Brisbane tailor stitches up $10m deal for Burleigh holding on Gold Coast, Choice Homes buys Southport block for unit project and more
This week in Prime Site: A Brisbane tailor has stitched up a “holy” deal for a massive Burleigh industrial holding, Choice Homes to launch a 10-level apartment tower project and more
Business
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A BRISBANE tailor has stitched up a “holy’’ $10.8 million deal for a massive industrial holding at Burleigh Heads partly tenanted by a church.
Mitchell Ogilvie, who runs luxury menswear retailer Mitchell Ogilvie Menswear in Brisbane, is one of the buyers of a multi-tenanted industrial holding spanning 1.4ha at 7-9 Ern Harley Drive, 4 Chine Lane, 6 Chine Lane and 1 Greg Chappell Drive.
Mr Olgilvie has a joint shareholding through one of his companies in buyer PMI 8 Pty Ltd along with Brisbane-based investors Alicia and David Goldfinch.
The seller was Triple 5 Holdings Pty Ltd, associated with Singapore resident Stephanie Tay and Main Beach real estate agent Mark Feltell, which acquired the four blocks for a total of $8 million in 2014.
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The properties occupy 1.432ha and have a combined net lettable area of 6505sq m across four buildings.
In 2019 they returned $815,000 in net annual income from tenants including Azura Fresh, Elevation Church, Jacaru and CocoLuscious.
Mr Feltell together with CBRE Gold Coast’s David Corke, Steve Clark, now with Clark Property Partners and Kyle Youngson of Cushman & Wakefield took the property to market in 2019.
Mr Ogilvie describes his Brisbane shop as “one of Brisbane’s sole purveyors of luxury international labels, including Brioni, Canali, Pal Zileri, Etro, Paul Smith, Paul & Shark, Jacob Cohen, Fratelli Rossetti and Vilebrequin”. In 2018 he teamed up with Richard Bowman Men Suits in Sydney to open Mitchell Ogilvie Tailoring in the Harbour City.
COAST HOUSE BUILDER LAUNCHES SECOND UNIT PROJECT
GOLD Coast builder Choice Homes will push ahead with plans for a 10-level apartment building behind the elite St Hilda’s School after buying a tower site for $2.75 million.
The company, headed by managing director Troy Knight, last year bought blocks spanning 1959sq m at 18-20 Shillito St and 13-15 Water St from Shillito and Water Pty Ltd, associated with South Africa-born Dee Sullivan who is the daughter of disgraced executive Phil Sullivan, the former CEO of City Pacific.
Mr Knight said the site was perfectly positioned in an established residential location and within proximity to the Southport business district, the Broadwater and Surfers Paradise.
“We put a lot of effort into our first high rise in Pohlman Street which was rewarded by strong sales and a HIA award, and we intend to continue this approach with this new building,” Mr Knight said.
He said the site was approved for 78 units across 10 levels comprising of a mixture of one-, two-, three- and four-bedroom units ranging between 74sq m and 152sq m.
“It will include 110 car spaces over two basement levels, and due to the location and product mix, attract both the owner occupier and investment markets alike.”
Pre-sales for apartments will begin late February.
Choice is best known for building houses on greenfield sites.
VACANT FACTORY SNARES $2.172M BUYER
SOVEREIGN Islands residents have offloaded a vacant factory in Arundel for $2.172 million.
The 266 Brisbane Rd property spanning 1807sq m has been purchased by Spence Properties Pty Ltd associated with Mark Spence of Mudgeeraba.
The seller was EHJ Pty, linked to Hong Chen.
The factory was marketed by Jacob Zhou of Cushman & Wakefield.
Features include a warehouse and showroom with 1137sq m of space and automatic roller doors.
The fully-secured site also has hardstand.
EHJ paid $1.628 million for the asset in 2018.
SCRAP METAL MERCHANT SNAPS UP MOLENDINAR BLOCK
A SCRAP metal merchant has purchased a large site in Molendinar for $2.015m.
MBELLE La La Pty Ltd, associated with Adrian Fuller of Adrian’s Metal Recyclers, has bought 76-84 Harper Street from William Villagomez.
The 4115sq m block includes a 400sq m metal clad warehouse and had been held by Mr Villagomez since 2003 when he paid $650,000 for the asset.
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