Robina unit complex’s pool sold off by Gold Coast City Council to recoup rates arrears

A BRISBANE company has splashed out to buy the swimming pool of a Robina unit complex in what is being called one of the most unusual sales in the Gold Coast’s history.

A BRISBANE company has splashed out to buy the swimming pool of a Robina unit complex in what is being called one of the most unusual sales in the Gold Coast’s history.

A lakeside 25m pool, pump room and toilets attached to the Varsity Towers complex has been sold at auction, separate from the building it is attached to.

A Brisbane company has bought the pool of a Robina unit complex.

The 404sqm pool deck was sold by the Gold Coast City Council as a strata-title lot because its owner, Vale Investment Group, was in arrears by $31,812.77.

North Brisbane-based company Padami Pty Ltd put up a lone bid of $20,000 which failed to meet the reserve set by the city but, upon negotiations with council officers, is understood to have agreed to a sale price of between $70,000 and $80,000.

Padami already own adjoining commercial space which sits above the pool deck and was recently fitted out.

Padami spokesman Chris Houghton said the property had been bought for the toilet facilities, because its commercial space did not have any amenities.

A Brisbane company has bought the pool of a Robina unit complex.

The cost of building new amenities was understood to be higher than the pool’s purchase price.

He said no decision had been made on the future of the pool, which could either be filled in, transferred to the towers’ body corporate or amalgamated with the existing space to create a gym.

Mr Houghton said buying the pool was a “common sense” decision and was purely an investment.

“Now we have an opportunity to rent it to someone who maybe can use it for office space upstairs, or perhaps a gym,” he said.

“No decision has been made yet on what to do with the pool.”

General view of the pool at Varsity Towers on Lake Orr road which is up for sale today, Robina, Gold Coast. Photo: Regi Varghese

The pool was built as part of the Varsity Towers complex in 2004 and was sold to Romanza Group Holdings on May 13, 2008 for $695,000.

It is unknown why the pool was sold separately from the 360-unit complex.

Romanza then sold it to the now-deregistered company on October 15, 2008 for $5000, just a month after the beginning of the global financial crisis.

Harcourts Coastal managing director Dane Atherton said his firm had sold a large number of properties inside Varsity Towers complex and described the pool sale as “the most unusual transaction” he had heard of.

“It is certainly unusual but it has been known for years among the unit owners that the pool was owned separately,” he said.

“Just because it is attached to the building does not mean it will necessarily be retained in the existing format.”

Colliers International’s Darrell Irwin said such a sale was “highly unusual”.

“It is odd and highly usual, because normally something like this would be part of the common area of the property under the exclusive use of the body corporate, owners and renters,” he said.

“Why it is a separate fixture is a mystery.

“The cost paid for it would be less than the replacement cost and given there was just one potential bidder, then I would say it is a great outcome.”

The auction was held at Southport Church of Christ and was attended by 15 people, all of whom paid a $5000 secure deposit to bid on the land.

The council regularly auctions properties where rates were in arrears.

It resolved last year to sell 557 properties on whichrates of $7.1 million were owed.

Of these, just $81,000 remains unpaid and following yesterday’s auction just eight properties have ultimately gone to auction, with the remaining 543 having paid up in full.