Gold Coast property: Tamborine Mountain brewery and cheese factory premises sells to Chinese feng shui master John Zhang
A Chinese feng shui master is seeking to buy more sites on Tamborine Mountain after spending $4.2 million on premises hosting a popular brewery and cheese factory.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
A CHINESE feng shui master is seeking to buy more sites on Tamborine Mountain after spending $4.2 million on premises hosting a popular brewery and cheese factory.
The premises, at 165 Long Rd, were home to Fortitude Brewing Co and the Pure Artisan Cheese factory and was sold by Brown Co (Qld) Pty Ltd and Gwaya Ltd linked to Meredith Morris and Andre Morris respectively who are the founders of the Witches Chase Cheese Co.
The new owner is Chinese investor and Broadbeach resident John Zhang, whose family owns hospitals in Beijing and pharmaceutical companies.
Ray White Commercial Broadbeach agent Thomas Clark, who marketed the site with colleague Ryan Langham, said Mr Zhang was attracted to the property’s feng shui attributes.
“It has good feng shui because it is east-facing and you can see the ocean from the factory,” he said.
“He will hold it as an investment property for the family and is looking to buy more properties on the mountain as we speak.”
The contract was signed on October 9 and the deal was expected to settle at the end of next week.
Mr Clark said one of Mr Zhang’s friends ran a business across the road called Jasmin Organics.
The property had four tenants, which included the brewery, cheese factory and Witches Chase Cheese Co store.
Sirromet Wines used part of the Witches space for their cellar door.
The fourth tenancy was vacant and used to host a bistro.
Mr Clark said the new owner wanted to put a bubble tea shop and fish’n’chip eatery in the space.
The tenancies delivered more than $277,000 in annual rental income for the owner with the sale reflecting a yield of 6.59 per cent.
The total site spans 1.837ha and had a net lettable area of 1381sq m.
Why global money is rethinking ‘anything but China’ trade
Big investors are preparing to play in China again, but the wild swings are not for the faint hearted.
Why more investors put their money before the environment
Sustainable investing has been a growth area in recent years but a new study suggests some people are putting it on the backburner.