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

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter