Prime Site wrap: $5m management rights deal, Chinese investors pay $6.2m for Coomera site and more

THIS week in Prime Site: $5m management rights deal, Chinese investors pay $6.2m for Coomera site and why the top two suburbs for office leasing start with B.

The management rights to Vue Terrace Homes have been snapped up for $5 million.

A MANAGEMENT rights operator with nine communities between Moreton Bay and the Coolangatta has added Vue Terrace Homes in Robina to its portfolio for $5 million.

TDK — headed by Troy Edwards, Damien Windle and Kelvin Cotter, in a joint venture with experienced property managers, John and Sam Burke — has purchased the management rights to Robina Group’s Vue Terrace Homes community following an expressions of interest campaign.

The deal was negotiated by Resort Brokers Australia senior broker Alex Cook and includes a managers’ three-bedroom terrace home in stage one and 262 homes in the letting pool.

Mr Burke, alongside the onsite team, will oversee the management of Vue, a secure gated community of architect-designed three-bedroom terraces on East Lane in Robina, overlooking Gold Coast City Council’s 17ha Robina City Parklands.

More than $83 million of homes have already sold, with stage one under construction and due for completion early next year.

Mr Burke said TDK views Vue Terrace Homes as a “fantastic investment”.

“It has high-quality homes and an ideal location, opposite major transport, close to Robina Town Centre, Bond University, popular schools and Robina’s medical precinct,” he said.

“All these factors have made it successful from a sales point of view and we believe it will be no different when it comes to finding tenants.”

The management rights to Vue Terrace Homes have been snapped up for $5 million.

A GROUP of Chinese investors have splashed out $6.2 million for a 3ha site — 600m from the Westfield Coomera Shopping Centre.

The group plans to develop the site, at 240 Foxwell Rd, into a mixed-use project.

Aaron Squires, of @realty, who negotiated the sale, said the group intended to lease the property, which currently has a three-bedroom house, until it gains approval for a residential and commercial development.

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Mr Squires said proximity to the shopping centre, which is expected to open later this year, and the adjacent Coomera TAFE Campus, were factors in the group’s purchase.

“The new Westfield shopping centre represents a major investment in Coomera and the northern Gold Coast, which will undoubtedly lift the value of, and demand for, property in the region,” he said.

IBM is one of the new tenants at Bundall's Corporate Centre.

THE Gold Coast’s suburbs with the tightest vacancy rates — Bundall and Broadbeach — are abuzz with activity in the office sector.

In Bundall, not only has 140 Bundall Rd sold to Zupp Property Group — a company with an excellent track record of repositioning assets — but a campaign to sell strata space in the building next door at 130 Bundall Rd is gaining momentum as well.

Both these building have been half empty for years, so it will be good to see them filling with tenants.

At the heart of the activity is a tightening vacancy rate in the central suburb — 9.4 per cent at last count — and a consequent lack of quality office space.

Jarema Pty Ltd, linked to the Kearney group, purchased 140 Bundall Rd for $5 million and has managed to offload the property for $7.05 million after 15 years of ownership. According to Knight Frank’s Mark Witheriff, Zupp will position the building to tenants looking for space a step below the A-grade Corporate Centre down the road. That centre will gain blue-chip tenant IBM in a move that will shake up the tenancy profile of Seabank — home to The Gold Coast Bulletin.

Bundall had, by far, the highest net absorption rate of office space on the Gold Coast at 2090/sq m for the six months to July.

That contrasts with Robina-Varsity Lakes, which had a net absorption figure of -5806/sq m for the same period.

It all adds up to an improving picture for Bundall, which as property expert Brett Delmege notes, has been losing out to suburbs such as Varsity Lakes with newer office space on offer.

Ditto for Broadbeach, the smallest office market on the Gold Coast, which as Prime Site noted last week, keeps gaining new tenants.

Three, comprising Mosaic Property Group, National Finance Service, and McNab, have signed for space at the former Commonwealth Bank branch on Albert Ave.