DEVINE SELLS TO CITY BEACH

Written on the 25 January 2011

APRIL 2010

PROPERTY figure David Devine has sold his 1929sqm retail property on 120 Queen Street to surfwear retailer City Beach for $27.765 million.

The sale gives Devine’s private company Devine Industries a $19.665 million nominal profit on the building, which was initially bought in 1993.

“After a series of approaches to us from various buyers we decided this was the right time to sell and I am pleased the sale has now been settled,” says a Devine spokesperson.

“This property has performed extremely well for us but there are many more opportunities out there.”

City Beach is the major tenant of the building, occupying the ground floor and two upper floors, while Priceline Pharmacy leases the basement.

120 Queen Street was not publicly marketed and was negotiated by Colliers International’s Pat George, as well as Matthew Curtain from Curtain O’Donnell Property Group.

“In my opinion 120 Queen Street is one of the best retail buildings in the entire mall because it activates the basement and the ground, first and second levels,” says George.

“It’s like a mini-Myer Centre and obviously, also benefits from having high quality tenants on long leases.”


Latest News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

Related News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter