Golden chance for Southport offices
CONNECTIVITY SOCIALLY CONSCIOUS WORK LIFESTYLE OFFICES at Southport’s Huntington building – linked to vascular surgeon David Grosser – will go under the hammer next month.
The 800sq m offices, at lots 83 and 84, 10 Marine Pde, occupy the first two levels of Huntington and are tenanted by Dr Grosser’s suites on the ground floor and the Gold Coast campus of college EIM Training on the first level.
AICA Property Pty Ltd, linked to Dr Grosser and wife Ruth, bought the offices for $2.43 million in 2009.
The two-tenancy property returns net annual income of $280,000 fully leased.
Colliers International’s Steve Clark, who is marketing the property with colleague Kyle Youngson, said the property offered a secure income and the option to grow that further through leasing some of the 90 carparks at the rear.
Mr Youngson said the carpark was secured by a boom gate and separate from the carpark used by residents.
Some are being used for storage while 15 of the remaining 60 parks are leased.
He said the offering came at a time of strong interest in the Southport office sector.
“Research suggests face rents continue to rise and yields compress across the Gold Coast office sector,” he said. “This property will attract interest from investors looking to take advantage of strong market conditions.”
Dr Grosser filed for voluntary bankruptcy in 2014 after the ATO filed court action seeking nearly $1 million.
He was formerly a director of AICA Education Pty Ltd, which operated from an Ashmore Rd building at Bundall, and had invested a significant amount of his income into the college.
However, the college’s viability was affected by government changes to taxation and student visa policies and Dr Grosser was not able to meet his personal tax obligations.
The 10 Marine Pde office area will go to auction on October 25, at 11am at the Colliers office in Surfers Paradise.