The resurgence of the Gold Coast office leasing market continues to gather momentum with Legal Aid (Queensland) agreeing terms to relocate into 7 Bay Street, Southport.
Trident Corporation represented building owner RJH Holdings Pty Ltd, an investment vehicle for ADCO construction group, whilst CBRE was the tenant advisor for Legal Aid (Queensland).
Trident Corporation’s Partner, Mitch Connell, said; “We actually came across Legal Aid’s Southport requirement through our telephone canvassing of a different precinct. They expressed their desire to upgrade in the quality of their office accommodation and that they were currently pressed for expansion space. After a quick sweep of the local market we thought the logical choice for them was 7 Bay Street as it’s one of the best quality office buildings within Southport’s legal precinct.”
Mr Connell also noted that there had been a resurgence in the Gold Coast leasing market in the past 12-18 months, with vacancy reducing from ~15% in July 2014 to 13.5% in Jan-2016.
Legal Aid will occupy 884sqm of space in 7 Bay Street over Levels 2 & 3 after signing a seven year lease agreement.
CBRE’s Laura West commented; “Whilst vacancy has improved across the Gold Coast, we are still seeing good opportunities for our clients to take advantage of favourable occupier conditions particularly in precincts with higher vacancy rates. We were pleased to be able to source well positioned, quality accommodation for our client, Legal Aid Queensland.
Ms West added that CBRE Occupier Advisory was representing a number of clients on the Gold Coast and the expectation was that conditions would remain favourable for occupiers for some time.
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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.