PROPERTY figure David Devine has sold his 1929sqm retail property on 120 Queen Street to surfwear retailer City Beach for $27.765 million.
The sale gives Devine’s private company Devine Industries a $19.665 million nominal profit on the building, which was initially bought in 1993.
“After a series of approaches to us from various buyers we decided this was the right time to sell and I am pleased the sale has now been settled,” says a Devine spokesperson.
“This property has performed extremely well for us but there are many more opportunities out there.”
City Beach is the major tenant of the building, occupying the ground floor and two upper floors, while Priceline Pharmacy leases the basement.
120 Queen Street was not publicly marketed and was negotiated by Colliers International’s Pat George, as well as Matthew Curtain from Curtain O’Donnell Property Group.
“In my opinion 120 Queen Street is one of the best retail buildings in the entire mall because it activates the basement and the ground, first and second levels,” says George.
“It’s like a mini-Myer Centre and obviously, also benefits from having high quality tenants on long leases.”
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