Wyndham Corporate Centre tower: Bundall building sells for $46.26m to Gold Coast City Council

The future of a well-known Gold Coast tower can be revealed after its sale for $46.26m as its new owners unveil their plans for it.

Gold Coast City Council has bought the Wyndham tower at the Bundall Corporate Centre in the largest office sale recorded in the city this year.

The complex was sold by fund management company RF CorVal for $46.25m and will be used by council as an investment.

The tower, built 13 years ago, is 93 per cent leased.

The deal was brokered by CBRE’s Mark Witheriff, Jack Morrison and Peter Chapple together with Dan McVay and Brock McDermott of McVay Real Estate.

Wyndham tower at Bundall near the Corporate Centre on the Gold Coast. Picture: Supplied.

Mr Witheriff said RF CorVal would retain the 1980s-era Corporate Centre tower.

“This is the largest office sale on the Gold Coast this year and a great example of the strength of the Gold Coast office sector, where vacancies are currently sub-6 per cent and incentives are falling, with real growth in rental rates,” he said.

“Bundall emerged as the Gold Coast’s tightest office market in the first half of 2023 with vacancy dropping to 4.7 per cent.

“With construction prices increasing and lack of supply, significant pressure will be placed on effective rents for existing assets.”

The Bulletin revealed in May the council was buying the building after a closed session to discuss the “strategic property purchase”.

Councillors unanimously supported the move.

Originally published as Wyndham Corporate Centre tower: Bundall building sells for $46.26m to Gold Coast City Council