A high yielding commercial building, with additional development potential, has been placed on the market in Gold Coast City’s most sought-after business hub, CBDRobina.
The two-storey 69 Laver is expected to attract the attention of private investors, property funds and syndicates, and Asian investors, keen to secure a stake in Robina, which boasts the city’s lowest office vacancy rate.
The fully-tenanted building, located at 69 Laver Drive, features 1,502sqm of net lettable area over three tenancies, and is located on a 3,774sqm parcel of land, with 48 secure basement and on grade carparks.
69 Laver is in a prime, central CBDRobina location, a direct 450 metre walk to Robina Town Centre, Robina Train Station, Robina Hospital and Health Precinct, and less than one kilometre to the Pacific Motorway.
It has been placed on the market by Robina master developer, and Gold Coast City’s largest developer of office space, the Robina Group.
The asset is being marketed by Knight Frank Gold Coast Joint Managing Director, Mark Witheriff, and Colliers International Director in Charge, Darrell Irwin, through an offers to purchase campaign, closing on 22 March.
Mr Witheriff said 69 Laver was a cash positive investment, in a highly sought-after location.
“It is an investment that really adds up for a savvy private investor or property fund,” he said.
“The building has a net passing income of $598,800 per annum, is located in the tightest office market in Gold Coast City and offers significant future potential.
“The site is substantially underdeveloped so there is a range of pre-approved opportunities in the medium to longer term to either expand or redevelop the building.
“At the same time, it already features the ideal design and floor plan for professional services, which are finding Robina to be the business hub of choice.”
The two-storey building includes a 1,095sqm first floor commercial space with high exposure to Laver Drive, which is tenanted by The French Beauty Academy, formerly Gold Coast Training Academy.
The lower level features two ‘Riverwalk Offices’ fronting the Riverwalk waterway, including a 250sqm space tenanted by MedRecruit and a 157sqm space tenanted by Keola Wellness.
The building offers a Weighted Average Lease Expiry (WALE) of 5.5 years.
Mr Irwin said there are limited opportunities to buy commercial leased investments in Gold Coast City, particularly those located in high performing, central locations.
Property Council of Australia figures released this month (February) revealed Robina/Varsity Lakes had the lowest office vacancy rate of Gold Coast City’s five key office precincts at just 6.9 per cent, compared to the city’s average of 12.2 per cent.
In a landmark deal for the city’s office market, the National Disability Insurance Agency (NDIA) recently secured a four-floor 2,796sqm tenancy in Robina’s prominent The Rocket commercial tower, joining a number of other Government departments and large blue-chip companies in the burgeoning location.
“Across the board, the city’s office market has experienced a decline in vacancy rates driven by sound economic fundamentals and business growth,” said Mr Irwin.
“Robina/Varsity Lakes is the standout performer amongst the city’s five key business precincts and with consistent high net absorption, limited space under construction and soaring demand, that trend is set to continue well into the future.
“Robina is appealing to those wanting to be at the geographic heart of Gold Coast City, with unparalleled transport, infrastructure and conveniences all located nearby.”
For further information on 69 Laver, contact Knight Frank’s Mark Witheriff on 0439 038 100 or Colliers International’s Darrell Irwin on 0419 705 419.