Southport site gets a new lease on life
A SOUTHPORT property that for many years housed a Beaurepaires tyre business and carries approval for an apartment tower has been bought by Chinese buyers for $6.38 million.
The 1394sq m site, at 32-34 Garden St, is occupied by a 513 sqm single-level building.
The new owners, based in Sydney, have bought the vacant property via company Golden Peak Land and begun a campaign to lease it.
Seller Taewon Australia, owned by Korean investors, bought the holding for $4.097 million in 2009 and it later was included in the Southport priority development area.
Taewon has gained approval for a 16-level tower, with 103 units and restaurant and convenience shop at its base, on the site.
Julian Sutherland, director of Ray White Projects, yesterday said that the new owners could develop the site down the track. It is understood the Golden Peak Land principals own property in Young which adjoins Garden St.
Mr Sutherland said seller Taewon’s owners, who were developing the Luna estate at Pimpama, sold the property after being approached.
Simon Robertson, of Ray White Commercial, said that Golden Peak Land was offering a new tenant a three-year lease at $140,000 a year, including outgoings.
“The property is one that would suit the likes of a carwash and cafe operator, or a window-tinting business.” St,