Tenant tide rising at Seabank

SOUTHPORT’S Seabank tower – home to the Gold Coast Bulletin – is approaching 90 per cent occupancy following three lease agreements signed in the past three months.

Gullotta Orthodontics and Escape Travel have moved into the ground floor after taking on seven-year and three-year leases for 216sq m and 90sq m respectively.

Digital marketing business Be Local has negotiated a seven-year lease with two fiveyear options for 216sq m on the third floor. Gross rental rates ranged between $350sq m and $395sq m.

The 11-storey building, at 12-14 Marine Pde, is in the hands of receivers, who were appointed to Albert Chung’s group of companies in September, 2012, and is on the market.

CBRE associate director Nick Selbie, who negotiated the leases with colleague Cody Buck, said the building’s increased occupancy followed a refurbishment program.

Mr Selbie said a lack of quality office space was fuelling demand in Southport.

The vacancy rate fell from 15.5 per cent to 13.2 per cent in the 12 months to January, according to the Property Council of Australia.

“We’re seeing more inquiry for the remaining spaces off the back of a lack of quality stock and the refurbishment program,” he said.

Dr Nino Gullotta, who has operated Gullotta Orthodontics for the past 30 years, said he chose Seabank due to its location and the option to fitout new premises.

“The building offered us an opportunity to create new state-of-the-art orthodontic facilities, including X-ray facilities, spacious patient rooms, abundant parking and all within proximity to public transport and Australia Fair,” he said.

There is 600sq m of vacant space in Seabank.

Businesses to move in last year included Sea and City Investments, Southern Cross International Learning Institute and Get More Traffic.

They took out spaces ranging from 60sq m to 251sq m.