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THE Gold Coast home of pay television group Foxtel has changed hands with an investment joint venture striking a $33.1 million deal to tune in to one of the glitter strip’s largest office buildings.Moreton Investor, Property Management, Real estate Moreton, Mortgage Broker Moreton, Moreton property market,Moreton property prices

Formerly known as the Austar building until the group’s merger with Foxtel last year, its sale is being touted as one of the strongest signals this year of improving confidence in the Coast’s hard hit property sector.

Brisbane-based property group Trident Corporation has teamed with venture capital group Alceon to purchase the six-level office complex adjacent to Robina Town Centre.

The syndicators finalised the deal this week with US investment giant BlackRock, which has been trying to offload the asset since 2008 as part of its exit from Australia.

Christian Sandstrom of Jones Lang LaSalle and Mark Witheriff of CBRE were the marketing agents for the building at 35 Robina Town Centre Drive.

Mr Sandtstrom said the transaction was a positive sign for a long-awaited recovery in the Coast’s ailing economy.

“It’s signalling a resurgence in interest in the Gold Coast property market,” he said. “And that is only going to improve, particularly as the 2018 Commonwealth Games get closer.”

Mr Sandstrom said on a rate per square metre basis, the deal struck at $3373/sq m on a 12.27 per cent yield represented “one of the largest transactions on the Coast in the past five years”.

Foxtel occupies the 9814sq m building under a lease expiring in October 2016 that returns a net rental income of $4.06 million. It also holds two five-year options.

Trident director Marcus Gaffney said the group had been “watching from a distance” as the asset was taken to the market via successive sales campaigns in recent years.

“For us, we’ve had experience on the Coast and we know it well and we can see that things are changing there,” he said.

“So we finally moved on the opportunity and had a crack . . . and we knew Alceon were also interested in investing in the Gold Coast.”

Mr Gaffney said Trident last year undertook an analysis of the city’s office market and “it was a lot better than what we thought”.

“We have seen increased leasing activity in the market and, with a functional positive council, business confidence is improving,” he said.

Mr Gaffney said the fundamentals of the Foxtel building “ticked boxes for us” including its blue chip tenant, location, large floor plates, ample natural light and car parking.

“That property has got probably the best amenity on the Coast,” he said. “The town centre is pretty well unparalleled for what it provides and over and above that there’s the football stadium, health precinct and train station.

“So we’re excited about the future of Robina and believe it will be the ongoing focus for government support as far as tenants go when they start leasing space again.”

Mr Gaffney said Foxtel had indicated it wants to stay on the Coast but even if it did decide to move out the building’s 1600sq m floor plates were a rarity and would provide appeal in the local office market.

“There’s not actually a lot of big office buildings that provide a good opportunity for larger tenants on the Coast and this is probably, in our view, the best one,” he said.

The Foxtel building is among only a handful of big corporate hitters in the Gold Coast office market. The list also includes Fifty Cavill Avenue, the Corporate Centre buildings and the nearby 16-level office tower The Rocket.

Merrill Lynch Investment Managers bought the 6760sq m site from QIC Robina in 2000 at a cost of $1.27 million ahead of the building’s development the following year. In 2006, MLIM merged with BlackRock.

The building includes 157 undercover car parks and 111 podium-level car parks.




Original article published at  by Phil Bartsch  The Courier Mail   15/5/2013

Commercial Property

Queensland Economic Outlook ‘Positive’: Deloitte



Queensland Economic Outlook

Construction and development appeared healthy to Deloitte’s analysts, who attributed some of Queensland’s strong economic outlook to high levels of interstate migration and international tourism, which have encouraged a growing list of tourism-related construction projects.

Queensland’s international tourist arrivals are expected to remain solid over the forecast period, averaging growth of 4.7 percent out to 2021.

There were reasonable gains in engineering activity in Queensland, and Cross River Rail was in the planning stages.

The report also put a focus on livability and housing affordability. In the midst of the continuing debate over house prices and quality of living, Deloitte reported that Queensland has less cause for concern.

Queensland’s place in the national picture of housing affordability is a comparative advantage. In the midst of a housing price boom, living in Queensland remains more affordable than in the southern states.

While Sydney and Melbourne house prices have experienced year-on year growth in the double digits, Brisbane has experienced a modest 3.5 per cent growth.”

Despite this optimism, Queensland was revealed to be mirroring the national trend, showing a slight decline in outright home ownership and owners who have a mortgage.

