Battaglia family shop around for $14m deal

OCT 2010

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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