The Robina Group is divesting the entire top floor of offices and a ground floor cafe in its sought-after Eastside commercial building in CBDRobina, placing the leased investment on the market in one-line.
The top floor space totals 1,510sqm, including 1,203sqm leased to the State Government until December 2017, and 245sqm recently leased to an education provider on a three year lease, with further options.
The 63sqm street level cafe, including a large seating area, is operated by Liquid Espresso on a five year lease, with a five year option in place.
The combined offering is completed by building signage rights, 47 basement carparks and a basement storage space.
Knight Frank Gold Coast joint managing directors Tania Moore and Mark Witheriff are marketing the property through an offers to purchase campaign, closing on May 19.
Ms Moore said the bundle of highly quality commercial and retail space with its solid tenant profile would attract a wide variety of businesses looking for a blue chip investment in CBDRobina.
“This is a unique opportunity to secure a leased investment offering strong returns, with a combined net income of $687,581 per annum,” she said.
“The purchaser can secure a total of 1,573sqm of prime commercial space in one line, including an entire top floor of fully leased offices, which is increasingly difficult to find in inner city locations.
“The tenancies are being sold complete with 47 income generating secure carparks, which are located at basement level three.
“Eastside’s 32 suites are fully occupied and the building has always performed well due to its proximity to Robina Town Centre and access to the M1 Motorway and public transport.
“The top floor space has been held by The Robina Group as a premium income generating offering, however with the current increased confidence in the commercial market the developer has decided the timing is right to release this final opportunity.”
The Robina Group general manager Hylton Slater said Eastside’s appeal was a combination of clever commercial design and a strategic location in CBDRobina, one of Gold Coast City’s fastest growing business and residential hubs.
Eastside is located opposite The Rocket, which sold last year for $70 million – the highest commercial sale price in Gold Coast City since 2007.
Eastside comprises a total of 5,500sqm of commercial space and major tenants include ANZ Business Banking, Gilbert and Sutherland and State Government departments.
“Eastside is a boutique commercial building spanning four levels, so businesses have their own private space and easy access to facilities, in a highly connected and collaborative environment,” he said.
“Another pillar of Eastside’s success is its location in CBDRobina, which boasts an office vacancy rate of just 5.6%, substantially lower than Gold Coast City as a whole and all Australian Capital City CBD markets.
Eastside is also positioned at the heart of the Robina / Varsity Lakes precinct, which according to the Property Council of Australia is home to the city’s highest volume of occupied office space.
“Surrounding infrastructure and major facilities like Robina Town Centre, Bond University and Robina Health and Hospital Precinct means there is an established network of potential customers at the doorstep, while staff and clientele alike are within a short walk to the Robina train station and transport hub.”
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