Clarence Property Group purchased the two office buildings located on Glenferrie Drive, with more than 5,200sqm of space and an additional 6,549sqm of land.CBRE agents Mark Witheriff and Tania Moore worked with Saku Sunakawa from Wide Estate to sell the property.
“This property was constructed in the 1980s by Brian Ray and over the years it has been occupied by a number of major Gold Coast groups such as Robina Land Corp, the Ray Group and more recently tenants including the state government, RPS Group and Spiritus,” Witheriff says.Moore says the convenient location was a key selling point, close to retail and commercial avenues and the motorway.
“This purchase also reflects improving conditions in the Gold Coast’s office market, where we have seen vacancies fall across the board, but more specifically, in buildings where the landlords are catering to tenant requirements and undertaking capital improvements to improve the overall amenity of offerings,” she says.Clarence Property Group plans to redevelop the park, including upgrading car-parks, amenities and building facades.
Executive managing director Peter Fahey says the majority of offices range in size between 100sqm and 300sqm, or 600sqm for the full floor.“The Robina precinct is one of the best performing office markets on the Gold Coast and we have identified the opportunity to deliver a quality product at a reasonable price with sizing that is attuned with the Gold Coast market,” he says.
Fahey says the group will consider strata-titling the buildings, once the refurbishment is complete.
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