ON THE QT: Condev Properties, Pellicano family recent moves in the property market

Steve and Tracy Marais, the South African couple whose 20-year-old Condev construction group has been belted by ‘a perfect storm’, have a bit of country in their veins.

Steve and Tracy Marais, the South African couple whose 20-year-old Condev construction group has been belted by ‘a perfect storm’, have a bit of country in their veins.

Eighteen months ago Condev Properties spent $2.35 million on an 87ha cattle property, with house, at Pumpenbil, near Tyalgum, in northern NSW.

The Marais portfolio includes the three-level Robina building that was built a decade as a Condev HQ and a Fortitude Valley commercial building that has been Condev’s Brisbane operating base.

The Marais’ signed over Condev Construction to liquidators on March 15 to wind the company up.

The couple maintained all subcontractors will be paid and developers would be picking up where they left of on their 13 sites.

PELLICANOS SPENDING UP

Melbourne’s Pellicano family, already the owner of a Robina hotel, has exhibited its ardour for the suburb, spending more than $7 million on a new site.

The Pellicano Living arm has bought a 7668 sqm lot, close to the Cbus Super Stadium, from Robina Land but is yet to spell out its intentions for the land.

Pellicano Living in 2019 embarked upon an eight-floor building, with an 80-room Quest hotel topped by 24 apartments, adjacent to the Robina train station.

New buildings going up. Major works have started on the Pellicano Living – Quest Geelong Central – site in Gheringhap Street. Picture: Alan Barber