GDI, which is known for buying well located properties in need of TLC, early this year shelled out $48.75 million for the flagship 22-level building in the centre of Surfers Paradise.

Managing director Steve Gillard says tower occupancy has lifted from 54 per cent to more than 70 per cent.

“We bought a great but dilapidated building,” he said.

“It has four sides of light, is in the best location, almost 450 car parks and every floor has a water view.

“It’s a building that looks great, it’s just been unloved.”

50 Cavill Avenue was completed in 1991. It previously changed hands for $55 million to the Chung Group in 2004. Receivers were appointed to the Chung group of companies in September 2012.

GDI picked up 50 Cavill for well below replacement cost.

“It would probably cost you $45 million now to just build the car parks so we virtually got the building for free,” Mr Gillard said.

“It cost $76 million to build in 1991. We have it insured for $110 million.”

The price has allowed GDI to pour funds into the renovation and, working with leasing agents CBRE, ensure tenants are blue-chip.

Listed tourism company Mantra Group, the building’s major tenant, has leased an extra 332sq m.

Nine Gold Coast News is signing a new 10-year lease, and Jump Swim Schools is expanding.

Shakespeare Haney renewed its lease for five years, Sunshine Loan Centre has relocated and expanded, and Ballast Holdings has relocated and re-signed a new lease.

Commercial Solutions — the building’s refurbishment contractor — has finalised a tenancy and three tenants have expanded — Anonyome, Levit8 Business IT Solutions and DataU.

“We are talking now with two whole-floor tenants, local companies, which will take occupancy to around 75 per cent.

“We’re taking our time leasing because I’d rather lease properly with high-end tenants,” Mr Gillard said.

“We are leasing from the bottom up and keeping the top until last.”

A rolling refurbishment program includes installation of six new high speed lifts, airconditioning chillers and sustainability upgrades to target a 5 Star NABERS rating.

The exterior will have outdoor seating, water features and landscaping.

The upgrade includes showers, lockers and bike racks.

GDI plans to have the tower leased and the revamp complete by around next March.

The last piece will be at least one new eating house.

“I’ve talked to a few big operators. I want at least one restaurant, possibly two, a great bar, and would love to have a name chef,” Mr Gillard said.

“I want this to be a drawcard for corporates that will enhance the area.

“We think if anyone is going to lease in a commercial building on the Gold Coast, this will be their first choice. It will be the best.”