Entrepreneur buys Condev Construction’s former Brisbane head office for $6m

The Brisbane office of a Gold Coast-based builder which collapsed this year owing $31m has been sold to a local entrepreneur who will consolidate the different arms of his business in the building.

THE Brisbane office of a high profile construction company that collapsed earlier this year has been sold to a local entrepreneur with a string of businesses.

According to CoreLogic the vacant four-level office building was the Brisbane HQ of Condev Construction and was bought Bodacious Property Investments which paid $6m plus GST for the property at 909 Ann St, Fortitude Valley.

Ray White Commercial’s Tom Barr, who struck the deal, said “it’s a great piece of real estate”.

“We were gearing up to run a formal on market expressions of interest campaign but on the back of another sales campaign at 123 Breakfast Creek Rd, the underbidders refocused their attention on this property,” he said.

“We ended up getting three offers and two contracts two days before we were to have launched the EOI.”

Ray White commercial’s Tom Barr at Condev Construction’s old Brisbane office at 909 Ann DSt in Fortitude Valley.

A property search found that Bodacious Property Investments was owned by Ty Hermans who is the managing director Venlo Holdings and Evolve Group.

The property last changed hands in 2014 for $2.4m when it was bought by Marais Property Holdings – owned by Stephen and Tracy Marais – whose business Condev Constructions went into liquidation in March.

Mr Barr said the property was not part of the company collapse.

On a 868sq m site, the building has a net lettable area of 550sq m and 17 undercover car parks. After buying the property the vendor completed a highs quality fit-out and expansion.

Mr Barr said the new owner was attracted to the location, being near James Street, and will consolidate different parts of his business under the one roof.

He said the property was next to the $260m Consolidated Properties/DWS office tower at 895 Ann St which was under construction.

“The buyer was also attracted to the future access easement that will be provided as a condition of the 895 Ann St approval,” Mr Barr said.

“It will provide exceptional vehicle and pedestrian access/egress for the property via Wandoo St.”