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.