Gold Coast waterfront office building sells for $10 million

The partners of Crest Accounts have sold their Broadbeach waterfront office building to a property development company for $10.8 million amid a 15-year low for Gold Coast office vacancy levels. 

Located at 4 Miami Key, within the Star Casino and Gold Coast Convention Centre precinct, the three-level office building has a gross area of 1,923sqm, including 481sqm balcony areas, 59 car parks and overlooks the Broadbeach skyline. 

CBRE’s Mark Witheriff together with GV Property Group’s Antonio Mercuri brokered the deal which generated over 120 enquiries and seven offers. 

“Office vacancy levels on the Gold Coast are at a 15-year low, particularly in Broadbeach where vacancy is only 3.7%,” Mr Witheriff said.

“This sale emphasises the strategic significance of this offering, given the increasing rental rates and high demand. It was a competitive process with multiple offers from both owner occupiers and investors. Our purchaser plans to occupy the building.” 

Mr Mercuri added, “The rarity of a waterfront office building in the Gold Coast market, combined with exceptional amenities including private pontoon under a 30-year marine lease, will ensure this asset continues to be highly regarded.”

“The sale of this prime property underscores the strength of the Gold Coast commercial office market and illuminates the region's desirability for potential investors.”