Toshi’s footprint on Coast being reduced
THE huge Gold Coast property portfolio Japanese multi-billionaire Toshiaki Ogasawara started assembling nearly three decades ago discreetly is being unwound.
The affable Toshi, as he was commonly known, died in the US in late 2016, leaving behind properties such as The Villa private golf course at Nerang, the Emerald Lakes course at Carrara, and holdings within the Emerald Lakes town centre precinct.
On the surface nothing has been happening in terms of selling any of the Ogasawara properties but behind the scenes there’s been some quiet activity. In fact, it appears a couple of the properties might well have been sold – a fourlevel office building at the Emerald Lakes town centre and The Villa.
The name being suggested as the buyer is Pointcorp, a Brisbane development group that already has a Gold Coast presence.
The team at Nifsan, the entity through which Toshi operated, isn’t saying boo.
The Villa, a riverfront gem in the Ogasawara portfolio, sits on 21ha that long has been ogled by hungry developers and today carries approval for nearly 1000 apartments.
The Villa golf course, which is bisected by a railway line, hasn’t been fully maintained since Toshi died and is in far from the pristine condition that it was when he swung his way down its fairways.
It was golf that introduced the Princeton University graduate to the Gold Coast during a 1988 business trip and he went on to quickly buy the land that today houses The Villa and also snared the Emerald Lakes golf course.
Toshi, founder of Japanese car-parts company Nifco, built a mansion at The Villa that included a driving range off the main bedroom.
Then, when Japanese companies got into distress in the early 90s, Toshi pounced and bought 151ha at Mudgeeraba and the former Surfers Paradise Raceway at Carrara.
The major portion of the Mudgeeraba lands was used for the Glenwood estate.
The raceway, with a giant lake added, has become the colourful mixed-use Emerald Lakes development.
It was completed late last year and today, along with land across the road at the Emerald Lakes golf course, is home to 1036 houses, villas, and apartments, plus shops and offices.
The Villa, for a period used as a function centre, long has been seen as a future redevelopment prospect and today carries approval for 946 apartments in 10 buildings of between four and 13 levels.
Mooted buyer Pointcorp has been operating for 16 years and has a $1 billion pipeline of projects.
It’s no stranger to mediumrise residential projects, such as those possible at The Villa.
Last year it embarked upon Bloom, a project on a Coomera site that will provide 344 homes.
It is, by all accounts, ‘blooming’ – a state the new owner no doubt hopes will be the case when buildings sprout up on The Villa site.