Brisbane, 27 April 2014 – Clarence Property Group has purchased the Robina Quays Corporate Park on the Gold Coast for $6.925 million.
Located on the lakeside at Glenferrie Drive, the office park comprises two office buildings totalling just over 5,200sqm, as well as an additional block of land sprawling more than 6,549sqm.
CBRE’s Mark Witheriff and Tania Moore, in conjunction with Saku Sunakawa of Wide Estate, sold the property on behalf of the vendor.
Mr Witheriff said the Robina Quays Corporate Park property was a prominent and renowned commercial site.
“This property was constructed in the 1980s by Brian Ray and over the years it has been occupied by a number of major Gold Coast groups such as Robina Land Corp, the Ray Group, and more recently, tenants including the state government, RPS Group and Spiritus,” Mr Witheriff said.
Clarencey Property Group’s Peter Fahey said it would undertake a significant refurbishment of the park, including upgrades to the surrounding landscape, car parks, amenities and building facades. Clarence Property Group also developed the Casuarina Beach Town Centre on the Tweed Coast.
“The Robina precinct is one of the best performing office markets on the Gold Coast and we have identified the opportunity to deliver a quality product at a reasonable price with sizing that is attuned with the Gold Coast market,” Mr Fahey commented, adding that the majority of offices range in size from between 100sqm and 300sqm, while also allowing for full floor uses of 600sqm.
Mr Fahey went on to say that it was also currently reviewing every option available at Robina Quays Corporate Park, including strata titling the existing buildings after the completion of the refurbishment, as well as looking at further development of the balance of land.
Ms Moore said the property’s location was a key selling factor.
“This corporate park environment was attractive to a number of businesses due to its tranquil surroundings and close proximity to the retail and commercial area on Ron Penhaligon Way, as well as its easy access to the M1,” Ms Moore said.
“This purchase also reflects improving conditions in the Gold Coast’s office market, where we have seen vacancies fall across the board, but more specifically, in buildings where the landlords are catering to tenant requirements and undertaking capital improvements to improve the overall amenity of offerings.”
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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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.