Rental stress was recorded to be higher than the national average, with more Queenslanders renting than owning their own home compared to the rest of the country.

“But with a modest decline in rent in the June quarter CPI figures, increasing vacancy rates, and new supply from an easing residential construction boom the conditions could result in Brisbane becoming a renter’s market,” Deloitte said.

Job growth was accelerating in Queensland and while population growth had “bottomed”, it was now back in line with the national average — although it remained below the level experienced in the state five years ago.

In less positive news, CommSec’s latest State of the States report found Queensland’s economic performance had slipped to sixth place, hampered by weak business investment and retail spending.

CommSec chief economist Craig James said that despite a recent surge in residential construction, oversupply is still a concern. Queensland would benefit from increased revenue generated by the state’s gas industry as well as spending that resulted from a rise in employment.

Queensland Treasurer Curtis Pitt defended the state’s ranking saying that the CommSec report understated the state’s performance.

“Most people’s economic indicator is whether they have a job or not and both the DAE and CommSec reports highlight our strong performance in job creation,” Pitt said.

Of Queensland’s population of 4.7 million, more than half were recorded to be living outside of the state’s capital city. Queensland’s south-east corner, including Brisbane, Gold Coast, and Sunshine Coast, saw a growth rate in population twice that of the rest of the state.

Despite Queensland’s size, urbanization has taken hold — 66 percent of the population living within 0.6 percent of Queensland’s total area.

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Commercial Property

Elanor Investors Acquire Redcliffe Shopping Centre For $55 Million



Elanor Investors Group new managed fund, the Bluewater Square Syndicate, has acquired a shopping centre in the Brisbane suburb of Redcliffe for $55.25 million with a two year rental guarantee on vacancies.

Elanor chief executive Glenn Willis said there was significant opportunity to expand the shopping centre and retail options in Redcliffe, as the property has a favourable zoning and 27 metre height limit across the majority of the 1.356 hectare site.

“Following the announcement of the establishment of the Elanor Metro and Prime Regional Hotel Fund on 21 August 2017, the establishment of Bluewater Square Syndicate takes ENN’s owned and managed portfolio of assets to approximately $990 million.

“This is expected to exceed $1 billion dollars following ENN’s co-investment in each of these new managed funds.” Willis said.

Constructed in 2008, Bluewater Square is a 10,004 square metre neighbourhood shopping centre in an increasingly densifying precinct within the Brisbane metropolitan area — 20km from the Brisbane International Airport and 30km from the Brisbane CBD.

The centre is anchored by a 3,941 square metre full-line Woolworths supermarket leased to September 2028. The centre’s sales are growing at 3 per cent per annum with a weighted average lease expiry of 6.0 years.

The Woolworths supermarket is complemented by two mini majors — Healthworks Gym and a large Terry White Chemist — and over 30 specialty retailers predominantly focussed on providing services and non-discretionary focussed food offerings. An upper level of office suites is tenanted by three law firms, a medical practice and the Redcliffe Electoral Office.

The acquisition of Bluewater Square represents a passing yield of 7.0 per cent which compares favourably to prevailing Brisbane Neighbourhood shopping centre yields.

“Bluewater Square is a modern shopping centre generating stable cash flows by providing convenient access to everyday goods and services for its local trade area,” Elanor head of office real estate Michael Baliva said.

“The Bluewater Square Syndicate provides its investors with strong income returns and significant opportunities for capital growth,” he said.

Settlement of Bluewater Square is expected to occur in October 2017.

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Commercial Property

New Industrial Land Release Hits Market



First major industrial estate in Caboolture in 10 years

In what is one of the most anticipated land releases to hit the industrial market, official marketing commenced this week on Corporate Park East, located between Brisbane and the Sunshine Coast at Caboolture.  The new 76ha integrated estate is expected to help satisfy the increasing logistics requirements of companies looking to service the northern growth corridor.

“The success of North Lakes and the residential construction activity being generated by Caloundra South and other major projects in the area has changed the perception of Caboolture among the national companies” said marketing agent Chris Massie of Ray White Commercial. “It has become clear that this will be the centre of growth in the region for the next twenty years and the bigger players are starting to position themselves accordingly”

Stage 1 is due for completion in May of next year, with tenants and owner occupiers expected to move in to the first new buildings before Christmas.  Land sizes start at 2,000m2 and can accommodate up to 20 hectare requirements.

If you would like more information emailed or to arrange a site inspection, please contact Jennifer Swaine at Ray White Commercial North Coast Central or email at


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