Stalled project revs up

His family-owned Zupp Property Group has just taken the covers off a $6 million “cut and polish” of one of the Brisbane-Gold Coast corridor’s most recognisable commercial properties.

The three cylindrical, drumlike buildings atop a hill overlooking the Pacific Motorway at 270 Lahrs Rd, Ormeau, have long been a commuter curiosity. For years they sat partially complete and dormant – resembling an abandoned James Bond movie set.

The buildings were developed by a local businesswoman, who purchased the site in 1999 and poured $11 million into the multipurpose facility for her business interests, including a naturopath school. Construction halted when she decided to relocate and sell up.

Although a vast array of parties ran the rule over the property, a number of deals fell over, prompting the mortgagee in possession to take the two-title 7.327ha holding to auction in 2014.

Zupp’s secured it with a winning bid of $8.325 million and immediately got to work finishing what was, in the words of chief executive officer Neil Ferguson, “the M1’s longest running building project”.

“It is difficult to compare the current site with what was there three years ago,” he said.

“We feel special pride in transforming what was there into an A-grade establishment and giving Ormeau and the Gold Coast a fitting entry statement.”

The facility comprises 3617sq m of office space and 3913sq m of technical/production/ space, and Zupp’s plans to unlock the rear 55,000sq m of the site with a second stage of development.

Zupp’s general manager – property Todd McGuire said the complex is fully operational and with 3087sq m of the lettable space leased, it was already home to a workforce of more than 70.

Among the tenants are Ray White, water3, Endress+Hauser and Snore Australia.