Exceed Capital is acquiring one of the most iconic assets in the Gold Coast, the Seabank building in Southport.
The purchase of the A-grade office building at 12-14 Maine Parade in Southport is being made through the boutique fund manager’s SP Property Trust that is currently open for investment.
The asset, which has dual access via Marine Parade and Short Street and views over the Gold Coast Seaway and Broadwater, has 8,482m² of net lettable area over 11 storeys on a 4,773m² site with 207 car bays.
Built in 1987, in its early years the Seabank building was the headquarters of radio station Sea FM. It is now home to the Gold Coast Bulletin with Queensland Newspapers as a tenant, along with Bupa, ADG Engineers and the Queensland Government.
Over time the asset has been maintained to modern standards, including achieving a 5.0 Star NABERS Energy rating, and continues to meet the evolving requirements of government, corporate and professional service tenants.
Exceed Capital Managing Director Vaughan Hayne said Exceed Capital was excited about the purchase, which offered investors a great opportunity with 8%-plus monthly cash returns brought on by stable tenants and high occupancy.
“The Seabank building has been a prominent building in Southport’s history and continues to be sought after by a diverse mix of established corporate and government tenants,” he said.
“Its strategic location in in the heart of the Gold Coast’s commercial core is one of the biggest investment fundamentals for this asset.”
Not only does the Seabank Building have great connectivity to public transport, major road networks and key lifestyle and commercial amenities, but it is positioned to benefit from future growth.
The asset has significant upside potential due to the new 12,000-seat Brisbane 2032 Olympic stadium, the Gold Coast Arena, set to be built in direct proximity of the building, which will revitalize the area.
The site also has favourable zoning within a designated growth precinct, providing long-term land banking and potential future development optionality.
The Gold Coast is one of the best performing office markets in Australia, with an A-Grade vacancy rate of less than 2.7% and market fundamentals continue to strengthen due to limited new supply and sustained rental growth driven by population and employment expansion.
Mr Hayne said the Seabank building was a great closed-asset opportunity to supplement Exceed Capital’s open-ended diversified offering The Collective, which is currently sitting at over 37 million units issued, and providing 8% returns to investors.
Exceed Capital’s acquisition of the Seabank building follows its announcement of more than $111 million in transactions across five commercial assets at the end of last year. It purchased four commercial properties in Queensland and New South Wales for a total of $92.141 million, including 8 Discovery Court, Birtinya; 7 Clunies Ross Court & 17-19 McKechnie Dr, Eight Mile Plains; 312 Bourbong Street, Bundaberg; and 330 Maitland Road, Mayfield, Newcastle, while also selling its first asset, a retail centre at 137 George Street in Beenleigh, for $19.5 million.
Mr Hayne said: “Exceed Capital have a strong growth strategy in place, and South East Queensland, including the Gold Coast, is a key investment location within this strategy.
“South East Queensland is one of Australia’s fastest-growing and most economically dynamic regions,” he said.
“Key indicators highlight its strong population growth, economic performance and strategic importance.
“Given the strong population growth and vacancy rates experienced over the last 18 to 24 months on the Gold Coast, investors view this region as one of the most compelling investment destinations in 2026.”
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