The “Zo” commercial building in Pearl Street, Kingscliff has been placed on the market by the mortgagee exercising power of sale.
The Zo Centre, a three-level retail/commercial building on the corner of Pearl and Turnock Streets, was developed three years ago.
It occupies a 2406 square/metre site.
The mortgagee has appointed CBRE to undertake an Express-ions of Interest campaign for the Zo Centre, which will be steered by Mark Witheriff and Tania Moore of CBRE Gold Coast.
Mr Witheriff said the property delivered a significant opportunity to potential purchasers seeking to add value.
“Given the building’s current vacancy, there is flexibility for either an investor or developer to identify various opportunities to reconfigure this building to maximise the return,” Mr Witheriff said.
“The property provides an excellent opportunity for occupiers, investors and developers to acquire a high profile, modern office building in the heart of one of northern New South Wales’ premier tourist destinations.”
Ms Moore said, “The property has an approximate gross lettable area of 4862sq/m across ground floor retail and two upper levels of commercial space, along with a 134-bay basement carpark.
“The two upper levels are currently designated as offices but, subject to council approval, these levels could be reconfigured into strata-titled offices, apartments or even motel/hotel accommodation. The top floor enjoys ocean views from the balcony areas.”
Ms Moore added “There is plenty of opportunity with this property, particularly with sales on the Tweed Coast continuing to improve in both the commercial and residential sectors.”
Expressions of Interest close on November 22.
