STEELX HOUSE A SMART ADDITION TO HAMS HOLDINGS
A VARSITY LAKES office building ranked the smartest on the Gold Coast when it was completed a decade ago has sold for $15 million.
The Steelx building, named after a company that designs and makes steel sheds and housing frames, has been bought by a company linked to the Victorian-based Hams group.
The purchase, at a 7.75 per cent yield, is the fourth by the Hams of a Gold Coast office building.
Brad Duncalfe, of Ray White Commercial GC South, said the Hams directors regarded Steelx as a high-quality asset that would be held for the long term.
The Hams, via company Querty, own a nearby twolevel office building at 23 Main St, bought for $4.9 million in 2015.
The Hams also own a sixlevel office building at 128 Bundall Rd and a five-level block at 7-11 Short St, Southport.
Mr Duncalfe said initial efforts were made last year to sell Steelx and at that time the weighted average lease expiry term was 2.5 years.
“By renegotiating leases with existing tenants, and with Steelx taking a five-year lease on its space, it has been raised to 4.1 years.”
The other major tenants are McKenzie Aged Care and Austel Marketing, a callcentre subcontractor.
The four-level Steelx property, on the corner of Boston Court and Main St, incorporates cutting-edge technology, including keyless entry with thumbprint security access systems.
Other features include energy-efficient smart glass and 72 independent thermostat-controlled units to register heat loadings and adjust temperatures in rooms.
The technology means the annual outgoings at Steelx House are $70sq m, compared with $90sq m or more in most office buildings.
The 3315sq m building sits above a basement with parking for 66 vehicles and there is ground-level parking for a further 35 vehicles. There is a 150sq m covered rooftop entertaining deck with kitchen and bathroom facilities.