A NEW lease on life has begun for one of the Coast’s most notorious office buildings, with new owners keen to run a broom through the gleaming tower — in more ways than one.
The glassed walls of 50 Cavill Ave have hosted a parade of white collar criminals and boiler room operations, with police raiding the place as recently as October.
GDI properties settled on its purchase of the landmark Surfers Paradise building last month after paying liquidators of the former owners, Chung Gold Coast, $48.75 million for it.
CEO Steve Gillard said his company specialised in buying commercial spaces in need of some love and that 50 Cavill would be refitted and reinvigorated to the tune of $9.5 million.
The building has 450 car parks and every floor has water views and GDI will put in new lifts and air-conditioning as well as improve the building’s energy efficiency.
“It was built for about $75 million in 1991, the previous owner paid $58 million for it in 2004 and we paid $48 million,” Mr Gillard said.
”This is our specialty.
“We love the building — it’s got good bones, a great location.
“We want to try and do something to the outdoor area, put in a well-known restaurant or bar and make it a bit more like the Broadbeach type of thing.
“It just needs love and attention.”
Work has already begun on the refurb, with new tiles and artwork under way.
“We’re holding back on the leasing for now until we get some show floors so we can show people what we can do,” Mr Gillard said.
“It’s more than paying for itself, even being 36 per cent vacant — we’ve already filled 10 per cent of it since people have known that we bought it.
“The quality of tenant is how you make your building — build it they will come.
“It’s like a rental property, if it’s terrible and there’s no carpet you’ll get the worst tenants in the world but if you’ve got a good property, you’ll get really nice tenants.
“People have gone to Bundall and Southport and, I don’t know if I’m silly, but if I was a tenant, I’d rather be here.”
Original Publish: http://www.goldcoastbulletin.com.au/