Alceon to build new business park on the Gold Coast following site deal
Boutique investment firm Alceon has closed its first major deal of the year buying nearly a hectare of land in Robina on the Gold Coast for a new business park and signing up builder Metricon as an anchor tenant, sources say.
It is understood Australia’s biggest home builder Metricon has entered into a pre-commitment lease for about 75 per cent of the first building of the new Acuity Business Park at 209 Robina Town Centre Drive. Metricon declined to comment.
The Gold Coast City Council, which intended to use the area for a new regional council office, sold the site to Alceon for just over $7 million.
The deal is part of Alceon’s push to grow its portfolio of Queensland office business parks following the launch of its Business and Technology Precinct (BTP) Fund in 2013, which developed office parks in Eight Miles Plains and Northshore Hamilton.
A lack of quality office accommodation on the Gold Coast was the driver for choosing Robina as its next development site.
Robina is congested with low-quality towers suffering from a lack of capital investment that were not appealing to those seeking long-term leases, Alceon said.
“The strategic acquisition of this site and our long-term development approach is to provide quality commercial premises that offers occupiers the ability to grow within the same business precinct that is well serviced by public transport and public amenity,” Alceon said.
‘Ideal location’
Robina is particularly suitable for a new park given its falling office vacancy – now at about 11 per cent – and its growing town centre, Alceon project director Paul Huston said.
“Robina is considered an ideal location for the next commercial business park because of its high resident population which is predicted to more than double within the next 10 years,” he said.
Acuity Business Park will comprise three stand-alone office buildings measuring 15,000 square metres. Buildings will be built with large floor plates and internal breakout areas.
The precinct will have a ground-floor plaza, basement parking, shops, gyms and parks while individual buildings will reflect a contemporary design.
Construction will commence in March with the first building scheduled to be completed by July 2020.
CBRE’s Nick Selbie, who is handling leasing at the park, said demand for grade-A offices on the Gold Coast was strong.
