A three-level building within a booming health precinct has hit the market, at a time of high demand for office space.
CBRE Sunshine Coast is marketing 20 Innovation Parkway at Birtinya – a 4079sqm allotment on a street that accommodates accountants, lawyers and business professionals, as well as those involved in the health industry.
The building provides 2662sqm of lettable space with 108 sealed car parking spaces, 24 of them under cover.
It is shared by 13 tenants, including the Public Trustee of Queensland, which has occupied the ground floor since 2010.
Three of the smaller tenancies are currently vacant, with the vendor in advanced negotiations for two of them. If they remain vacant at the time of sale, the vendor will guarantee rental and outgoings on all vacant tenancies for 18 months following settlement.
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The building generates annual rental income of $926,114, with all but one of the tenants responsible for outgoings.
CBRE Sunshine Coast senior director Rem Rafter said Birtinya’s world-class medical and health facilities, anchored by the $1.8 billion Sunshine Coast University Hospital, had attracted a wide range of professionals, retailers and residents.
“It has become one of the region’s most dynamic growth areas,” he said.
Quality office accommodation appears to be at a premium on the Sunshine Coast.
In the six months to January 2023, office vacancy in the region hit 4 per cent after falling from 7 per cent in 2022 and 13.2 per cent in 2021, as businesses continued to move to the Sunshine Coast.
Queensland executive director of the Property Council Jen Williams said the strong demand for office space on the Sunshine Coast “highlights the health of the region’s economy and the ongoing appeal for investors and businesses”.
No.20 Innovation Parkway is close to the Birtinya Town Centre, an 18-hectare $830 million masterplanned development incorporating a civic plaza and shopping centres integrated with entertainment, commercial, health-related research facilities and high-density residential development.
Innovation Parkway is linked to Kawana Way, providing direct access to Caloundra, Sippy Downs, the Bruce Highway and the northern suburbs of Mooloolaba, Maroochydore and Noosa.
It is 30 minutes to the Sunshine Coast Airport and 70 minutes to the Brisbane CBD.
Despite the challenges of COVID and rising interest rates, the Sunshine Coast has seen enormous population growth over recent years, driving residential values to record highs, igniting demand for residential development and creating one of the hottest commercial markets in Queensland.
Experts predict the region’s population will grow by nearly 200,000 in the next 20 years, faster than the Gold Coast, Brisbane, Melbourne and Sydney.
The property is for sale by an expressions of interest campaign closing at midday on Wednesday, March 27.
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