Commercial Strength
Property and funds management group Cromwell Corporation Limited plans to develop a new $400 million office and retail precinct in Bundall on the Gold Coast over the next five to seven years.
The master-planned project is being undertaken by the Corporate Centre Development Alliance (CCDA), which comprises Cromwell, PacLib Group Pty Ltd and property identity Dan McVay.
The precinct will comprise up to five office and retail buildings and will include additional amenities such as restaurants, retail outlets, and health and spa facilities. The developed property is expected to be retained by the Cromwell Diversified Property Trust.
The property was acquired by the Cromwell Diversified Property Trust in December 2005 for $52.86 million, in a joint arrangement with Cromwell, the McVay family and Ray White Invest. Recently Ray White Invest sold its stake in the project to PacLib which is a well-known NSW development firm
.