Southport property market: Centrelink office complex among trio of buildings for sale

There’s a big change coming to the Southport Centrelink office building amid a “substantial” move which has the potential to reshape the suburb. FIND OUT MORE

A trio of office buildings in central Southport, including the home of Centrelink are on the market in one of the biggest lots of its kind offered in the CBD in recent years.

The 8785 sqm site fronts both Nerang and Suter streets is owned by Lvjian Australia Investment and includes buildings currently being operated by Centrelink, Shafston College and Dignified Movement.

A national expression of interest campaign is being run by Colliers and Crawford Property which will close on June 4.

Four office buildings in central Southport are on the market, including the home of Centrelink. Picture: Supplied

Colliers Gold Coast director in charge Steven King said there was strong interest in the land amid a shortage in the market.

“This is a substantial holding that provides prospective purchasers with an array of development options,” he said.

“The strength of the Gold Coast office market makes it equally compelling as a buy-and-hold strategy as these assets generate strong returns in a market that we see continuing to remain severely undersupplied for some time despite the strength of demand across the office sector.”

Four office buildings in central Southport are on the market, including the home of Centrelink. Picture: Supplied

The site also comes with 2975 sqm of empty space which has been used as a carpark.

It sits within the Southport Priority Development Area and has an unlimited height limit.

The sale will not mean any immediate change for Centrelink which has a long-term least on the land until January 2028.

It generates an annual passive net income of $875,316.

James Crawford, of Crawford Property said the site could be retained in its current form or be redeveloped.

“The strength of both commercial and residential demand ideally positions the Southport holding for future development,” he said.

Four office buildings in central Southport are on the market, including the home of Centrelink. Picture: Supplied

“The site previously carried a development approval which has since lapsed, but the holding as a whole now presents an opportunity for a new buyer to reimagine a project that meets the needs of the current market.”

The sale comes amid the Gold Coast City Council’s push to reshape Southport.

Council is developing a masterplan to revitalise the suburb, as well as stimulate development by unlocking undeveloped sites.

Mayor Tom Tate said earlier this year that land banking – where developers gain approval for a project but never proceed with it – had gotten worse and had to be dealt with.

Leading property firm Urbis has backed the proposal, saying the CBD needed to be activated and a far greater number of residential and commercial projects built.