Tower No.2 set to rise at Bundall
The Courier Mail, 05/10/2007
Trident Corporation has announced plans to build a $70 million office tower on land neighbouring the Gold Coast's Bundall Corporate Centre.
The Group has appointed Hutchinson builders to construct the 8000sq m office tower - to be called Corporate Centre Two - and initial work started this week, with completion expected for early 2009.
Trident bought the Corporate Centre One building and six adjacent development sites totaling 2.1ha for $106 million from the Cromwell Group in a deal that settled on Monday.
CBRE and DTZ have been appointed project leasing agents for Corporate Centre Two.
Trident's co-head of property, Marcus Gaffney, said Cromwell had done some soft marketing to determine tenancy interest in the development before selling it.
"The marketing had uncovered a few tenants and we are in negotiations with a couple now," he said.
"The full-scale marketing campaign will start in the next three or four weeks."
Mr Gaffney said while there were no pre-committed tenants, Trident wanted to get started on the development to give the market assurance it was going to happen.
"It has been planned and put back by previous owners a few times - it was now time to get it up and running," he said.
Leasing rates are estimated to be in the low to mid $400/sq m.
Trident plans to create a masterplanned office and lifestyle precinct on the land comprising the 11,600sq m Corporate Centre One and the remaining 2.1 ha, including restaurants and retail outlets and health and spa facilities.
Mr Gaffney said Trident was in the early stages of masterplanning to decide what would be developed on the remaining five sites, varying in size from 1500sq m to 4000 sq m.
“As long as there is a demand there is the opportunity to get good supply over the next five to seven years."
Corporate Centre Two, designed by ML Design, is set to achieve a 4-star green star design rating and set new standards on the Gold Coast for Australian Building Greenhouse Rating and water conservation.
Written by: Vanessa De Groot
Corporate Centre Bundall
Five building, $500M+ master planned office development on the Gold Coast
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