Interciti: Zupp Property Group unveils plans for new office tower at Ormeau complex

A giant new tower with room for up to 15 tenants has been unveiled for a surprise suburb as the Gold Coast faces a historic shortage of space. FIND OUT MORE

A giant office and commercial precinct in the Gold Coast’s far north is set to expand.

Zupp Property Group has unveiled plans to build a new six-storey office building at the Interciti complex in Ormeau.

The building, which will stand at 23m, will create 5106 sqm of office space to be split across 15 tenancies.

It will also have two basement levels of parking.

“In particular, the intent for future buildings is to accommodate businesses that are looking for a flexible workspace to grow their business that can evolve to accommodate changing business needs into the future while also providing opportunities for allied/complimentary businesses to co-locate within the development,” a report lodged with the council reads.

Artist impression of a proposed office building at the Zupp complex at Ormeau. Picture: Supplied

“The site forms part of the Zupp Interciti which seeks to establish a contemporary business and innovation park in the northern growth corridor of the city in an effort to establish integrated, flexible, and innovative workspaces.

“The intent is to provide an innovative product to attract new businesses to the Gold Coast.”

The new building is earmarked for a site on the northeastern side of the Interciti complex, overlooking the M1’s southbound lanes.

Plans have been submitted to the council for the proposed tower Picture: Supplied

The new building will add to the existing 40,000 sqm of office and retail space already existing on the land.

It comes amid an ongoing shortage of office space in the city.

A reporter by Colliers released in November revealed office vacancies remain at near-record lows, with high demand seeing available space in Broadbeach plummeting to the smallest on record.

The vacancy rate for the dining and tourist precinct sits at just three per cent, taking the mantle as the city’s tightest market rate.

The Gold Coast’s office market is facing historic low vacancy rates. Picture: Supplied

The latest figures, released in Colliers’ market overview, show Broadbeach’s vacancy rate dropped from 7.5 per cent earlier this year.

However, it pained a rosier picture in Surfers Paradise where available space has actually increased from eight per cent to 9.3 per cent.

The report also revealed that vacancy rates had plummeted in Robina and Varsity Lakes., falling from 18.8 per cent in January 2021 to 6.3 per cent today.

The report also warned vacancy rates would remain a cause for concern in coming years.

“With no new supply until 2026, we are anticipating that pressure on vacancies will increase further,” Colliers research associate director Pragya Sharma said.

“As employment rises, office space demand is set to outpace supply, exacerbating the shortage unless we see new developments getting underway.”

Originally published as Interciti: Zupp Property Group unveils plans for new office tower at Ormeau complex