AGEING ROBINA OFFICES TO BE SPRUCED UP AND SOLD
Written on the 9 October 2014 by Nick Nichols
FUNDS manager Clarence Property is poised to rejuvenate an ageing Gold Coast office precinct with a $5 million makeover currently under way.
Clarence, the company that is developing the Casuarina Town Centre with Consolidated Properties, has set its sights on returning the East Quay Corporate Park at Robina to its former glory.
The refurbishment follows Clarence Property’s $6.925 million acquisition of the lakefront property in April.
East Quay Corporate Park comprises 36 office suites across two buildings located on a 1.76ha lakefront site on Glenferrie Drive.
The property was developed 30 years ago by late Gold Coast developer Brian Ray at a time when Robina Town Centre was little more than a cow paddock.
It was one of the first office developments in the then emerging suburb.
Clarence Property plans to strata title and sell the office suites once they have been refurbished.
The suites range in size from 150sqm to 300sqm, although there is provision for full-floor uses of up to 600sqm.
East Quay has parking for 240 cars and is connected by boardwalk to the Robina Tavern and the nearby retail precinct.
The planned refurbishment includes the replacement of the lakefront timber boardwalk, a complete repaint, restoring the roof and balcony areas, upgrading the carpark, walkways and kerbing, and landscaping.
The air-conditioning system will be replaced, and lifts and fire services upgraded.
Vacant office suites will be demolished and refitted with new ceilings, lighting and flooring.
Clarence Property managing director Peter Fahey (pictured) says East Quay will be rebranded and relaunched once work is completed in mid-November.
“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," says Fahey.
"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."
Knight Frank joint managing director Tania Moore and Mark Witheriff have been appointed as marketing agents for the office suites.
Moore says she expects the revamped suites will attract strong interest from small to medium businesses.
"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 says.
"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.
"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."
Author: Nick Nichols