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.