Council splashes cash to snap up tower
The City of Gold Coast has splashed out $117 million to buy the 17-storey Corporate Centre office tower in Bundall.
The purchase is the highest price ever paid for an office tower on the Gold Coast and it means that, while Southport might be the official “CBD”, Bundall is set to be the city’s centre of power.
It is the latest in a string of acquisitions that the council has made in Bundall since 2012 and the council has become the largest landholder in the suburb.
The Tom Tate-led council bought the Waterside East and Waterside West buildings at Holden Place for $32.5 million in August 2012 to add to its massive Evandale property, which is home to HOTA.
Two years ago, the council spent $46.25 million to buy the 12-level A-grade office Wyndham tower across the water from Holden Place at 1 Corporate Court.
The latest acquisition, at 2 Corporate Court, gives the council scope for further development in the area. The land included in the latest deal totals 2.26 hectares across several titles.
Mayor Tom Tate describes the $117 million purchase as a prudent financial decision that strengthens the city’s position.
“This is a fantastic outcome for the people of the Gold Coast,” Cr Tate said. ]
“We have secured a key piece of strategic real estate that not only safeguards the Council’s long-term accommodation needs but also delivers strong, ongoing financial returns that will benefit our community for years to come.”
The purchase includes the 17-storey A-grade Corporate Centre 1 building, 278 parking bays, a fitness centre, and additional land parcels providing over 360 paid parking bays.
The acquisition was strongly supported by Invest Gold Coast.
Invest Gold Coast board chairman Will Hodgman said the purchase represented “exactly the kind of forward-thinking, strategic investment that positions the Gold Coast for long-term prosperity”.
“The Board was unanimous in its support, recognising the strong commercial case and the broader economic and civic benefits this acquisition will deliver,” Mr Hodgman said.
Cr Tate said the purchase was about future proofing the council’s needs.
“This is about future-proofing the city’s operational needs and strengthening our investment portfolio in one of the most constrained and highly sought-after commercial markets in the country,” he said.
“While we are tightening the belt across all areas of the budget in response to cost-of-living pressures, this investment is a carefully considered exception — it delivers a strong commercial return and positions the city for sustained growth and resilience.”
The Council’s earlier acquisition of the adjoining Wyndham Building further consolidates its footprint in the Bundall precinct, reinforcing its long-term asset and accommodation strategy and ensuring the City of Gold Coast remains on a strong financial footing well into the future.
The sale of Corporate Centre One, which has 37 tenants, including CBA, Findex and KPMG, was negotiated through commercial agency CBRE.
“This transaction represents the largest office transaction ever on the Gold Coast and is testament to the City of Gold Coast’s forward thinking in securing a key office investment asset with a huge surplus land holding, allowing for a multitude of future uses,” said CBRE’s Mark Witheriff, who negotiated the sale along with colleague Jack Morrison.
“The Gold Coast office market continues to be one of the strongest performing in the country with low single digit vacancy and strong year on year rent growth.”
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