Chinese affiliated Wanda Ridong (Gold Coast) Development has recently located its Gold Coast headquarters within 50 Cavill Avenue, the latest in a series of new tenants to lease space in the landmark Surfers Paradise tower.
CBRE’s Nick Selbie and Cody Buck have negotiated four new lease commitments in the building, including the Wanda Ridong deal, involving a 351 square metre half floor office on level 14. The group has signed a four-year lease with an option to extend.
Wanda Ridong relocated to the building from a temporary office at the nearby Jewel site, which is earmarked for a $1 billion, three-tower development.
Demolition work on the four existing buildings has begun, with construction due to commence in March next year following a joint venture agreement between
Ridong Group (RDG) and Beijing Corporation Wanda Commercial Properties.
Wanda Commercial Properties and associated entity Wanda HK are companies headed by China’s second-richest man Wang Jianlin.
Wanda Ridong General Manager Charlie Li said, “Headquartered in Beijing, Dalian Wanda Group is one of the largest property development entities in China, with rapidly expanding interests internationally, particularly Australia and the Gold Coast through this project.”
The Ridong Group has been a great promoter of the Gold Coast to its international development partners and this joint venture realises the long term intention to provide opportunity for a broader group of investors to participate in the Gold Coast.
Mr Selbie said Wanda Ridong’s decision to locate to 50 Cavill Avenue was the latest vote of confidence in the building, with a further three new leases having recently been signed.
“We are also in active negotiations with a number of sitting tenants who wish to renew leases and or expand within the building,” Mr Selbie said.
Other recent lease deals at 50 Cavill Avenue include Jump Swim Schools, which committed to a three-year term on a 107 square metres and Anonyome, a security software company, which recently secured a 141 square metre tenancy, and has since expanded into a neighbouring space on level 20.
Digital media company 3SIXZERO Productions has meanwhile secured a 209 square metre space in the building on a five-year term.
Mr Selbie said following landlord approval, several tenancies within the building were undergoing refurbishment.
“This provides prospective tenants with a fresh and clean canvas to design their personalised fitouts according to their space requirements,” Mr Selbie said.
CBRE’s Cody Buck said the property also benefited from extensive car parking.
“A common perception about Surfers Paradise is that access and car parking is difficult, however, 50 Cavill Avenue has approximately 500 basement car spaces, and a large public car park across the road,” Mr Buck said.
“The property is also well located to amenities and all forms of public transport, including the recently completed light rail station.”