Property fund management company RF CorVal has sold the Wyndham Corporate Centre in Bundall to the City of Gold Coast for $46.25 million.  

Located at 1 Corporate Court on the Gold Coast, the 7,931sqm building had an occupancy rate of 93%, a fully leased net income of $3,537,960 and a WALE of 5.3 years. 

Wyndham Corporate Centre was tenanted by international, national and local occupiers such as Wyndham Destinations Asia Pacific, Aspire42 Services and IBM Australia. 

The building offered 267 car parking spaces, an on-site café and has a 4.5 Star NABERS Energy Rating and Water Rating.  

RF CorVal purchased the entire Corporate Centre precinct in 2017 and has retained the Corporate Centre as well as the surrounding land. 

“This sale is in line with the original strategy to break down the investment lot size of the entire corporate centre and sees a substantial amount of the original capital returned to investors,” said RF CorVal’s Head of Transactions Oliver Picone.  

“We are pleased to retain the corporate centre one building that continues to provide exposure to the strong performing Gold Coast office market.” 

CBRE’s Mark Witheriff, Jack Morrison and Peter Chapple together with Dan McVay and Brock McDermott of McVay Real Estate brokered the deal on behalf of RF Corval.  

“This is the largest office sale on the Gold Coast this year and a great example of the strength of the Gold Coast office sector, where vacancies are currently sub-6% and incentives are falling, with real growth in rental rates,” Witheriff said.  

“Bundall emerged as the Gold Coast’s tightest office market in the first half of 2023 with vacancy dropping to 4.7%. With construction prices increasing and lack of supply, significant pressure will be placed on effective rents for existing assets.”  

In June, a fully leased, modern A-Grade office building located in Brisbane’s emerging Hamilton Northshore Priority Development Area (PDA) sold for $18.5 million.   

The smaller end of Australia’s commercial property market proved to be more resilient during the first six months of 2023 amid a broader slowdown across the commercial asset classes.   

CBRE’s H1 2023 In and Out report showed that total investment volumes dropped by 50% to $8.8 billion in H1 2023, compared to the same period in 2022.