Watt powers on
CORPORATE utility management company Watt Utilities has bought into Clarence Property’s Lakehouse at Robina, as the company plans an expansion into NSW and Victoria.
The family-owned business, which was established in 2006 and previously based in Burleigh Waters, has paid $1.25 million for two tenancies spanning a total of 377sq m.
It comes as Watt Utilities prepares to expand into southern states and launch tech start-up Run Your Own, an online procurement platform that integrates with major energy retailers and metering providers.
Watt Utilities director Mick Newton said Lakehouse would serve as the company’s head office.
“The opportunity to secure two tenancies side-byside was appealing because it will enable us to continue to grow Watt Utilities and have space readily available as Run Your Own comes to market,” Mr Newton said.
“Lakehouse is our first commercial property purchase as we are now taking a long-term view for both businesses and need a flexible and central location to accommodate our team of 17 staff.
“We are growing quickly because utilities, particularly electricity and water, are under the microscope as prices continue to spiral and just like consumers, a lot of companies and body corporates are searching for a better deal.”
Tania Moore of Knight Frank Gold Coast, negotiated the Watt Utilities deal.
She said dual-tenancy sales and inquiries were on the rise.
“We are seeing more businesses think ahead to future requirements and it’s rare to find corporate space that offers the ability to own two side-by-side holdings with the opportunity to amalgamate or divest at any time,” she said.
“Businesses are after flexibility and are on the lookout for suites which are a ‘blank canvas’ and can be finished to suit company requirements.”
She said another attractive aspect of Lakehouse was the “abundant” carparking space.
“Stage two of Lakehouse has just undergone a major external and internal renovation, which means all suites are presented as new with the latest fittings and access to high-speed internet.”
Lakehouse stage two suites are available for purchase from $549,000 plus GST.
Clarence Property released the second stage of the Lakehouse Corporate Space late last year after an $8 million refurbishment.
It followed the $10.5 million sellout of the first 18 suites in the Robina development.