2,700sqm building on 1,600sqm of land in a key Southport CBD location
An entire Southport CBD office building is set to attract interest from developers, investors and owner occupiers with its owners set to cut ties when it goes under the hammer in March.
James Crawford, Director of Investment Services at Colliers International is marketing Kaybank Plaza at 33 Scarborough Street along with his colleague Ed Howard. The property being auctioned in-rooms at the Colliers International Brisbane office on 16th March.
Mr Crawford said “Kaybank Plaza comprises of 5 floors, several of which are vacant, plus 2 basement levels and accommodation for 80 car parks. The building has holding income, two street frontages, two elevators, and the potential for multiple uses under the Southport Priority Development Area zoning such as medical and education.
“We anticipate a new buyer will be attracted to the core CBD location and will re-furbish the building to attract new tenants or occupy part of the building.”
“The opportunity to secure a value-add office building in Southport is rare, especially when the zoning is so flexible.”
“The building sits on 1,591sqm of land fronting Scarborough Street, is less than 100 metres from the Southport light rail station and is positioned in the CBD adjacent to the Australia Fair Shopping Centre,” said Mr Crawford.
According to Mr Howard “the office leasing market has continued to improve with vacancy rates at their lowest level in 8 years.” “The options for companies seeking 500sqm tenancies or larger are pretty slim.”
“With a genuine vendor ready to part ways, timing for this office asset couldn’t get any better.”
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