Buyers jockey for chance at stables

A COMPANY associated with former champion jockey Mick Dittman expects to ride home a winner with a set of Bundall stables bought three years ago.

The 88 Racecourse Drive property, once owned by failed magnate Nathan Tinkler, has been put on the market.

The stables, on a 3000sq m site, are in an area that has been targeted by developers for unit projects.

They are leased for three years with a two-year option and net $163,473 a year.

Tony Grbcic, of Ray White Commercial Broadbeach, said expressions of interest were being sought for the stables and already strong interest had been shown by traditional property investors.

“These investors recognise this tenanted investment is a secure holding,” he said.

“There is only a limited number of facilities surrounding the Gold Coast Turf Club and, with growing demand for stables, there is little risk of the property ever being vacant.”

Mr Grbcic, who is marketing it with colleague Adam Grbcic, said inquiries were coming from Singapore, Hong Kong, Dubai and the UK.

“The property has a residential development upside and hence we are getting inquiries from developers.”

Dittman-linked company Racecourse 88 Road bought the stables for $1.85 million in 2013 from D and C Sutton.

The stables were built by former turf club chairman Hoss Heinrich to a standard that later would allow a motel to be installed on top and the ground-level stable area converted to covered parking.

They have a gross floor area of 1885sq m over two levels, 60 stable boxes, a covered walker facility with treadmill, and a caretaker’s quarters.

Dittman’s track record include a Melbourne Cup, a Caulfield Cup, two Cox Plates and three Golden Slippers.