Corporate centre expands

Written on the 30 November -1

LISTED property group Cromwell has officially announced plans for its $400 million development of the landmark Corporate Centre.

Cromwell executive chairman Paul Weightman says the development is due to start in January 2007 with the construction of a $45 million building fronting Slatyer Avenue, Bundall.

"The 11-level tower, to be called Corporate Centre Two, will provide 8000sqm of commercial office and retail space just 3km from Surfers Paradise," he says.

"The master-planned Corporate Centre development will include up to five buildings and is focused on providing a commercial office precinct for the Gold Coast with the highest standard of amenities - including restaurants, retail outlets, health and spa facilities and a generous car parking allocation of one bay per 30sqm.

"Since its completion in 1989, the first tower in the Corporate Centre has been widely recognised for its quality offices and prime location. We will be building on that reputation," says Mr Weightman.

The Corporate Centre will be the only office precinct on the Gold Coast with direct water access. The development will capitalise on the site's canal-frontage as well as the extensive views available to the beach, golf course and The Hinterland.

The master-planned project is being undertaken by the Corporate Centre Development Alliance, which comprises Cromwell, PacLib Group Pty Ltd and property identity Dan McVay.

The property was acquired by a Cromwell-managed fund in December last year, for $52.86 million, in a joint arrangement with the McVay family and Ray White Invest.

Ray White Invest recently sold its stake in the project to PacLib, a well-known NSW development firm.


Latest News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

GOODMAN TAKES PROFIT AND REVENUE DECLINE BUT LOOKS TO CASH IN ON AMAZON'S ARRIVAL

Commercial and industrial property group Goodman (ASX: GMG) has reported underlying full year net profit has dropped ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

ARIADNE CUTS DEMANDS FOR FOUR ARDENT BOARD SEATS TO TWO AHEAD OF EGM

REBEL shareholders have reduced their demands on embattled theme parks operator Ardent Leisure (ASX: AAD) to give the...

Related News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter