Gold Coast’s corporate power tower hits the market
| 4 October 2018
GDI Property Group has moved to sell 50 Cavill Avenue following an extensive refurbishment program that has reaffirmed its position as the Gold Coast’s premier commercial tower.
Comprising an NLA of 16,625sqm over 22 levels with 446 secure car parks, the tower is the Gold Coast’s largest A-grade office building and boasts an impressive line-up of tenants including, the Mantra Group, Regus, Nine Network Australia, Ray White Group, Bell Potter, PWC and McCann World Group, as well as CBRE’s Gold Coast headquarters.
Following its purchase of the tower in 2016, GDI Property Group completed significant upgrades, including new energy efficient air-conditioning, high speed destination control lifts, ground floor retail and state of the art end of trip facilities. The tower, which offers extensive views and receives natural light from all sides, is currently at 97% occupancy.
Mr Gray-Spencer said the opportunity to secure the Gold Coast’s most recognised corporate tower would ignite strong local and international investor interest due to its strong yield, brilliant floor plate and 360 degree views.
“As of result of recent refurbishments, 50 Cavill Avenue boasts one of the most attractive tenancy profiles for a corporate tower on the Gold Coast, and offers both the benefit of continued rental growth and low future capex requirements,” Mr Gray-Spencer said.
Mr O’Brien said given the limited competition of A-grade commercial space in the strengthening Gold Coast market - and with no new significant projects in the pipeline –the building would be strongly sought after.
“50 Cavill boasts lower leasing incentives than other major centres as well as rental upside given many tenancies are still at below market rates,” Mr O’Brien said.
“The Gold Coast offers investors a more compelling value proposition compared to other eastern seaboard centres such as Sydney and Melbourne, where yield compression is already nearing its peak.”
Expressions of Interest close November 13, 2018.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.