Primewest buys Maroochydore office

Commonwealth Bank will occupy part of the 8 Market Lane office.

EXCLUSIVE

Primewest has picked up a fourth investment for a new fund.

Foundation Place is the first office in Maroochydore’s $430 million master-planned Central Business District, taking shape on the former Horton Park Golf Club.

Foundation Place’s usable rooftop.

The trust isn’t disclosing purchase price, believed to be about $30m.

Over eight floors, it will contain c818 square metres of ground floor retail with a café and restaurant tenancy, 79 car parks, end-of-trip facilities and rooftop garden.

The top five storeys, with 3805 sqm, will be fit out as A-grade offices.

Opposite a SunCentral urban square, Foundation Place will contain the Sunshine Coast’s first “green wall”.

Commonwealth Bank of Australia has pre-committed to space and naming rights (last week it applied for a rooftop sign). It is fully leased.

The vendor is Evans Long, directed by Dirk Long.

Colliers’ Daniel Vella was the leasing agent. It is understood CBRE’s Jack Morrison and Peter Chapple were involved in the off-market sale but this couldn’t be confirmed (story continues below).

Primewest Property Income Fund will own it.

The trust was launched late last year with the acquisition of Foundation Place and three childcare centres.

Foundation Place

Major companies other than the bank pre-committed to Foundation Place at 8 Market Lane – its Weighted Average Lease Expiry is 5.8 years.

The Maroochydore CBD is being created on 60 hectares Sunshine Coast Council acquired for $42m in 2015 (but started negotiating to buy 11 years ago).

It is master-planned to be a commerce, technology and innovation hub.

Two apartment towers with c600 dwellings have also been approved as has a $100m, 250-suite hotel and more than 20,000 sqm of retail with an entertainment zone.

Upon completion in 20 years the zone will contain 4000 apartments, 150,000 sqm of offices and retail (65,000 sqm).

About 40 pc of the site will be open space.

The office is opposite an urban square and Sunshine Coast Council’s proposed city hall.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco