The two properties have been described as "land rich income-producing assets with underlying development potential".

Ray White Commercial Gold Coast's Brad Duncalfe, who is marketing the property alongside Knight Frank's Mark Witheriff and James Branch, says the assets are a real opportunity to secure income-producing properties, with blue-chip state and national tenants on elevated and waterfront future development sites.

"The potential for investors is to purchase the assets as a portfolio or separately, and this is a truly enticing prospect in today’s market," Mr Duncalfe said.

The first property, at 1 Bellvue Drive "offers an excellent repositioning opportunity to increase the current net operating income. The building is located on a prominent 8,670 sqm elevated corner site has a net lettable area of 3,650 sqm and approximately 90 car parks, with a passing income of $497,487," says Mr Duncalfe. 

"The property offers a short-term redevelopment or refurbishment potential to the existing structure, as well as the opportunity for the construction of a significant apartment complex, subject to council approvals."

The second property, 169 Varsity Parade, is a single-story office building, and is 100 per cent leased to national tenants with a net income of $1.171M. 

"The building occupies less than approximately 30 per cent of the 1.3ha waterfront site and, in time, provides the potential opportunity for construction of a significant apartment complex facing Lake Orr with views to Burleigh hill," Mr Duncalfe said.

Mr Witheriff says the location of the assets and the vacancy rates in the area will be a major drawcard for potential buyers.
  
"Varsity Lakes is a multi-award-winning master-planned, mixed use community which boasts one of the lowest vacancy rates for offices on the Gold Coast," Mr Witheriff said.
 
"The area as a whole is continuing to grow in accordance with the master plan developed by Lend Lease and is currently enjoying one of the cities lowest vacancy rate of circa 5 per cent. Varsity Lakes has become one of the premier office and lifestyle precincts in the Gold Coast."

Expressions of interest close Thursday 8 November.

For more information or to register your interest, contact the listing agents via the contact details below.

Related reading:

Knight Frank lists commercial warehouse conversion

Pomeroy Pacific expands $1 billion project pipeline with Mulgrave industrial site acquisition

Mixed-use commercial project hits market in Melbourne