This article is from the Australian Property Journal archive
THE former Foxtel headquarters on the Gold Coast has changed hands again with Centuria Capital selling the office building to Brisbane fund manager Exceed Capital for $40 million – a price that is below what it paid eight years ago.
The off-market deal came about after Knight Frank’s Matt Barker, Blake Goddard and Justin Bond introduce Exceed Capital to Centuria, which had put the property on the market earlier this year.
The agents said the sale is the first significant office transaction to an unlisted fund manager in Queensland this year.
Located at 35 Robina Town Centre Drive in Robina, adjoining the Robina Town Centre shopping centre, the third largest shopping centre in Queensland, the six-level A-grade office building has 9,173 sqm of net lettable area and is set on a 6,760 sqm site.
It also provides 249 car parks.
The building is fully leased, anchored by multinational business services company Concentrix, which occupies 61% of NLA, and 83% of NLA is leased to ASX-listed or multinational tenants including Retail Food Group, United Disability Care Services, Infinity Group Coaching, VTG Artisan and a café.
Completed in 2001, Centuria recently completed a major $4 million upgrade including refurbishments to the ground level foyer, amenities, end-of-trip facilities in the basement of the building and brand-new condensers and cooling tower to service all HVAC within the building.
Exceed Capital’s managing director Vaughan Hayne said the acquisition will increase its total assets to over $250 million.
“This is a fantastic acquisition, in a very strong location and we are excited to add this asset to our portfolio. 35 Robina Town Centre Drive will be Exceed Capital’s ninth acquisition, with total assets now worth more than $250m,” said Hayne.
Barker said the location of the property and close to transport options as well as in a strongly populated part of the growing Gold Coast, were strong drawcards for the buyer.
“There was also an opportunity to improve the property‘s net income by aligning lease renewals to market rents, as well adding value by making improvements to the long-term environmental sustainability of the building.
“While the WALE was 1.41 years by income, early discussion with tenants indicate lease extensions are being sought. This is the largest settled unlisted office transaction in Queensland for 2023 demonstrating ongoing confidence in the South East Queensland office market,” he added.
Goddard said the building was one of the best presented A-grade office towers as well as some of the largest floor plates on the Gold Coast, with an average size of around 1600 sqm.
This is the third time the office building has changed hands in a decade after Centuria acquired the office in 2015 for $46 million, prior to that Trident Corporation and Alceon Group bought it from BlackRock Australia for $33 million.
