Lloyd banks office tower

THE founder of Shafston International College, Keith Lloyd, has added to his Gold Coast portfolio paying $8.3 million for the Bankwest Business Centre in Southport.

Patrick O’Brien, property manager and Mr Lloyd’s representative in the purchase, said the boutique office tower at 68 Marine Pde was purely property investment.

“Asian investors were very interested in this property as well and it’s good to see strong competition from locally based investors for high-profile commercial properties such as these,” he said.

Mr Lloyd, who founded Lloyds Shipping, has extensive property interests including Shafston International College campuses in Brisbane and the Gold Coast.

The Bankwest Business Centre has 1525sq m net lettable area over six levels with twin elevators and 31 car parks.

It is 100 per cent leased to Bankwest (Commonwealth Bank of Australia) and Allianz Global Assistance.

The transaction realised a yield of 8.1 per cent.

According to CoreLogic RP Data it last changed hands in 2007 for $8.65 million when it was bought by an entity linked to hotelier and Gold Coast builder-developer Bob Hill who has the Stradbroke Island Beach Hotel on the market.

Colliers International’s James Crawford and Steve Clark marketed the property via an offers to purchase campaign which attracted more than 50 potential purchasers.

Mr Crawford said the glass front trophy asset is one of only seven freestanding commercial office buildings fronting Marine Pde.

“This asset was always going to deliver strong inquiry from investors considering its strong covenant, high profile tenants and Broadwater views in the heart of Southport,” he said.

Mr Clark said the sale highlighted the fact that freestanding commercial properties on the Gold Coast were “back in vogue”. He said Mr Lloyd sought the building as a strategic commercial purchase and had plans to improve it

“It’s a strong investment and shows the purchaser has the confidence to reinvest in Southport,” he said.