Ray White taps into prime office real estate

One of Queensland’s largest real estate offices has become the first major tenant to take space in landmark corporate tower 50 Cavill Avenue following its recent change of ownership.Ray White Surfers Paradise Group will expand part of its operation to 50 Cavill Avenue in March after outgrowing the Orchid Avenue office it occupied for more than a decade.The company has taken a six-year lease on a full floor of 834sqm in the 22-level tower, becoming the first new tenant since the building’s acquisition by GDI Property Group.GDI settled the purchase this month and has assigned CBRE to steer a comprehensive office leasing campaign for the building in tandem with a proposed $10 million refurbishment program.About 70 staff across RWSP Group’s administrative, commercial, international, prestige and project marketing teams will operate out of the new location, while other departments will remain at the Orchid Avenue office.RWSP Group CEO Andrew Bell said the expansion demonstrated the company’s confidence in the Gold Coast property market.“We have been in the city for 26 years and never before have we been so confident in its future,” he said.“There is billions of dollars of investment coming into the Gold Coast at both public and private levels, the property market is rebounding strongly and the green shoots of recovery we saw a year go are now blossoming.“As a result, Greg and I sat down, wrote a 10 year strategic plan, restructured our business, grew our team and subsequently reached a point where we needed a larger and more prominent space.“The new office is the Gold Coast’s premier corporate address and a fitting location to base several of our departments.“It is an A-grade office space that will receive a new, modern fit out and provide a great working environment for our team.“The location is convenient for staff in terms of its proximity to the light rail and car parking, as well as several new cafes and restaurants that have sprung to life as part of the rejuvenation of this part of Surfers Paradise.”Leasing agent Nick Selbie, of CBRE, said Ray White’s commitment aligned with GDI’s strategy to reposition the asset as the premier corporate office address on the Gold Coast.“It’s great to have a local, longstanding and respected business commit to the building alongside existing major tenants such as Mantra Group, Channel 9, Regus, Bell Potter Securities and Wanda Ridong,” Mr Selbie said.“Business operators are responding to this part of Surfers Paradise following its rejuvenation and quality tenants are showing a real desire to be in a centrally located, premium office building.”Newly issued Property Council of Australia figures shows the vacancy rate in Surfers Paradise decreased by 7.3 per cent in the six months to January 2016.“The planned refurbishment and upgrade of 50 Cavill Avenue is expected to contribute to further vacancy decreases in the coming months as new lease commitments are finalised,” Mr Selbie said.GDI Managing Director Steve Gillard said the group had committed to a three-year capex and refurbishment program in order to reposition the tower as the premier corporate office address on the Gold Coast.“GDI has a 20-year track record of turning buildings around,” Mr Gillard said.“At 50 Cavill Avenue, this will involve replacing six of the lifts, upgrading the air conditioning chillers, refurbishing the lobby, foyer and vacant floors, and instituting sustainability upgrades to target a 5 Star NABERS rating.”50 Cavill Avenue was completed in 1991 and is the Gold Coast’s largest office tower. It comprises a total net lettable area of approximately 17,363sqm of office space over 22 levels, as well as 381.5sqm of ground floor retail space and 446 basement car parks.