Corporate centre expands

LISTED property group Cromwell has officially announced plans for its $400 million development of the landmark Corporate Centre.

Cromwell executive chairman Paul Weightman says the development is due to start in January 2007 with the construction of a $45 million building fronting Slatyer Avenue, Bundall.

"The 11-level tower, to be called Corporate Centre Two, will provide 8000sqm of commercial office and retail space just 3km from Surfers Paradise," he says.

"The master-planned Corporate Centre development will include up to five buildings and is focused on providing a commercial office precinct for the Gold Coast with the highest standard of amenities - including restaurants, retail outlets, health and spa facilities and a generous car parking allocation of one bay per 30sqm.

"Since its completion in 1989, the first tower in the Corporate Centre has been widely recognised for its quality offices and prime location. We will be building on that reputation," says Mr Weightman.

The Corporate Centre will be the only office precinct on the Gold Coast with direct water access. The development will capitalise on the site's canal-frontage as well as the extensive views available to the beach, golf course and The Hinterland.

The master-planned project is being undertaken by the Corporate Centre Development Alliance, which comprises Cromwell, PacLib Group Pty Ltd and property identity Dan McVay.

The property was acquired by a Cromwell-managed fund in December last year, for $52.86 million, in a joint arrangement with the McVay family and Ray White Invest.

Ray White Invest recently sold its stake in the project to PacLib, a well-known NSW development firm.