CLARENCE PROPERTY EMBARKS ON $5M REFURB OF SIGNATURE GOLD COAST CORPORATE PARK

One of the Gold Coast’s hallmark commercial office precincts – East Quay Corporate Park at Robina – is set for a $5 million makeover to restore it to its former glory.

The lakefront corporate park was acquired by property funds manager Clarence Property for $6.925 million in April this year.

East Quay Corporate Park was originally developed by late Gold Coast property identity Brian Ray in the 1980’s, as one of the first office buildings in the then emerging suburb of Robina.

Located on Glenferrie Drive, the development comprises two three-level office buildings on a 1.76-hectare site with more than 200 metres of frontage to West Lake.

The two buildings comprise a total 36 suites serviced by parking for more than 240 vehicles, complete with a boardwalk connecting to the adjacent Robina Tavern and nearby cafes, restaurants, supermarket and specialty stores.

Clarence Property plans to strata title the office suites once they have been refurbished and upgraded to meet contemporary corporate requirements – whilst still retaining the heritage look and feel of the original development.

Most suites will range in size from 150sqm to 300sq m, with provision for full-floor uses of up to 600sq m.

Knight Frank has been appointed as marketing agents, represented by agents Mark Witheriff and Tania Moore.

The external refurbishment includes replacement of the lakefront timber boardwalk, a complete repaint, restoring the roof and balcony areas, upgrading the carpark, walkways and kerbing, and significant landscaping.

Internally, the air-conditioning system will be replaced, lifts and fire services will be upgraded and toilets will be refurbished. Vacant office suites will be demolished and refitted with new ceilings, lighting and flooring.

Clarence Property managing director Peter Fahey says the refurbishment is on track for completion by mid November, when the premises will be rebranded and relaunched to the market.

“We acquired East Quay Corporate Park because Robina is continuing to grow its status as a new CBD for the Gold Coast – with low vacancy rates and strong demand for quality strata office spaces,” he said.

“As with any acquisition, we looked to see that the development offered a real point of difference – and when you combine East Quay’s lakefront location, nearby retail amenities and upgraded commercial offering, there is nothing else like it on the market in Robina, or for that matter, the Gold Coast.

“We are currently finalising the refurbishment with a view to opening a display suite for prospective purchasers in mid November, but we are already taking registrations from interested parties.”

The office park has been home to numerous major Gold Coast companies including Ray Group, Robina Land Corporation as well as major legal, advertising and creative agencies. Current tenants include RPS, the Queensland Government and EMF Griffiths.

Knight Frank’s Tania Moore says she expects the revamped suites will attract strong interest from small to medium businesses looking to secure a contemporary commercial space in an appealing natural environment near the heart of Robina.

“East Quay Corporate Park has a real point of difference, and offers many things that most business centres in Robina simply don’t have,” she said.

“The majority of office buildings in the area have insufficient carparking on site, and they are geared towards a fast-paced corporate environment – so they lack character and atmosphere.

“East Quay Corporate Park offers extensive on site parking – with 241 dedicated parking bays, including a secure undercover area, plus off-street parking nearby.

“As the only business hub in Robina with direct lakefront views and access, the whole precinct has a relaxed atmosphere – and the convenience of having restaurants and shops just a short walk away promotes great work/ life balance for employees.

“Pricing is still being finalised, but East Quay Corporate Park will be extremely competitive with other strata offices in Robina and elsewhere on the Gold Coast on a cost per square metre basis.”

For more information, please contact Tania Moore on 0439034025.

ENDS

FOR MORE INFORMATION PLEASE CONTACT SHEREE DE BONO OR JEREMY SCOTT –

PROMEDIA – 07 5593 2011