GDI Property Group has made the ultimate charity donation, providing free office space for the Perry Cross Spinal Research Foundation in its landmark 50 Cavill Avenue tower.
GDI will sponsor the rent for the term of the not-for-profit’s lease, providing the foundation its first corporate office as it strives to facilitate and initiate the connections and research required to find a cure for paralysis.
The foundation will occupy 103sqm of space in the building, which is undergoing a $10 million refurbishment.
A spokesperson for the Foundation said; “GDI has generously donated an office space that will give the Foundation’s staff and volunteers our first home. This space allows us to focus on the vital work of raising funds for our clinical trial project at Griffith University. We are extremely grateful for this unique opportunity and collaborative space for us to plan for the exciting times ahead. We would like to sincerely thank GDI for their generous support.”
The agreement is the latest milestone for GDI, which settled its acquisition of the landmark tower early this year.
Three full floors have already been delivered under a rolling refurbishment program, which will also involve the installation of six new high speed lifts and updating the air conditioning chillers and instituting sustainability upgrades to target a 5 Star NABERS rating.
Working with exclusive leasing agents CBRE, GDI has also finalised agreements with 11 sitting tenants to either sign new leases or expand in the building.
CBRE Associate Director Nick Selbie said the new lease commitments represented a vote of confidence in the 22-level building, which GDI is moving to reposition as the Gold Coast’s premier corporate address.
“The agreements with both Perry Cross and these sitting tenants highlights GDI’s commitment to the local community, their flexibility in allowing tenants to grow and their consideration of tenants’ needs, given that many of the tenancies have been refurbished to suit specific requirements,” Mr Selbie said.
Mantra Group, the building’s largest current occupier, has increased its footprint by leasing an additional 332sqm, while Nine Coast News is signing a new 10 year lease which will expand its space by 280sqm.
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Chief of Staff, Rod Power, said; Nine Gold Coast News have been at 50 Cavill Avenue for more than 20 years and are thrilled to have signed another long term lease reaffirming our commitment to the Gold Coast. It will be exciting to see the refurbishment restore the building to its former glory, as the Gold Coast’s No. 1 office complex.” |
Jump Swim Schools has also expanded, from 104sqm less than 12 months ago into 257sqm. A further expansion is pending that will take its total occupancy to approximately 463sqm.
Jump Swim School’s Managing Director Ian Campbell said; “We are very excited about the improvements we have seen in the building since it was acquired by GDI. As such, we have expanded our floor space, essentially committing our long-term future to being a 50 Cavill Avenue tenant.”
Other agreements in the tower include Shakespeare Haney renewing its lease for another five years, while Sunshine Loan Centre’s has relocated and expanded in the building, signing a new lease over 184sqm.
Ballast Holdings has relocated to a new tenancy and signed an 80qm lease agreement while Commercial Solutions – the building’s refurbishment contractor – has finalised a 95sqm lease.
Three additional tenants have also expanded – being Anonyome, Levit8 Business IT Solutions and DataU.
Anonyome, an American headquartered IT company, has expanded for the third time in two years to now occupy approximately 410sqm of space.
Levit8 has expanded and committed to a new 5year lease over 91 sqm, while DataU has expanded from serviced office space and signed a 125sqm lease.
Rents on the new lease deals have ranged from $350-$400psm net.
Mr Selbie said a selection of completely refurbished office tenancies were currently available, ranging from 70sqm. A full floor in the upper levels of the tower will also be available within the next few weeks.
“Leasing enquiry is being driven by businesses that see the value in the amount of staff parking and free client parking available, in addition to the building’s proximity to the largest public car park on the Gold Coast,” Mr Selbie said, adding that the building was also within walking distance of the light rail and bus stop.
“Interest is also high from businesses that require significant IT infrastructure, which is provided for with optic fibre connections. Another attraction is the flexibility for growing tenants, with serviced office operator Regus occupying level 13 – allowing businesses to establish themselves and expand within the same location.”
Leasing demand has been further underpinned by the current upgrade works which also include new end of trip facilities, housing showers, lockers and bike racks.
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 17,363sqm of office space over 22 levels, as well as 381.5sqm of ground floor retail space and 446 basement car parks.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
