The high profile Surfers Paradise office of awarding-winning architecture practice DBI Design has been sold in a vendor leaseback deal for $5,150,000 on behalf of Surfers Offices Pty Ltd.
CBRE’s Mason Kidman and Lachlan Harris negotiated the sale of the unique beachside property to an Australian-based Chinese investor with commercial property interests in south-east Queensland and China.
The 9 Trickett Street office is situated in a high-rise building with a rooftop pool that forms part of the landmark Surfers International complex.
DBI Design has taken a five year lease with further five year options over the premises, which feature an exclusive lobby, feature stair case, expansive open plan office floor with ocean views and a caretaker’s unit. The total gross floor area is 2,749sqm, including the 405sqm entrance and foyer.
DBI is renowned for its local and international design work, which includes the Gold Coast, Port Douglas and Hawaii Sheraton Mirage resorts, Soul, Oracle and Southbank Parklands in Brisbane. In 2012, the firm also won Emporis international awards for its work on the Etihad Towers in Abu Dhabi and The Wave in Broadbeach.
“Investors were drawn to the quality of the tenant profile and the lease back proposal,” Mr Kidman said, noting that the sale price translated to an initial yield of 10%. “The unique position of the property and the design were among the other draw cards, offering something quite different to the rest of the Gold Coast office market. This was a particularly interesting assignment for us as the property presents in a similar fashion to offices mostly found in the laneways of Melbourne.”
Mr Harris said CBRE had conducted an off-market sale campaign with local and offshore clients, which resulted in a numerous inspections. “As it turns out, the party who conducted the very first inspection was the ultimate purchaser,” Mr Harris said.
“The overall interest in the campaign highlights how much the Gold Coast investment market has strengthened in 2014. Our office is undertaking various sales activities with the Chinese community right now.”
The 9 Trickett Street property has been occupied by DBI since 2005. Situated in the heart of the Surfers Paradise, the property offers the benefits of dual street access, secure parking, end-of-trip facilities such as bike racks and executive bathrooms, five kitchenettes, five conference rooms with full audio/visual and data connectivity, high ceilings of up to six metres, climate control air conditioning and a one-bedroom caretaker apartment with powder room, ensuite, lounge room and full kitchen.
Image credit - “Rise & Shine” by Gags9999 via Creative Common Attribution 2.0