Mesiano in ‘meaty’ Labrador purchase

FRANK Mesiano, one of the men who started the Burleigh Heads-based Tender Plus meats business 31 years ago, has taken a ‘stake’ in building in which rents are subsidised by the government.

Mr Mesiano is a director of Firestar Retail Developments, which has paid $4.55 million for the 18-unit Broadwater Views building at 39 Frank St, Labrador.

The four-level building, which is serviced by a lift, was completed in 2013 by Dorwell Holdings, associated with Michael Wells, on a two-title site bought for $1.31 million in 2003.

Dorwell tried to sell the one and two-bedroom apartments, with prices starting at $295,000, but later elected to rent them. The property was transferred to another company, Cammick, at $3.72 million in 2014.

The property is in the National Housing Affordability Scheme, which provides rent relief, for six years.

The 15 one-bedroom and three two-bedroom units are returning $358,000 a year after all outgoings. Mr Mesiano’s fellow directors at Firestar Retail are Tony Lenan and George Kallinikos.