Gold Coast office tower 50 Cahill Avenue nearly fully leased after upgrade

Gold Cost office tower 50 Cavill Avenue, owned by Sydney-based fund manager GDI Property Group, announced it has leased more than 90% of its office space after a $10 million upgrade. 

GDI purchased the tower in February 2016 with an occupancy rate of 54% and embarked upon an upgrade to unlock the value of the asset.

The refurbishment of the 22-level includes upgrades to common areas, six new destination control lifts, energy efficient air-conditioning and building systems targeting a 5 star NABERS rating, high speed fibre optic internet, end of trip facilities including showers, lockers, bike racks and modern landscaping to compliment the distinctive mirrored façade. 

There is also a café and bar onsite.

50 Cavill Avenue offers water, beach and hinterland views from almost all levels and has attracted leading companies as tenants such as Mantra Group, CBRE, Regus, Maven Dental and Nine Gold Coast News, said GDI managing director Steve Gillard.

CBRE’s Nick Selbie, who has been heading the leasing campaign, noted that the recent success in improving occupancy is down to GDI’s belief in both the building and the Gold Coast in general. 

“Once the message was delivered to market that long overdue change was taking place in the building we were inundated with enquiry which has flowed to over 20 new leases being entered into and a number under negotiation at present,” Selbie says. 

The top level of the building with panoramic views of the coastal, hinterland and the Nerang River remains to be leased.

“While the refurbishment has been taking place, we have not actively sought a tenant but are now ready to field enquiry from potential tenants,” Selbie added.

Founder, Perry Cross will officially ‘open’ the newly reimaged building at a soirée in the forecourt later this month.