A Melbourne fund manager has secured a dual-level commercial property in CBDRobina on the Gold Coast for $7.6 million, after the building attracted multiple offers from investors around Australia.
Peak Equities purchased the property – 69 Laver – its third Gold Coast commercial acquisition in the past two years, from Robina master developer, Robina Group.
The tenanted building is located on a prime 3,774sqm site at 69 Laver Drive in the CBDRobina business hub. It offers 1,502sqm of net lettable area with tenants including The French Beauty Academy and MedRecruit.
Knight Frank Gold Coast Joint Managing Director, Mark Witheriff, and Colliers International Director in Charge, Darrell Irwin, negotiated the sale through an offers to purchase campaign.
Peak Equities Director, Tom Borsky, said 69 Laver ticked all the boxes for the investment firm, which holds a portfolio of commercial assets located in high performing areas throughout Australia.
“Our philosophy is to seek high yielding, secure investments, with sound growth potential and 69 Laver met each of those benchmarks,” said Mr Borsky.
Mr Witheriff said 69 Laver had attracted more than 50 enquiries and multiple offers, which was reflective of the high demand for well-positioned commercial assets on the Gold Coast.
“The property attracted interest from a wide range of equity property funds and high net worth individuals. It was a very competitive process,” he said.
“Robina is being singled out by investors wanting to secure a stake, or expand their presence, in Gold Coast City’s strongest performing office precinct.
“Robina/Varsity Lakes is highly sought-after, with the precinct boasting the lowest office vacancy rate in the city – at just 6.9 per cent – and, at the same time, the highest net absorption.”
Mr Irwin said 69 Laver had appealed to both local buyers and those based interstate.
“Robina’s position at the geographic heart of the city, its abundance of high calibre businesses and the fact opportunities to secure good quality investment properties in the precinct are rare, led to the high level of interest,” said Mr Irwin.
“The prime location of 69 Laver, between Robina Train Station, Robina’s Hospital and Health Precinct, and Robina Town Centre, less than one kilometre from the Pacific Motorway, also contributed to demand, as did the fact the property offers significant redevelopment potential, with eight storeys permitted.”
Robina Group General Manager Hylton Slater said the sale of 69 Laver would allow the developer to focus on its pipeline of commercial and residential projects underway in Robina.
“Robina Group has just completed a $2.6 million refurbishment of the nearby three-level Robina Professional Centre and is in the process of leasing that space,” he said.
“We are also preparing to start construction shortly on our latest residential project, the $170 million Vue Terrace Homes, which has already attracted more than $19 million in sales.”
Find out more about Vue Terrace Homes here.
