Gold Coast property industry veteran sells Bundall office building just 18 months after purchasing it for $7.5M

GOLD Coast property industry veteran Max Delmege has sold a prime Bundall office building after just 18 months’ ownership.

GOLD Coast property industry veteran Max Delmege has sold a prime Bundall office building after just 18 months’ ownership.

Mr Delmege’s son Robbie Delmege confirmed the sale of 130 Bundall Rd when contacted but declined to reveal any details, including the sale price, citing confidentiality.

A company called 130 Bundall Road Pty Ltd, which counts both Max and Robbie Delmege as shareholders, bought the six-level building, which has Optus as a tenant, for $7.5 million in June, 2017, from company Jarema.

The 2017 purchase price was considerably less than the $8.85 million Jarema paid in 2004.

This building at 130 Bundall Rd, Bundall, has sold.

Robbie Delmege said a sale contract has been signed and gone unconditional.

The sale is due to settle in the coming months.

Under the Delmege ownership, a plan was completed to convert the offices to strata but was not registered.

It is understood that a leasing campaign by Delmege Agency had been able to find a number of tenants for the largely empty building.

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The 130 Bundall Rd building was built in the 1980s and more than 18 months ago underwent a major refurbishment including upgrades to lifts, foyer, bathrooms, ceilings and lighting, and a full internal and external repaint.

It is located opposite where the cultural precinct is being developed on the site of the former Gold Coast City Council chambers.

The building occupies a 2226sq m site, has 3670sq m of net ­lettable space, with a typical floorplate of 540sq m, 73 parking bays and dual-street access.

The sale of 130 Bundall comes after a drop in the Gold Coast office vacancy rate for the second half of the past year was reported by the Property Council of Australia earlier this month.

The rate dropped from 12 per cent to 11.6 per cent, with Bundall showing a steady vacancy rate of 9.4 per cent.

Max Delmege is a former owner of the Manly Sea Eagles rugby league team.

He has had a long association with the Gold Coast commercial property market.