Southport site for Asian Roadshow
THE marketing campaign for a key Southport CBD site – which counts Centrelink and Medicare as tenants – will feature as part of Colliers International’s Asian Roadshow.
The 8785sq m single-title property, located at 68-72 Nerang St and 5-15 Suter St, is being sold by Lvjian Australia Investment Pty Ltd, linked to China-based investors, which purchased the property for $19 million in 2015.
The site, which is adjacent to the Gold Coast BMW dealership, also on the market, hosts three office buildings and has a net lettable area of 4000sq m and 100 basement carparks.
There is also a 3537sq m vacant parcel of land.
The property generates $1.3 million in gross rental income from the tenants, which include the Federal Government Department of Human Services, Sarina Russo and Job Access.
Centrelink is in the process of exercising a two-year option to extend its lease while the other tenants have between one to five years remaining on their leases.
Colliers International’s James Crawford, who is marketing the property with colleague Tony Wang, said a buyer can undertake a staged development, starting with the vacant parcel, while receiving income from the tenants.
The site is in precinct one of the Southport Priority Development Area, which places no restrictions on the height of buildings.
Colliers will present the property, along with nine others, to offshore buyers early next month as part of its Asian roadshow, which will visit five Asian cities comprised of Hong Kong, Singapore, Shanghai, Chengdu and Guangzhou.
Mr Crawford said Southport is a popular location for Asian buyers and the site’s proximity to Chinatown is another aspect in its favour.
“We think the buyer could come from Asia as the previous buyer was from China and it has outstanding development potential,” he said. “However, we’re expecting interest from Gold Coast, Sydney and Melbourne buyers as well.”
Expressions-of-interest close on September 19.