Rockdune Pty Ltd – an investment company linked to the owners of a national seafood company – has purchased the Commonwealth Bank building at 16-18 Albert Ave in Broadbeach from a subsidiary of Matthews Property Group.  Matthews Property Group bought the site originally in 2006 for $14m.

The $11m purchase brings Rockdune’s total investment in the area to over $40m over the last 20 year.  In this time, they have acquired the adjoining commercial building at 12-14 Albert Avenue, as well as Niecon Tower and Niecon Plaza.

The result is a 5463sqm parcel in a prime location in central Broadbeach.  While there are existing plans for developments on the site, Rockdune have described the acquisition as a long-term hold and have no plans to redevelop in the near future.

Following a recent tender campaign, the former National Australia Bank building at 12-14 Albert Avenue, Broadbeach is now under new ownership.

Believed to have been bought by Melbourne businessman George Raptis (unrelated to the Gold Coast-based Raptis Group), the price of $7.7m is well short of the $12m+ price offered by Matthews Property Group back in July 2006.

It is also believed that Mr. Raptis has an option to buy the Commmonwealth Bank building at 16-18 Albert Avenue, (currently owned by a company related to Matthews Property Group) and air rights over the Niecon Plaza building.

The resultant site, at over 2,400sqm in size and with a 35 storey height restriction would represent one of central Broadbeach’s last significant development sites.

The former National Bank building at 12 Albert Avenue in central Broadbeach is back on the market.  Originally purchased by embattled developer Matthews Property Group in late 2006, the sale has collapsed.

With a 35-storey height limit, the central 1214sqm site is currently subject to an application for a 22-storey, 144 room resort.  The application remains before Council.

After rumours flying about the future of the Matthews Property Group (MPG) site in central Broadbeach, things seem to have settled down.  The background story, to the best of my knowledge, goes as follows:

1. Matthews Property Group purchased the NAB and CBA sites on Albert Ave in Broadbeach around July 2006.
2. At this time, it was believed that they could overcome the fact that the NAB had a lease on their half of the site until 2010
3. It was subsequently decided that the NAB would not relinquish their lease, and as such that portion of the contract was rescinded
4. MPG activated an option they had over the (then-) Raptis-owned Niecon Plaza in Broadbeach
5. MPG modified their plans, using some of the air rights gained from the addition of Niecon Plaza to the site to build a larger building on the Commonwealth Bank site

It is expected that plans will come out of Council around the middle of 2008 – which should coincide with the completion of MPG’s Ocean Pacific project in southern Broadbeach.

Details of the building on the CBA site are still unconfirmed (and will likely remain that way until Council have made their final ruling).  It is not known if MPG will take full advantage of the 35-storey height limit in that part of central Broadbeach.  There have also been unconfirmed rumours that the building will include a residential section and serviced apartment section.

Further details (and rumours) will be added as they come to light.