‘Pivotel’ buyers

NSW investors have emerged as the buyers of a prime piece of Southport CBD property.

Stenning Holdings Pty Ltd, linked to Michael and Gordon Stenning, bought 75 Nerang St for $4.95 million prior to auction in February from Plumar Pty Ltd, linked to Terry Nomarhas.

The property is tenanted by Gold Coast telecommunications company Pivotel.

Pivotel, which recently expanded its operation to the US market, has leased the 1130sq m premises since 2007 and pays $334,235 plus GST in annual rent.

The deal settled last month. David Djurovitch, of Ray White Surfers Paradise, was the marketing agent.