The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING TONIGHT FINAL CHANCE TO GET RECOGNISED FOR YOUR WORK
NOMINATIONS CLOSING TONIGHT | URBAN LEADER AWARDS
NOMINATE NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 03 Jul 17

Cromwell Strikes Big Deal For Bundall Corporate Centre

9206-08-18mb_620x380

Global real estate investment manager, Cromwell Property Group has finalised the sale of Bundall Corporate Centre to CorVal Partners for $89 million.

The sale of the site followed the lodgement of a planning application with Gold Coast Council in February for a $1 billion multi-stage retail and residential masterplan.

Cromwell CEO Paul Weightman said the successful sale capitalised on the strength of the Gold Coast market ahead of the 2018 Commonwealth Games.

“The planning application has added significant value to the asset, attracting interest from both domestic and international buyers," he said.

"The site is positioned well for the future and we are pleased to have secured such a highly-regarded buyer."The site currently comprises two A-Grade office towers, a gym and 15,500 square metres of surrounding land.

The proposal for the high-profile corner of Bundall Road and Slatyer Avenue – including three residential towers, a shopping centre and dining precinct – is set to contribute to the city’s broader revitalisation.

“Cromwell is known for our consistent ability to invest wisely and reposition assets for profit. We continuously review our asset strategies to provide optimal returns for our investors, and the Bundall Corporate Centre is just another example of our value-add capabilities at work,” Mr Weightman said.

McVay Real Estate managed expressions of interest and finalised the transaction on behalf of Cromwell.

Cromwell already has a history with the Bundall Corporate Centre Complex, having initially purchased the one-tower site in 2005 for $52.8 million and sold it in 2007 for $106 million.

The site’s second tower, the Wyndham Corporate Centre, was completed in 2009 and Cromwell reacquired the site in 2011 for approximately 60% of its 2007 sale price.

OtherRetailResidentialOfficeAustraliaFinanceReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
View All >
Dare Amara Mosman hero
Residential

Dare Wins Swift Approval for Luxury Mosman Scheme

Clare Burnett
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
Office

‘White Knight’ Cbus Property Takes 50pc Stake in Halo Tower

Lindsay Saunders
The deal is widely seen as stabilising one of the Sydney’s most complex and high-profile commercial schemes...
LATEST
Dare Amara Mosman hero
Residential

Dare Wins Swift Approval for Luxury Mosman Scheme

Clare Burnett
4 Min
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
4 Min
Office

‘White Knight’ Cbus Property Takes 50pc Stake in Halo Tower

Lindsay Saunders
3 Min
Morris Property Group London Circuit concept HERO
Planning

Site Consolidation Bid Latest Step for ACT Office Plan

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/cromwell-strikes-big-deal-bundall-corporate-centre