STRONG INTEREST IN ‘TOWER OF POWER’
Phones running hot for agents of blue-ribbon Surfers tower 50 Cavill Avenue as campaign for $100m property catches attention
AGENTS marketing the Gold Coast’s original tower of power, 50 Cavill Ave, have been flooded with interest from local, interstate and international buyers.
The Surfers Paradise property, which is owned by GDI Property Group, hit the market last month with a price tag of $100 million – more than double the $48.75 million that GDI paid for it in 2016.
CBRE’s Scott GraySpencer, Jonathan O’Brien, Kyle Youngson and Steve Clark were appointed to market the building via an expressions-of-interest campaign that closes on November 13.
Mr O’Brien said the building, which is near fullyleased, had been well received by the market with four inspections and more than 100 inquiries so far.
“We have had strong interest, local and overseas,” Mr O’Brien said.
“Because of the value and how it has been leased it has been very, very well received so far.
“You do not get assets fully leased in such a position as 50 Cavill Ave come to the market very often.” He said international interest had come from Hong Kong and Singapore. 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.
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.