Boutique investment firm Alceon has secured a large parcel of land in Robina for $7 million from the Gold Coast City Council.
Alceon will now look to create a new business park on the 9,921sq m site located at Robina Town Centre Drive.
The Acuity Business Park will comprise three stand-alone office buildings featuring large floor plates, a ground-floor plaza, basement parking, shops, gyms and parks.
The Gold Coast City Council, which intended to use the area for a new regional council office, sold the site to Alceon who now will look to provide 15,000sq m of “quality commercial premises serviced by public transport and public amenity,” Alceon said.
“Robina is considered an ideal location for the next commercial Business Park because of its high resident population which is predicted to more than double within the next ten years,” Alceon project director Paul Huston said.
“This is supplemented with low rental vacancy rates reflecting a vibrant growth corridor for corporate occupiers seeking a point of difference for their business and employees.”
The development of Acuity Business Park Robina follows successful construction of similar suburban office projects in Eight Miles Plains and Northshore Hamilton.
CBRE who is handling leasing at the park, said the time was right for grade-A offices on the Gold Coast, justified by Australia’s largest home builder Metricon has committed to 75 per cent of the first of the building at the business park.
Robina’s market vacancy currently sits at 11.6 per cent with CBRE forecasting the figure moving to sub 10 per cent by the end of 2019.
“Vacancy rates have continued to decline through eight of the last nine years across the market with Robina historically leading the way with single figure vacancy,” CBRE director of office leasing Nick Selbie said.
Construction will commence in March with the first building scheduled to be completed by July 2020.
In Victoria, Alceon is currently developing the Novotel St Kilda site with Melbourne developer Gurner and the Shand’s Barana Group into a larger luxury offering yielding up to $550 million.
Plans for the Saint Moritz development include 240 luxury residences spread across the three new buildings, including a 1,000sq m penthouse which was recently sold to ex-Domain boss Antony Catalano for a record breaking $30 million.
Source: theurbandeveloper.com
