Investors snap up Central
AS WHARF Central was officially opened yesterday by Mayor Joan van Lieshout, there were just 17 strata titles left up for grabs.
The new building is the first commercial development in Tweed Heads for 15 years and according to developer Jack Heaton, local business had been crying out for first class office space. Situated on the corner of Wharf and Francis Streets, it is a prime CBD location.
“There are 40 strata titles in the building and only 17 of those remain for sale or lease,” Mr Heaton said.
“The area was obviously in need of prime commercial space.”
Mr Heaton, along with fellow Masada Investments director Anthony Gordon, had been working towards yesterday's opening since about 2005.
Preliminary investigations found that the Tweed was in need of commercial office space.
“We found that local businesses were working out of secondary office space or working out of old houses with commercial zoning,” Mr Heaton said.
Built by T and T Constructions, the building features two secure basement levels with 86 car parking spaces, a ground floor with retail space and three levels of office space covering 4000 square metres. A lift services all levels of the building.
Mr Heaton said Wharf Central had also attracted a number of investors.
“The investment in commercial offices is proving a worthy, showing returns of seven per cent, as opposed to investing in residential real estate or the stock market, equities or term deposits in the bank,” Mr Heaton said.
Government departments have also proved interested, with the New South Wales Office of Fair Trading and Centrelink securing office space.
Mr Heaton said a lease had been signed with Centrelink for a 661m2 space on the top floor for a local administration office.
The lease was signed on February 1 and Centrelink has already started a fit out.
“We have got quite a combination of high quality tenants,” Mr Heaton said. Among the businesses on the ground floor are NRMA Insurance along with a cafe and hairdresser.
Tony Maher and Leonie Smith from Colliers International, Surfers Paradise, are sales agents for the complex.
Wharf Central's suites are priced from $370,000, or for lease from $315 per square metre per year.