DIRECTOR of Base Group Developments Mick Battaglia is behind the $14.05 million purchase of the Bell Shopping Centre at Mudgeeraba.
The private purchase was made by the Battaglia family. The deal was facilitated by Kevin Carmody of Saville’s and represented a yield of 9.4 per cent.
The 8000 sq m site is anchored by a Coles supermarket and has 17 shops and national business including a CBA, BWS liquor store and Visions eyewear.
“We’re happy with the yield and we see Mudgeeraba as a good, growing area that fits our company’s long-term growth strategy and portfolio,” says Battaglia.
“We are looking for townhouse sites and walk-ups and foresee further opportunities.”
Base Group Developments has also been granted a DA by Gold Coast City Council to develop a $135 million, 36-storey apartment tower in Surfers Paradise.
The site is located on the corner of Vista and Thornton streets and was formerly occupied by a putt putt golf course.
The developer’s other projects include Signature on High at Southport, where 20 units have sold amassing $6.5 million.
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