PUBLICLY Listed property and funds manager Cromwell Group has pocketed a $30 million profit for the sale of Bundall Corporate Centre and its associated development site to Trident Corporation for $106 million.

The property comprises the iconic 17-level Bundall Corporate Centre and around 20,000 sq m of adjacent land on which Cromwell had lodged an application to develop a master-planned commercial and lifestyle precinct with up to five office towers. Corporate Centre Two is expected to start later this year.

"The acquisition of the Corporate Centre property was structured to ensure investors in the CDPT received ongoing income while also having the opportunity to share in any potential upside from further development of the site," says Cromwell executive Paul Weightman.

"We have invested considerable resources and made significant progress through the planning and approvals stage for further development of the site. However, following an off-market approach we have decided it is in the best interests of our investors to take advantage of the strong Gold Coast commercial property market and realise a significant profit through selling the asset."