- A further 5,000 sqm epxasion of the $180M buisness park is palnned
- Follows the sale of stages 2 and 3 to Charter Hall, announced yesterday
- Comes as the Gold Coast commercial market is booming
Diversified developer Alecon is continuing to serve the under-invested commercial office property sphere on the Gold Coast, with plans for a further 5,000 sqm expansion of its Robina $180 million Acuity Business Park.
The move comes with the developer recently securing the sale of stages 2 and 3 of the development, which houses the TAFE Queensland Robina campus and Wise Medical, both for long leases.
Todd Pepper of Alecon said the Gold Coast remains ripe for new commercial property developments, including in the social infrastructure space, with the market continuing to outperform most capital cities.
“The Gold Coast has had a prolonged period of experiencing one of the highest vacancy rates in the country and, as a result, there has been a dearth of new quality office developments for some time,” said Mr Pepper.
“We have seen that position change over the past few years which is reflected in sustained demand we have witnessed for quality product.”
“The success of Acuity Business Park has been founded on a ‘build it and they will come’ approach,” said Mr Pepper. “Once commercial occupiers have the chance to view the quality of the product, and the rents being sought, we receive numerous tenant enquiries from our marketing mediums.
“The calibre of the most recent tenants we have been able to secure for our latest stage, namely Queensland TAFE Qld and Wise Medical, reflects the adaptability of both the design of the buildings that we develop, as well as the flexibility of land-use planning for these types of suburban environments.”
Since 2013, the Queensland division of Alecon has continued to develop an extensive portfolio of suburban business parks in south east Queensland. Locations include Hamilton, Eight Mile Plains, Murarrie, Spring Hill, Albion, Woolloongabba and Bowen Hills. Since 2011, the has secured over 55,000 sqm of commercial office leases.
Acuity is the first premium commercial project to be constructed on the Gold Coast in the past decade. It is being developed on the site formerly earmarked for the new City of Gold Coast administration building.
“Our confidence in the Gold Coast at the time was supported by an economy that had reached a point of being self-sustainable, with a population of in excess of 500,000 people and growing at the fastest rate in the country,” said Mr Pepper.
“There was a clear need back then for five-star quality accommodation in suburban locations to better service this community.
“The quality of tenants we have been able to attract to our Gold Coast developments supports this strategy. The Gold Coast also has a significant cost of living advantage, as well as an occupancy cost of business advantage. Now, with improved remote access capabilities, the Gold Coast poses a compelling case for business to locate in the city.”