Robina Group puts PC Building - home to the Gold Coast Innovation Hub - to the market

The Robina building, with an income of $1m and home to the Gold Coast’s hub for startups, is expected to attract strong interest from investors.

INVESTORS are set to run the rule over a fully-leased building in Robina, home to the Gold Coast Innovation Hub.

Robina Group has engaged Knight Frank’s Mark Witheriff and Paul Henley to market the three-level The PC building at 36 Laver Drive, Robina, in an offers-to-purchase campaign closing on April 17.

The master developer of Robina achieved the biggest leasing deal for 18 months when it signed GCIH last year to a five-year lease for 1822sq m over three levels at The PC.

Travel agency Helloworld occupies the remaining 290sq m at the building, which has a net lettable area of 2112sq m. It has a five-year lease on a first-floor office.

The PC building at 36 Laver Drive, Robina is home to the Gold Coast Innovation Hub.

Mr Witheriff said he expects strong interest from investors in the building due to its tenant profile and recent refurbishment.

“While there has been a tightening of credit markets, the demand for high-quality, well-located investment properties continues, and we believe The PC is a standout in this space,” he said.

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The building is located close to Robina Medical Hub, anchored by Robina Hospital, Robina Private Hospital, Queensland Health’s Robina Health Precinct and the new Primary Medical Centre.

Mr Witheriff said the entire building was approved by Gold Coast City Council for medical and commercial office use.

The PC building at 36 Laver Drive, Robina is home to the Gold Coast Innovation Hub.

“While neither of the current tenants are health-related, there is the potential for medical uses in future,” he said.

“The proximity to Robina’s Health and Medical Hub, and the fact land and premises approved for this use will become increasingly scarce in future, further adds to the appeal.”

Robina Group CEO Hylton Slater said The PC was a further example of the strength of Robina’s office market.

The office vacancy rate in Robina/Varsity Lakes decreased from 13.3 per cent to 12 per cent for the six months to January.

A further decline is expected due to the subleasing of space in the Foxtel tower at Robina.

“High-performing commercial buildings with an exceptional tenant profile such as this are tightly-held in Robina and rarely become available for sale,” Mr Slater said.

“As such, we envisage strong demand for this premium asset, which is located in an amenity rich, high-growth precinct at the heart of Gold Coast City.”

The PC building returns about $1 million per year to owner Robina Group and has a weighted average lease expiry (WALE) of 4.4 years,

The building also includes 64 carparking spaces, comprised of secure basement and street-level visitor bays.

The building was sold to Robina Group for $5.417 million in 2016 by Alexander Commercial Properties, which acquired it off Coral Homes Qld for $6.875 million in 2006.

The GCIB was established last year as the Gold Coast’s first dedicated start-up precinct.

It is managed by Little Tokyo Two and is already home to a number of start-ups, including babysitter and childcare worker marketplace Mumma Co and Suncayr, which markets sun-safe UV indicator stickers.