This article is from the Australian Property Journal archive
RECEIVERS KordaMentha have put the 50 Cavill Avenue office tower in Surfers Paradise and the Seabank office building in Southport on the market.
CBRE and Canford Property Group have been exclusively appointed to sell the property under instructions from KordaMentha Robert Hutson and Craig Shepard.
CBRE’s Jonathan O’Brien, Mason Kidman and Lachlan Harris will steer the marketing campaign in tandem with Roland Evans and Greg Harris of Canford Property Group.
The assets will be offered for sale separately or in one line. The agents said the property is expected to generate significant local, national and international buyer demand.
Together the properties provide over 25,000 sqm of existing net lettable area, which represents approximately 20% of the comparable Gold Coast office market. Seabank is also being offered with an adjoining 1,222 sqm site, suitable for a range of development outcomes.
50 Cavill Avenue was completed in 1991 and is the Gold Coast’s largest office tower. It comprises a total net lettable area of approximately 17,010 sqm of office space over 22 levels, as well as 381.5 sqm of ground floor retail space and 447 basement car parks. Major tenants include Mantra Group, Nine Network Australia and Regus Gold Coast.
“50 Cavill Avenue and Seabank represent two of the most significant commercial buildings offered on the Gold Coast in recent years.
“Both buildings have significant upside, be it through the leasing of the existing vacancies or through repositioning existing tenants on longer leases. The offering also provides an opportunity to capitalise on the ongoing recovery in the Gold Coast economy and a continued strengthening in the leasing market,” O’Brien said.
Evans said both assets had very strong commercial attributes including high car parking ratios, large floorplates and key commercial locations in their respective suburbs.
“This recently completed transport infrastructure has been highly successful and it now appears likely that the proposed extension to the heavy gauge rail network will commence in the not too distant future,” Evans said. “Being on this transport route provides a distinct advantage for these two properties given the accessibility it offers for staff and clients. This ease of accessibility will only improve as the light rail network expands.”
The other offering is Seabank, which is situated at 12-14 Marine Parade, Southport. The building was completed in 1987 and comprises a total net lettable area of approximately 8,492 sqm over 12 levels and 253 car parking bays. Major tenants are IBM, Nimble and Queensland Newspapers.
The Expressions of Interest campaign closes October 8, 2015.
Australian Property Journal
