This article is from the Australian Property Journal archive
A WATERFRONT office building on the Gold Coast has been snapped by a local investor for $33.5 million.
The Waterside West tower at Holden Place Bundall was sold by Brad Johnston from Colliers International on the Gold Coast, on behalf of vendor G James Holdings.
Johnson said the vendor had originally approached him to provide a market appraisal of the property in mid-December and, after suggesting he could have a buyer for the property, decided to sell. A deal was struck in January with a 30-day settlement finalised last week.
The building has a net lettable area of 7,170 sqm, which generates a net rental income of about $2.05 million per annum. Waterside West is occupied by seven tenants including Telstra and several Gold Coast City Council departments.
Waterside West has basement parking for about 190 vehicles.
Johnston said the sale is expected to be one of the largest commercial office sales of its kind this year.
“Opportunities to acquire a tower in one-line like Waterside West do not come along often and the ability to act swiftly is usually required to secure blue chip properties such as this,” he said. “We could have placed the tower on the open market to see if it attracted higher bids, however the vendor was pleased with the offer which has allowed him to restructure part of his property portfolio,” he added.
Johnston said he has had a long association with both properties after originally selling the vacant site in 1990 to Rheema Ventures, who went on to develop the towers in a joint venture with Kern Corporation.
He then sold the West tower to G James Holdings for $13.25 million in 1993 and the East tower to Pacific Exchange Group for $7.5 million in 1995.
Australian Property Journal
