SOUTHPORT BUILDING GRABBED FOR $34M
SOUTHPORT’S landmark Seabank tower – home to the Gold Coast Bulletin – has sold for more than $34 million.
Marketing agents Dan and Sam McVay, of McVay Real Estate, declined to comment when contacted. However, property sources said the buyer is a Sydney syndicate.
The 11-floor Marine Pde tower last sold for $40 million in 2006 when it was bought by Brisbane-based commercial property tycoon Albert Chung.
It was sold by receivers, who were appointed to Mr Chung’s group of companies in 2012.
US group Goldman Sachs holds the debt on Seabank.
Mr Chung was one of the Gold Coast’s largest commercial landlords, with his assets including Surfers Paradise office tower 50 Cavill Ave, which also fell into the hands of receivers but has since sold for $48.75 million.
Seabank was built in 1987 and offers a net lettable area of 8547 sqm including 1033 sqm of ground-floor retail.
Occupancy has climbed to nearly 90 per cent off the back of a leasing campaign and building improvements, including new lifts, and the refurbishment of vacant tenancies.
The tenant list includes: IBM; Nimble Home Loans; Hays Recruitment; Get More Traffic; Be Local; Flight Centre; Department of Transport and Main Roads; Gullotta Orthodontics and others.
The building returns a passing income of $3.387 million gross.
The sale also includes a 1222 sqm block, used as a car park, behind the office building on Seabank Lane.