Charter Hall has snapped up two new A-grade offices at the Acuity Business Park, in Robina.
With the $80 million deal, vendor, Alceon, can develop the fourth and final building at the estate – replacing a 9790 square metre parcel acquired from the City of Gold Coast in early 2020.
The first asset – Building 1 – a four level office majority leased to Metricon, traded on a funds through basis two years ago for $41.3m.
Charter Hall negotiated direct with Alceon to secure buildings 2 and 3, 209 Robina Town Centre Drive, which were completed this year.
Robina is about 10 kilometres south west of Surfers Paradise.
Earmarked for two funds
The two Robina offices will be held in equal part by Charter Hall’s Social Infrastructure REIT and Direct Long WALE Fund (LWF).
The smallest asset, Building 2, is majority rented to Wise Medical as a medical centre with dental care and patient accommodation.
That occupier also operates from a Marsden Park, Sydney, base.
Wise Medical complexes are marketed as alternatives to hospitals.
Building 3, 209 Robina Town Centre Drive, which rises five floors and contains 7600 sqm, is anchored to the state government’s TAFE Queensland.
Both tenants are on 10 year agreements with fixed annual rent increases of 3.2 per cent.
Following settlement in September, Charter Hall Direct chief executive officer Steve Bennet said LWF’s portfolio will exceed $515m, with government tenants contributing to 30pc of the income (story continues below).
Alceon makes it four
After council decided not to build its headquarters there, Alceon paid $7m for the Acuity land – initially with plans for a three-building business park.
Early last year, the developer and council were embroiled in a dispute regarding the maximum number of students which could be enrolled at the Robina campus – Alceon unsuccessfully arguing that online clients shouldn’t be counted as part of the permitted 700.
The fourth Acuity office, earmarked for the corner of Laver and Robina Town Centre drives, is expected to contain about 5000 sqm.
The estate has also been marketed with a gym, garden, public plaza and retail.
“The Gold Coast remains ripe for new commercial property developments, including in the social infrastructure space, as the market continues to outperform most capital cities,” Alceon founder and executive director Todd Pepper said.
“The Gold Coast has had a prolonged period of experiencing one of the highest vacancy rates in the country and, as a result, there has been a dearth of new quality office developments for some time,” he added.
“We have seen that position change over the past few years which is reflected in sustained demand we have witnessed for quality product,” according to the executive.
“The success of Acuity Business Park has been founded on a ‘build it and they will come’ approach.
“Once commercial occupiers have the chance to view the quality of the product, and the rents being sought, we receive numerous tenant enquiries from our marketing mediums”.
Subscribe to our newsletter at the bottom of this page.