Waterfront Gold Coast Office Block Fetches $10m

A waterfront office block with its own pontoon has sold as Glitter Strip office vacancies sit at a 15-year low.

The partners of Crest Accountants offloaded the three-level Broadbeach building to a property development company for $10.8 million, agents CBRE said.

Located at 4 Miami Key in the Star Casino and Gold Coast Convention Centre precinct, the three-level office building has a gross area of 1923sq m—including 481sq m of balcony areas—and 59 carparks and has views of the Broadbeach skyline.

There is also a pontoon with a 30-year marine lease.

CBRE’s Mark Witheriff and GV Property Group’s Antonio Mercuri brokered the deal that generated more than 120 enquiries and seven offers.

“Office vacancy levels on the Gold Coast are at a 15-year low—in Broadbeach the vacancy is only 3.7 per cent,” Witheriff said.

“This sale emphasises the strategic significance of this offering, given the increasing rental rates and high demand,” he said.

“The purchaser plans to occupy the building.”  

▲ The office block at Broadbeach includes 59 carparking spaces.

Mercuri said the sale of the prime property “underscores the strength of the Gold Coast commercial office market and illuminates the region’s desirability for potential investors”.

In January,  JLL Research released its national office vacancy statistics for the fourth quarter of 2023, reporting that while demand was flat across 2023, nationally, tenant interest for high-quality assets led to rental growth. 

It also found that the level of occupied office assets across Australia’s CBD markets did not change from 2022 to 2023, although the national vacancy rate increased by 0.7 of a percentage point during last year to its highest since 1995 at 14.9 per cent.

Source: theurbandeveloper.com

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