DOCTORS BUY ROBINA STRATA IN $7.27M DEAL
ROBINA Group has offloaded the State Government-tenanted top floor of a CBD office building to two doctors from Sydney and Western Australia for $7.25m in the largest strata sale this year in Queensland.
Colliers International’s Steven King, who handled the sale of the Eastside building title with colleague Tony Wang and CBRE’s Mark Witheriff, said the deal underlines strong demand on the Gold Coast for quality office assets. “The campaign was conducted throughout a very uncertain period back in April, however inquiry remained strong with investors identifying the opportunity to secure a quality asset in a prime location with a secure income stream,” he said.
“This is one of the larger commercial sales on the Gold Coast this year.....and underpins the demand we are experiencing for assets with quality lease covenants at this time,” he said.
Mr Wang said it is the largest strata sale in Queensland this year. “The buyer came off the back of a Brisbane strata-titled office campaign we recently conducted,” he said.
“The rate per square metre achieved was $4820 which was a fantastic outcome for the sellers.”
Mr Witheriff said the asset provides the new owners the opportunity to add value.
“It offers flexibility for the investor to hold the entire asset and potentially subdivide and sell the individual spaces in future,” he said.
“The unparalleled connectivity of
CBDRobina will continue to underpin its office market over the long-term, making it desirable for businesses of all sizes wanting ease of access for staff and customers alike.”
The four-level Eastside building has a gross floor area of 5500sq m and includes 32 suites.
It was first released to the market in 2016 but a buyer was not found.
The top floor spans 1510sq m and has two tenants: the Queensland Government with three-and-a-half years remaining on its lease of a 1203sq m tenancy and an education provider with two-and-a-half years left on its lease of a 245sq m office. The asset returns net income of about $705,000 a year.
The sale also included the groundfloor Liquid Espresso cafe and 47 basement carparks as well as signage rights for the building.