City of Gold Coast purchase corporate centre for $46.25 million

City of Gold Coast has expanded its investment portfolio with the $46.25 million purchase of the Wyndham Corporate Centre in Bundall from property fund management company RF CorVal.

The 7,931sqm, 1 Corporate Court building has an occupancy rate of 93%, a fully leased net income of $3,537,960 and a WALE of 5.3 years.

CBRE’s Mark Witheriff, Jack Morrison and Peter Chapple together with Dan McVay and Brock McDermott of McVay Real Estate brokered the deal on behalf of RF Corval. 

“This is the largest office sale on the Gold Coast this year and a great example of the strength of the Gold Coast office sector, where vacancies are currently sub-6% and incentives are falling, with real growth in rental rates,” Mr Witheriff said. 

“Bundall emerged as the Gold Coast’s tightest office market in the first half of 2023 with vacancy dropping to 4.7%. With construction prices increasing and lack of supply, significant pressure will be placed on effective rents for existing assets.” 

Wyndham Corporate Centre is tenanted by international, national and local occupiers such as Wyndham Destinations Asia Pacific, Aspire42 Services and IBM Australia. 

The building offers 267 car parking spaces, an on-site café and has a 4.5 Star NABERS Energy Rating and Water Rating. 

RF CorVal purchased the entire Corporate Centre precinct in 2017 and has retained the Corporate Centre as well as the surrounding land.

RF CorVal’s Head of Transactions Oliver Picone added, “This sale is in line with the original strategy to break down the investment lot size of the entire corporate centre and sees a substantial amount of the original capital returned to investors. We are pleased to retain the corporate centre one building that continues to provide exposure to the strong performing Gold Coast office market.”