The property’s anchor tenant is the National Disability Insurance Agency, which signed a 10-year lease with two, two-year options for 2800 square metres of floorspace in 2017.
Also in the building is law firm Frigo Adamson Legal Services, which secured a seven-year lease in 2018, engineering consultancy firm GHD and WMS chartered accountants. The weighted average lease expiry is about 4.4 years by area.
When the Woods Bagot-designed 12,814-square-metre tower was built in 2007, developer Robina Land Corporation sold the strata-titled commercial office block off piecemeal.
Robina is the major geographical centre of the Gold Coast, with larger tenants preferencing the suburb given its relative accessibility to Brisbane, with the suburb just off the freeway and a train station on its doorstep.
The local economy is forecast to grow to $5.3 billion from $1.9 billion with the workforce to double over the next two decades.
It has previously been reported that a rift had developed between the two co-owners after Sentinel’s building manager for the Rocket was employed by Clarence. Earlier this year Sentinel Property Group was ordered to pay costs to Clarence after losing a long legal battle.
Sentinel has been active in the local market, having bought the Makerston House office tower in central Brisbane for $103 million from ASX-listed Challenger. It recently offloaded an industrial facility in Brisbane’s trade coast precinct to Centuria for $17 million.