Strada divests Gold Coast Bulletin HQ
Strada Group, led by Scott Barlow and the major owner of Sydney Football Club, has sold an office with development upside.
The Gold Coast investment, 12-14 Marine Parade, Southport, is speculated to be trading for about $40 million.
Brisbane based asset manager Exceed Capital is the buyer.
CBRE’s Mark Witheriff and Jack Morrison were the agents, closing an expressions of interest campaign late October.
12-14 Marine Parade
The Southport property, also known as the Seabank Business Centre, cost Strada $34.05m in 2017.
The suburb’s largest A-grade office, with 8432 square metres over 11 floors, and 207 car parks, it is anchored to Newscorp’s Gold Coast Bulletin, Hays Recruitment, Aurecon and the state government; the annual net return is $3.84m.
Some of the 29 tenancies are fitted as medical consult suites.
Upper levels capture Broadwater, Broadwater Parklands, Pacific Ocean, Surfers Paradise, Southport CBD and Gold Coast Hinterland views.
With ground floor retail, the NABERS Energy rating is 5-star.
Also exposed the Short Street, the site spreads 4773 sqm, within the Southport Priority Development Area, zoned Special Purpose – Special Development Areas.
“The property is located in the heart of Southport’s CBD, a precinct undergoing significant population growth and infrastructure investment,” Mr Morrison said.
“The area has a tightening office market, driving strong yields and asset appreciation, according to the executive.
Mr Witheriff added demand for premium office space is high “which has seen significant growth in rental rates and contraction in the incentive market”.
Southport is about four kilometres north of Surfers Paradise.
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