Sale of 50 Cavill tipped to top $100m
THE Gold Coast’s original tower of power, 50 Cavill Ave, has hit the market with price expectations topping $100m.
That figure would be more than double the $48.75 million that owner GDI Property Group paid in 2016.
Since purchasing the Surfers Paradise property, GDI has completed a $10-million refurbishment, which included new lifts, airconditioning and bike storage facilities.
They have helped to attract new tenants including Ernst Body Corporate Management, which recently took out a top floor lease, and push the occupancy level above 97 per cent.
50 Cavill Ave has a net lettable area of 16,661sq m spread across 22 levels. Tenants include Mantra Group, Regus, Nine Network, and Ray White Surfers Paradise Group.
CBRE’s Scott Gray-Spencer, Jonathan O’Brien, Kyle Youngson and Steve Clark have been appointed to market the building via an expressions-of-interest campaign that closes on November 13.
Mr O’Brien said the asset would be sought after due to limited supply of A-grade commercial space on the Coast and with no new significant projects in the pipeline.
GDI has seen the value of the building grow under its stewardship. Last year it was valued at $88.10 million and the Sydney company expects that to be exceeded this year.
SHOCK AS MAX BRENNER GOES INTO ADMINISTRATION. BUSINESS
UP-MARKET chocolatier and cafe chain Max Brenner has collapsed, falling into voluntary administration, with poor sales and a tough retail environment putting more than 600 jobs at 37 stores around Australia under threat.
The owners of the chain, husband and wife rich-listers Tom and Lilly Haikin, blamed escalating costs and tighter retail trade for its demise. McGrath Nicol partners Barry Kogan, Kathy Sozou and Jason Preston were appointed voluntary administrators of Max Brenner Australia by a resolution of its directors on September 30.
The collapse is the latest in a long line of recent retail failures including Toys R Us, Rhodes & Beckett, Marcs, David Lawrence, Pumpkin Patch, Payless Shoes, Topshop, Oroton, Herringbone and Maggie T.
The chocolate chain was founded in 1996 in Ra’anana, Israel, by Max Fichtman and Oded Brenner, although the Australian arm is a franchise.
Its Israeli origins made Max Brenner the focus of a heated protest in Australia.