$70 Million Sale Of Rocket Tower At Robina Settles

The $70 million sale of The Rocket has settled, marking Gold Coast City's largest single-title office tower transaction in eight years.

The settlement of The Rocket means joint venture purchasers Sentinel Property Group and Clarence Property Group now each hold a 50 per cent stake in the landmark asset purchased from the Robina Group.

CBDRobina has seen more than $200 million in commercial sales over the past six months from small business investors and owners securing the Robina Group's CityPods offices to major deals including the $46 million sale of the Foxtel building.

The run of sales also includes commercial site sales of more than $16 million, including site sales to Australian Unity’s Healthcare Property Trust for a new private hospital for over $8 million and the Automall sale to James Frizelle's Automotive Group for over $4 million.

Warren Ebert, Sentinel Managing Director, said Sentinel was pleased to finalise its first acquisition in Gold Coast City.

“We have identified the Gold Coast as a key market where we want a strong presence in order to benefit from its future growth, which is already on show in the new wave of tourism, infrastructure and high-end residential and hotel developments underway. In partnership with Clarence, we are pleased to have secured one of the best commercial properties in the region,” Mr Ebert said.

Clarence Property Group Director Peter Fahey said The Rocket was a blue chip asset which would allow Clarence to continue to build its presence and portfolio in Gold Coast City.

"I'm confident this is an asset that will perform well due its strategic central location in CBDRobina. It's a smart addition to our existing spread of properties in the area, which includes Lakehouse Corporate Space and Easy T Shopping Centre both in Robina and the recently purchased Bell Central Shopping Centre at Mudgeeraba.

“Clarence Property's portfolio now boasts more than 20 commercial and retail properties and residential developments spanning from Airlie Beach to Port Macquarie with assets of $300 million together with a $300 million development pipeline.”

The Robina Group director Tony Tippett said the swift settlement of the Rocket sale, just two weeks after the contract went unconditional, was confirmation of CBDRobina's appeal.

"CBDRobina has a $1 billion pipeline of investment and development which is proof of investor confidence in the region," Mr Tippett said.

"The area is Gold Coast City's - and indeed one of the nation's - best performing commercial markets.

The Rocket was marketed by Mark Witheriff and Tania Moore of Knight Frank.

The signature 16-level tower is located at the geographical centre of Gold Coast City, enabling businesses to draw on a catchment area of more than 2 million people between Brisbane and Byron Bay.