Towering portfolio
THE family of seafood king the late George Raptis is making a fresh attempt to sell its Broadbeach holdings, this time throwing in the office tower.
The holdings between Albert and Victoria Avenue are comprised of the Niecon Plaza, Niecon office tower and two former bank buildings home to Mosaic Property Groupa and Kollosche.
The total site spans 5463sq m and comes with approval for towers of 35 and 28 storeys.
Colliers’ Steven King, Samuel Biggins and Jason Lynch and Peter Court, Mike Walsh and Frederic Le Fanue of Cushman & Wakefield are marketing the portfolio in an expressions-of-interest campaign closing on March 25.
Mr King said it is the first time that the office tower, which counts Macquarie Bank and the Envy hotel at the base as tenants, has come on the market.
He said it will appeal to investors and developers due to strong holding income and approvals in place.
“The Niecon Plaza Portfolio represents a unique long-term repositioning and redevelopment opportunity, with national brand, corporate and boutique operators providing a diversified income stream,” Mr King said.
“Broadbeach is the best hub on the Gold Coast as far as business is concerned with limited opportunities for office owners.”
Total gross passing income for the four buildings is $4.592 million with net income of $2.2 million.
The former bank buildings are fully occupied while Niecon Plaza is at 90 per cent and the officer tower at 84 per cent occupancy respectively.
Niecon Plaza has undergone a transformation recently with a number of new tenants moving into the previously struggling centre.
New tenants include Chempro Chemists and Andrews Projects while long-term tenants include McDonald’s and Beatniks Records.
The tower plan approved in 2015 included tying the buildings together by an open-air arcade and two-storey podium incorporating retail, food and commercial space.
The development would include 244 apartments with 372 bedrooms centred around the retail hub running from Broadbeach Mall to Albert Avenue. It would also have 12 offices for commercial use.