ROBINA GROUP 'THE LOGICAL BUYER' IN $5 MILLION DEAL
Written on the 29 September 2016 by Paris Faint
THE Robina Group has re-invested in its own stomping ground, after acquiring the Robina Professional Centre for circa $5 million.
In the heart of the commercial precinct, the centre has now become a significant site for the Robina Group as it seeks to cater to an increased demand for office space from tenants relocating to the area.
Group general manager Hylton Slater says the acquisition has also come at a time when CBDRobina's office vacancy rate is sitting at a low 5.6 per cent, making it crucial for the group to ensure a continued pipeline of commercial space delivery.
"The decision to make this significant investment back into our own master-planned precinct really reflects the interest we are fielding for property in Robina," says Slater.
Before spaces are leased, Slater says the building will undergo a complete transformation which includes the modernisation of both its exterior façade and internal spaces.
The offices range from 148sqm to 726sqm lots and are expected to attract tenants from a variety of different sectors.
"The spaces will be created specifically for professional office, education and also medical uses - given the close proximity to Robina's growing health and medical hub," he says.
"We will provide extensive, high exposure signage options in a prime central location."
Mason Kidman and Nick Selbie of CBRE negotiated the sale of the Centre.
Kidman says there has already been strong interest from larger businesses looking for their next headquarters.
"Robina Group was really the logical buyer, with the acquisition of this asset further strengthening its position as a key stakeholder in the CBDRobina precinct," says Kidman.
"The high exposure to busy Laver Drive, the fact that vacancy rates in Robina are incredibly low, and the current strong demand for commercial space in Robina made the property an appealing proposition."
Office spaces in the Centre will be offered at $350/sqm net per annum, following the completion of the building's facelift.
Author: Paris Faint