Bundall Corporate Centre: Wyndam Tower put up for sale
A huge shake-up is coming to the Bundall Corporate Centre precinct over the future of one of its major towers in a move which has been dubbed a major test of the city’s market.
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A SYDNEY funds manager is poised to capitalise on a tight market for Gold Coast office space by selling the smaller of two towers at Bundall landmark the Corporate Centre.
The 11-storey building, commonly known as the Wyndham tower, was put on the market yesterday in what will be the first major test of the Gold Coast office market in 2023.
It is owned by RF Corval, which bought the Corporate Centre and the undeveloped land on its 2.68ha site for $89 million in 2017.
The move to sell the Wyndham tower comes on the heels of office vacancies in the city hitting a 15-year low of 6 per cent in January.
The level in “A-grade” towers, such as the Corporate Centre ones, was 4.4 per cent.
CBRE Gold Coast managing-director Mark Witheriff yesterday said the low vacancy levels and a lack of new office supply coming on to the market were expected to draw major interest in the Wyndham building.
“The vacancy levels, and associated demand for quality space, are a positive for rental-rate growth,” he said.
The Wyndham tower is 93.7 per cent leased and netting $3.264 million a year, a figure tipped to rise to $3.57 million with 100 per cent occupancy.
The major tenants in the tower are Wyndham Destinations, IBM and financial services group Aspire42.
The 16-level major Corporate Centre tower was built by the Raptis Group in the late 1980s and the $60 million second building was added in 2009 by the centre’s then owner, Trident Corporation.
Global hotel group Wyndham moved more than 500 staff into the tower in 2011 and in the process gained naming rights.
It since has downsized its presence in the tower and occupies 25 per cent of it.
The Bundall towers and surplus land, held in the Corval Corporate Centre Trust, were valued at $129 million at the end of 2022.
The Wyndam tower is being sold via expressions of interest that close on April 20.
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