Brian Nicholls: Bundall Property portfolio bought by J&B record group founder hits market

A Bundall property portfolio bought by one of the founders of the J&B record group nearly 40 years ago is being spun off. DETAILS >>>

A BUNDALL property portfolio bought by one of the founders of the J&B record group nearly 40 years ago is being spun off.

The nine-title holding, which includes a service station, is being sold by Cassandra Nicholls, wife of the late Brian Nicholls.

He and former RCA employee John Evans founded J&B in the 1970s and it was at one time listed on the ASX.

Ray White Commercial director Greg Bell yesterday said Mr Nicholls was passionate about the Gold Coast.“He visited the city frequently and always made a point of casting an eye over his investment.

“He was introduced to it by the late Max Christmas and our group later inherited the job of managing the properties.”

Mr Nicholls died in 2013 at 69.

The family, until 2018, owned half a floor in Main Beach tower De Ville.

117 Ashmore Rd, with a BP servo fronting the road , Benowa Tavern at the end of Showcase Crt and Amart on the eastern of the court

The Bundall holding, held via company Adalora, is at 117 Ashmore Rd and has a long frontage to Showcase Crt, home to the Benowa Tavern and A-Mart furniture.

Mr Bell said the holding, being sold by auction, was one that afforded buyers a range of options.

“The fact that it is strata-titled offers the chance to sell off some of the titles and perhaps retain the key tenant, which is fuel retailer BP.

“Alternatively, the property could be parked as a future redevelopment site, with a buyer getting net income of more than $760,000 a year.”

BP has two years to run on its lease and holds a five-year renewal option.

The other eight titles are in a line fronting Showcase Crt, have floor areas of 235sq m, and all additionally have 111sq m mezzanine floors.

Their tenants range from a restaurant to a yoga studio and a sports recovery centre.

Mr Bell and colleague Scott Wells are marketing the Nicholls holding, which is to be auctioned on September 30.