Bartercard lists its HQ

BARTERCARD’S national headquarters in Southport is set to go on the market.

Bartercard House, on a 1656sq m site at 121 Scarborough St, will be offered in an expressions-of-interest campaign that closes on November 19. The campaign is being handled by Mark Witheriff and James Branch of Knight Frank.

The three-level office complex has 3158sq m of net lettable area and a two-level basement car park with space for 83 vehicles.

Bartercard, which is also a former owner of the site through a subsidiary, holds a lease on the second and third floors through to 2023.

Other tenants within the building include the real estate office of PRD Southport together with the law firm Senior Legal. It is being sold by Perpetual Trustee Company Limited, which paid $13.5 million for the property in October 2006.

Mr Witheriff said the recently refurbished building was a prime investment opportunity with a strong cashflow secured by the long-term tenant and a WALE of 5.94 years.

“This makes it an outstanding opportunity for either a small property fund or private investor to take a foothold within the Gold Coast’s traditional business centre,” he said.

Mr Branch said given Southport’s recent designation as a Priority Development Area (PDA), the underlying land value for the building would suggest there was potential in the future as a major redevelopment site for a mixed-use, retail/commercial and residential tower. He said Knight Frank had reviewed a proposal that, subject to council approval, could allow a development up to a 30-level tower with more than 164 apartments and ground-floor retail.

“There is no doubt Southport is going through an urban renewal process, which has been heavily supported by the PDA,” he said.