Professional services firm turns profit selling Gold Coast HQ

The three level Broadbeach office contains 1923 square metres.

The directors behind professional services firm Crest have sold that business’ waterfront Gold Coast headquarters to another occupier for $10.8 million.

The Miami Key site spreads 2547 square metres.

The deal for 4 Miami Key, Broadbeach Waters, part of the Star Casino and Gold Coast Convention Centre precinct, reflects an impressive capital gain on the $7.81m they paid in January, 2018.

Over three floors, it contains 1923 square metres, inclusive of a 481 sqm balcony, 59 basement car parks, eight podium bays and a marine lease expiring in 2035.

Also with Broadbeach skyline views, on a 2547 sqm block, the office was, previous to Crest buying it, ASX-listed Icon Energy’s local headquarters.

The incoming owner, a property developer, plans to occupy.

Vacant possession chosen

Seven offers came in for 4 Miami Key following an expressions of interest campaign closing 10 days ago.

Offered with a short term leaseback or vacant possession, CBRE’s Mark Witheriff and GV Property Group’s Antonia Mercuri were the agents (story continues below).

The listing came while Gold Coast’s office vacancy sits at a 15 year low, Mr Witheriff said.

In Broadbeach, the rate is 3.7pc, he added.

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

“It was a competitive process with multiple offers from both owner occupiers and investors,” he said.

Mr Mercuri said “the rarity of a waterfront office building in the Gold Coast market, combined with exceptional amenities including private pontoon under a 30-year marine lease, will ensure this asset continues to be highly regarded”.

Broadbeach is about four kilometres south of Surfers Paradise.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of