Vacant Helensvale site slated for Guvera technology hub sells to would-be builder, Gold Coast-based Alder Developments

A Helensvale site that was once earmarked for a $15-million technology hub with an indoor cricket pitch for fizzled music streamer Guvera has sold.

A HELENSVALE site that was once earmarked for a $15-million technology hub with fizzled music streamer Guvera has sold to the would-be builder of the project.

Colliers International’s James Crawford, who marketed 120-122 Siganto Drive with colleague Stewart Gilchrist, said the site had sold for $3.4 million plus GST to Alder Developments.

He said Alder intends on completing the project and turning the site into an office building.

Alder is based just one block from the empty site, which stalled after the concrete slab was built, at 116 Siganto Drive.

The Siganto Drive property, once owned by Amma chairman and Guvera director Darren Herft through company vehicle Mi-HQ Properties Pty Ltd, was sold by the mortgagees.

An artist’s impression of the tech hub that was slated for 120 Siganto Drive, Helensvale.

Mr Crawford said the property attracted strong interest during the campaign with eight formal bids and 50 inquiries.

He said the underbidder was an ASX-listed company.

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Amma Private Equity had hoped to use the property to house the head offices of its subsidiaries including music streaming service Guvera, sports portal Sportkix, payment solutions firm Tapp Commerce and investment company App Investments.

That was before Amma ran into trouble with Guvera, which ceased operating after raising $180 million.

Darren Herft, formerly CEO of fizzled music streamer Guvera, had owned the Siganto Drive property before it was seized by mortgagees. Picture: Luke Marsden.

The music streaming service claimed 14 million users in 10 countries but the ASX blocked its move to list, citing the reputation of the market. Guvera copped criticism over its cash burn, debt level, related party deals and business model. It lost $80 million for the first nine months of FY16.

The sale comes as Alder goes from strength-to-strength with its construction arm.

It was recently appointed to build the technology, engineering and mathematics facility at Indooroopilly’s Brigidine College.

It is the first education tender for a new build in the Greater Brisbane CBD area that the Gold Coast-based construction company has been awarded.

Alder Constructions general manager Dean Cheffers said the $11.75 million four-level building is scheduled to open later this year.

“This project will involve the removal of an existing demountable building and car park to make way for the building,” he said.

“The building comprises two levels of carparking, class rooms, science labs, storage rooms, a tiered seminar room, staff offices, student and staff amenities, a rooftop mechanical plant and an external amphitheatre.”