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THE CEO of one of the Gold Coast’s former premier development companies is confident it can emerge from current financial woes as receivers embark on an aggressive sale of its assets.
No Limit boss John Marshall is backing his company to remain a going concern and bounce back from what has been a ‘tough period for all coastal developers’.
It follows the sale yesterday of the once prized headquarters (pictured) of the fallen property developer for $3.2 million to a syndicate of buyers directly affiliated with the1800 MUMDAD telco.
No Limit hit the skids in February this year when St George Bank appointed receivers to four companies owned by 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 and was planning a $100 million luxury waterfront land release.
The writing was on the wall last year when the developer discounted 10 blocks in the 76-lot Fairway Island estate to $495,000 from $750,000 to meet market conditions.
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“I feel disappointed that we have to sell (Fairway Island) and as long as it’s not sold too hastily, we’ll be alright. High quality products will win out in the end,” says Marshall.
“We have had solid enquiries for what is an applaudable product and could look at a potential JV there also. My bankers are not taking me to the cleaners I don’t think. It’s not the end for No Limit.”
As for the sale of the 1103 sq m site on the Gold Coast highway at Burleigh Heads, Marshall told goldcoastbusinessnews.com.au that he is pleased with the outcome despite the circumstances.
“We achieved a good price there, above market value, so I’m happy with the outcome,” says Marshall.
“It was probably accelerated a bit, but I had planned to move out of there anyway. I’m still in the game and feel that we had a good innings there.”
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 who 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.
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