Investors bank on strong covenant

Bankwest Business Centre in Southport sells for $8.3m 

Bankwest Business Centre in Southport was purchased by an active property industry figure Keith Lloyd for $8.3 million on a passing yield of 8.1 per cent.

The boutique office tower is located at 68 Marine Parade in the Southport CBD and features 1,525sqm net lettable area over six levels with twin elevators and 31 car parks.

It is 100 per cent leased to long standing corporate tenants Bankwest (Commonwealth Bank of Australia) and Allianz Global Assistance with an annual net income is $673,307 per annum and annual rental increases of 3.5 per cent to 5 per cent.

Colliers International’s James Crawford and Steve Clark marketed the property via an offers to purchase campaign which attracted more than 50 potential purchasers.

News bankwest sale james crawford steve clark

Mr Crawford said the glass front trophy asset is one of only seven freestanding commercial office buildings fronting Marine Parade, with one of the previous owners being Dreamworld’s founder Tony Longhurst.

“We received highly competitive offers from both local and interstate buyers. This asset was always going to deliver strong enquiry from astute investors considering its strong convenant, high profile tenants and the great location with striking Broadwater views in the heart of Southport,” said Mr Crawford.

Mr. Clark said this sale and other recent high profile transactions highlight renewed investor confidence in the Gold Coast commercial office market. 

Patrick O’Brien, property manager and Mr Lloyd’s representative in the purchase, said Bankwest Business Centre was purchased as a property investment. “Mr Lloyd is a local businessman and a long term property commercial investor who also owns The Shafston Collage campus properties on the Gold Coast and in Brisbane.

“Considering Asian investors are quite active in Southport, and were very interested in this property as well, it is good to see strong competition from the local based investors for the high profile commercial properties such as these."

The previous vendor is linked to Gold Coast property identity, Mr. Bob Hill who currently has the Stradbroke Island Beach Hotel on the market.

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