Investors cash out of surf property

A CONSORTIUM of Geelong private investors is set to cash out of the Torquay headquarters of Boardriders before the US-owned surf giant relocates to the Gold Coast.

But uncertainty over the long-term tenancy of the complex after Boardriders’ $1.6 million annual lease expires in 2021 means a buyer is likely to pay significantly less than replacement value for the 1.95ha Baines Cres property.

The owners, who built the Asia-Pacific headquarters when the company was trading as Quiksilver, have listed the freehold property with Geelong commercial real estate agents Darcy Jarman.

Agents Tim Darcy and Simon Jarman are handling the expressions of interest campaign closing on August 23. Mr Darcy said it was the vendors’ intention to sell the property, which has an Industrial 3 zoning, but the campaign also provided the option to find a tenant to lease the 6529sq m office if a buyer was not found.

Boardriders also pays other liabilities for the prime site, including land tax and council rates under terms of the lease, which gives buyers an incomeproducing asset for the next three years while they plan for its future use, he said.

Mr Darcy said he could not predict an expected selling price.

He said it would cost at least $20 million to buy 2ha of commercial land and develop a similar building in Torquay today.