue office tower in Surfers Paradise and the Seabank office building in Southport have been listed for sale under instructions from Robert Hutson and Craig Shepard from KordaMentha.
CBRE and Canford Property Group have been exclusively appointed to offer the properties for sale by Expressions of Interest in a move tipped to generate significant local, national and international buyer demand.
Together the properties provide over 25,000sqm of existing net lettable area, which represents approximately 20% of the comparable Gold Coast office market. Seabank is also being offered with an adjoining 1,222sqm site, suitable for a range of development outcomes.
CBRE’s Jonathan O’Brien, Mason Kidman and Lachlan Harris will steer the marketing campaign in tandem with Roland Evans and Greg Harris of Canford Property Group.
The assets will be offered for sale separately or in one line.
“50 Cavill Avenue and Seabank represent two of the most significant commercial buildings offered on the Gold Coast in recent years,” Mr O’Brien said.
“Both buildings have significant upside, be it through the leasing of the existing vacancies or through repositioning existing tenants on longer leases. The offering also provides an opportunity to capitalise on the ongoing recovery in the Gold Coast economy and a continued strengthening in the leasing market.”
Mr Evans said both assets had very strong commercial attributes including high car parking ratios, large floorplates and key commercial locations in their respective suburbs.
The two buildings are also located in close proximity to G:Link stations on the Gold Coast’s Light Rail network.
“This recently completed transport infrastructure has been highly successful and it now appears likely that the proposed extension to the heavy gauge rail network will commence in the not too distant future,” Mr Evans said.
“Being on this transport route provides a distinct advantage for these two properties given the accessibility it offers for staff and clients. This ease of accessibility will only improve as the light rail network expands.”
50 Cavill Avenue was completed in 1991 and is the Gold Coast’s largest office tower. It comprises a total net lettable area of approximately 17,010sqm of office space over 22 levels, as well as 381.5sqm of ground floor retail space and 447 basement car parks.
Major tenants include Mantra Group, Nine Network Australia and Regus Gold Coast.
The asset is strategically positioned in the heart of Surfers Paradise, on the corner of the Gold Coast Highway, Cavill Avenue and Beach Road – with Surfers Paradise beach less than 500 m away.
“50 Cavill Avenue remains the most prominent commercial address in Surfers Paradise,” Mr O’Brien said.
“The property currently has numerous vacancies, allowing the new owner scope and latitude for innovative marketing and a new approach to the tenancy mix. There is also further scope for extensive refurbishment of the vacant floors to capitalise on the property’s strong underlying fundamentals and unique commercial location.”
The other offering is Seabank, which is situated at 12-14 Marine Parade, Southport. The building was completed in 1987 and comprises a total net lettable area of approximately 8,492sqm over 12 levels and 253 car parking bays. Major tenants are IBM, Nimble and Queensland Newspapers.
The building is situated in a prominent location with exposure to the Gold Coast Highway and offering excellent views over the Broadwater and out to the Pacific Ocean that can never be built out.
“There is also the adjoining development land at 4 – 6 Seabank Lane, in the Southport Priority Development Area (PDA). This provides a unique opportunity for a variety of development outcomes to capitalise on the loosened restrictions of building height limits within the PDA,” Mr Evans said.
The Expressions of Interest campaign closes October 8, 2015.
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