Rocket tower to host up to 150 NDIS staff

THE National Disability Insurance Agency, the body that will implement the National Disability Insurance Scheme, has chosen the Coast for a base.

National Disability Insurance Agency, which will implement the National Disability Insurance Scheme, has taken out a lease at The Rocket tower in Robina, where it will employ up to 150 staff.

THE National Disability Insurance Agency, the statutory body that will implement the National Disability Insurance Scheme, has chosen the Gold Coast for a major regional base.

In a landmark deal to mark the start of 2017, the agency has taken a 10-year lease with two two-year options over four floors in The Rocket tower at Robina that deliver 2796sq m of floorspace.

The office, to host to up to 150 staff, will be responsible for administration and progressive rollout of the insurance scheme across an area from Port Macquarie to Cairns and across toQueensland’s western border.

The scheme will become available in some Queensland areas from July 1 this year including Ipswich, Scenic Rim, Logan and Redland cities; in others including the Gold Coast, its Hinterland and Brisbane from July 1, 2018; and in areas such as Moreton Bay, Sunshine Coast and Gympie from July 1, 2019.

The Rocket space was formerly home by Members Alliance, which occupied five floors.

The vacant floor will be retained by Gold Coast council for commercial purposes.

The Rocket has some 11,000sq m of office space.

It is held by Ballina-based Clarence Property Group and Brisbane’s Sentinel Property Group, which acquired the 16-level tower for $70 million in October 2015.

The NDIA office lease, among the largest to be struck in the city in recent years, was negotiated by Knight Frank Gold Coast’s Tania Moore, who said the tenancy drew significant interest.

“The Rocket is the newest of only four A-grade office buildings on the Gold Coast and is particularly attractive because it is well connected to new infrastructure at Robina — including Robina Private Hospital and the Robina Town Centre destination retail and recreation precinct,” she said.

“Opportunities to secure a multi-level office space in a premium business district building are rare and the offering drew interest from government and private businesses across the country.

“The interest also reflects the solid demand for Gold Coast office space, which jumped in the second half of 2016.

“New tenancies have been absorbed quickly and there is limited new stock in the pipeline.”

Clarence Property Group managing director Peter Fahey said The Rocket’s owners welcome the NDIA as a secure, long-term tenant.

“It is good to see a Government-backed agency, with solid plans for growth and jobs creation on the Gold Coast, move into The Rocket, which is a blue-chip asset for our portfolio,” he said.

“There are more deals in the pipeline at The Rocket, where vacancies are limited, and we expect it to be fully tenanted within weeks.”

Sentinel Property Group managing director Warren Ebert said addition of the Federal Government-backed NDIA strengthens the long-term tenant profile of The Rocket and its standing as a premier Gold Coast office location.

He said the four-floor NDIA lease also highlights growing momentum in the Gold Coast commercial property market, which comes on the back of a wave of infrastructure projects, many associated with the 2018 Commonwealth Games, along with major residential, resort and tourism development.

“The Gold Coast is on the cusp of a new growth stage and The Rocket is well positioned to benefit from this as the region’s premier office tower,” he said.

Clarence Property’s $300 million portfolio boasts more than 20 commercial and retail properties and residential developments from Airlie Beach to Port Macquarie and the group has a $300 million development pipeline.

Sentinel Property Group has a national portfolio of 45 retail, industrial, office, land, tourism infrastructure and agribusiness assets valued in excess of $1 billion.

Sentinel has recently been in divestment mode and has also sold 11 properties for $220 million at an average internal rate of return of 25.17 per cent.