Robina Group's $5 million Gold Coast acquisition

Robina master developer the Robina Group is reinvesting in its own commercial precinct, CBDRobina, with the acquisition of the Robina Professional Centre for around $5 million.

Robina Group will refurbish and extend the vacant three-level commercial building, and then release offices for lease.

Robina Professional Centre currently includes 1,677sqm of lettable area and secure basement parking, on a prime 2,495sqm site at 36 Laver Drive in Robina.

The $5 million sale, which was negotiated by CBRE metropolitan investment properties associate director, Mason Kidman, and office services associate director Nick Selbie.

Robina Group General Manager Hylton Slater said Robina's office vacancy rate was sitting at a very low 5.6 per cent, making it crucial to ensure a continued pipeline of quality commercial space was delivered in the heart of the city.

"The decision to make this significant investment back into our own masterplanned precinct really reflects the interest we are fielding for property in Robina," he said.

Mr Slater said the building would undergo an extensive refurbishment to modernise both the exterior facade and internal space, including the provision of high-speed fibre internet, with the newly created offices to range from 148sqm to 726sqm, including full-floor options.

The spaces will be offered for lease from $350/sqm net per annum through leasing agent, Marcus Weld of Robina Marketing Australia.

Robina continues to be a major growth centre, with a 2016 report by independent analyst, Urbis, showing Robina as the dominant office precinct in Gold Coast City with a workforce increase of 325 per cent and the highest economic growth contribution to Gold Coast City of any precinct between now and 2050.