Southport is activity plus
THE Southport office market continues to be active with a prime strata titled commercial building for sale.
Fresh from sealing a deal on Southport’s Courthouse Hotel last week, Colliers International are expecting plenty of interest in nearby Southport Chambers.
An unconditional contract for the The Courthouse Hotel, owned by Hot Tomato radio station chief Hans Torv, settled last week, cancelling an upcoming scheduled auction of the property.
Now three-level Southport Chambers is available as a freestanding building for expressions of interest closing early next month.
It is opposite the Southport District Court building, light rail station and near the China Town entrance.
Colliers International director of investment services James Crawford said the building had 2167 square metres of net lettable area on three strata titled floors.
The property fronting 56-58 Nerang Street is situated on 944 sqm of land with a basement including some tenancy area and carparking.
Mr Crawford said the 24 parking spaces had access via Regent Lane.
“The office market has been pretty good across the board and Southport is no different. We moved the Courthouse last week and this sits in the same pocket.
“We have had steady interest in the property to date,” Mr Crawford said.
“What is unique about this building, which is unusual, is it’s a strata title building of three floors but is being sold in one line as a commercial offering.
“Most properties of this size are freehold titles whereas this is already strata titled so it offers flexibility and something unique in the market.”
Mr Crawford said any buyer could sell the strata titles individually in future but vendor Life Settlement Funds was selling it as a single building.
Life Settlement Funds, a tenant in the building but rebranded as GI Asset Management, tried to sell the site back in 2013.
The building’s fully leased net incoming is $580,000 a year. Tenants include training academies International Business Institute and Eagle Academy, which occupies the ground floor and recently signed a five-year lease across 856 sqm. Keypoint Business Consultants and Turner Freeman Lawyers are other tenants.
The expressions of interest deadline is August 3.