Southport’s Edmo Equipment business and property sells to Gold Coast businessman Scott Bullard in $6.65M deal

This 50-year-old Southport-based company has an 80 per cent market share for its hydraulic jacks in the mining sector.

IT is not often a property deal comes along that is the complete package.

But that is exactly what has happened with the sale of 6 Olney Court in Southport.

The facility is now under the ownership of Gold Coast-based businessman Scott Bullard along with the Edmo Equipment business that has operated from the site since 1970.

The $6.65 million deal was negotiated by Cushman & Wakefield’s Josh Wright on behalf of owner DA Story Super Pty Ltd, associated with Edmo owners Marilyn and Elizabeth Story and Carl and Karen Simpson.

DA Story held the property and a related entity sold the Edmo business, a hydraulic jack specialist for heavy earthmoving equipment predominantly in the mining sector.

6 Olney Court, Southport.

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Mr Bullard, who cashed out of the quarry industry several years ago, said he was initially only looking for a suitable property to undertake a new project.

He said the Southport facility appealed because of its central location and the chance to also acquire its occupant Edmo had “come out of left field”.

“I was familiar with the strength of the Edmo brand and it was a great opportunity to acquire a business with a well-liked and relied on product,” he said.

Mr Bullard said Edmo’s hydraulic jacks had an 80 per cent market share in Australia’s mining sector as well as a large international presence.

The site comprises a number of buildings with a combined area of 1953sq m – including a two-level office, separate workshop with drive-through capabilities and sandblasting and paint sheds.

The 5537sq m site is next door to Motorline’s new BMW/Mini dealership on Southport-Nerang Rd within a low-impact industry zoned precinct.

Mr Wright said he realised the strength of the Edmo brand after conducting several inspections and recommended the property and business to Mr Bullard.

“We always strive to add value to a transaction and create a win-win outcome,” Mr Wright said.

“I typically transact 40 to 50 properties each year, but I have to say this was a special one. In this case we have enabled the owners of the business to retire when they choose and enjoy fruits of their labour, created a new income stream for the buyer and changed the course of a business that has been a stalwart in the mining industry.

All staff have been retained and the sellers have agreed to consult to the new owners following the sale.