AUGUST 2010
A LANDMARK building that was once the prized headquarters of fallen property developer No Limit Group has sold for $3.2 million to a syndicate of buyers directly affiliated with the 1800 MUMDAD telco.
The 1103sqm site on the Gold Coast highway at Burleigh Heads comprises a standalone two-level commercial office premises of around 866sqm.
1800 MUMDAD will relocate from its Varsity Lakes premises to take up occupancy of the building soon after settlement.
The building is partially leased to The Salvation Army which occupies 448sqm on the ground floor.
The property was marketed by CB Richard Ellis acting on behalf of receivers and managers Nick Harwood & John Greig of Deloitte.
Agents Mark Witheriff and Nick Corrie of CB Richard Ellis negotiated the sale.
Corrie says 38 enquiries were received during the campaign with nine parties expressing interest. The majority of offers were within close contention and comprised an equal mix of owner-occupiers and developers.
“This campaign suggests that any high profile, well located site that has a current or potential income stream will fetch a similar premium, normally associated with an owner occupier from developers alike,” says Corrie.
No Limit hit the skids in February this year when St George Bank appointed receivers to four companies owned by director John Marshall.
It included seizing the upmarket Fairway Island residential project at Hope Island, the headquarters at Burleigh Heads, the Storage King premises at Miami and an undeveloped residential estate in Ipswich.
Fairway Island will be sold in an offer-to-purchase campaign closing on August 5.
No Limit acquired the 7.19ha site for $10.6 million in 2003.
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