Iconic waterfront building sells for $10 million
An iconic waterfront Broadbeach office building has sold for $10.8 million.
The “Crest” building, located across the canal from the Star Casino and Hotel at 4 Miami Key, was sold through CBRE’s Mark Witheriff and GV Property Group’s Antonio Mercuri.
The seller, the 45-year-old financial services firm Crest Accountants, have made a substantial windfall from the sale of the three-level office building.
The directors of Crest bought the property from troubled ASX-listed gas explorer Icon Energy in January 2018, paying $7.81 million at the time.
The building, which has a gross floor area of 1923sqm, including 481sqm balcony space and 59 car parks, was previously home to one-time ASX200 member City Pacific, which was liquidated in 2009.
“Office vacancy levels on the Gold Coast are at a 15-year low, particularly in Broadbeach where vacancy is only 3.7 per cent,” Mr Witheriff said.
“This sale emphasises the strategic significance of this offering, given the increasing rental rates and high demand.
“It was a competitive process with multiple offers from both owner occupiers and investors. Our purchaser plans to occupy the building.”
Mr Mercuri said the rarity of a waterfront office buildings in the Gold Coast market and the amenities including a private pontoon, would ensure the building would continue to be “highly regarded.”
“The sale of this prime property underscores the strength of the Gold Coast commercial office market and illuminates the region's desirability for potential investors,” he said.
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