Telco buys former No Limit HQ

Written on the 2 December 2010

AUGUST 2010

A LANDMARK building that was once the prized headquarters of fallen property developer No Limit Group has sold for $3.2 million to a syndicate of buyers directly affiliated with the 1800 MUMDAD telco.

The 1103sqm site on the Gold Coast highway at Burleigh Heads comprises a standalone two-level commercial office premises of around 866sqm.

1800 MUMDAD will relocate from its Varsity Lakes premises to take up occupancy of the building soon after settlement.

The building is partially leased to The Salvation Army which occupies 448sqm on the ground floor.

The property was marketed by CB Richard Ellis acting on behalf of receivers and managers Nick Harwood & John Greig of Deloitte.

Agents Mark Witheriff and Nick Corrie of CB Richard Ellis negotiated the sale.

Corrie says 38 enquiries were received during the campaign with nine parties expressing interest. The majority of offers were within close contention and comprised an equal mix of owner-occupiers and developers.

“This campaign suggests that any high profile, well located site that has a current or potential income stream will fetch a similar premium, normally associated with an owner occupier from developers alike,” says Corrie.

No Limit hit the skids in February this year when St George Bank appointed receivers to four companies owned by director John Marshall.

It included seizing the upmarket Fairway Island residential project at Hope Island, the headquarters at Burleigh Heads, the Storage King premises at Miami and an undeveloped residential estate in Ipswich.

Fairway Island will be sold in an offer-to-purchase campaign closing on August 5.

No Limit acquired the 7.19ha site for $10.6 million in 2003.


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

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