High storeys loom for tall story winner
DENIS Wagner, one of four concrete empire brothers who earlier this month had a major court victory in relation to a tall story, soon could have tall storeys on his doorstep.
The Toowoomba businessman owns three of the four apartments in a fourlevel beachfront Surfers Paradise building, Sixty One.
The neighbour on the southern side of the Garfield Tce building is a company associated with listed SinoAustralian group ASF, failed aspirant for a Gold Coast integrated resort.
It has plans to bowl a threelevel house on the 607sq m site, which cost $4.85 million, and replace it with a 31-level apartment tower.
That means Mr Wagner, when he’s holidaying on the beachfront, could have the owners of 50 apartments as new neighbours.
So will the owner on the other side of the ASF property, the Northcliffe Surf Lifesaving Club.
The ASF-linked company apparently was keen to double the size of its holding to 1214sq m and wanted to buy the Sixty One building.
Mr Wagner might have sold his three apartments but the word on the beachfront is that the price expectations of the owner of the fourth apartment in Sixty One could not be met.
Mr Wagner apparently previously had sounded out the apartment’s owner but he too found the ‘ask’ too high.
That apartment is owned by company Hanalai Bay, whose sole director is Elizabeth King, and was bought for $1.25 million 15 years ago.
By contrast, Mr Wagner paid between $530,000 and $920,000 for his three apartments between 2013 and 2015, spending $2.045 million.
Earlier this month the Wagner brothers won a defamation case against broadcaster Alan Jones and Macquarie Media over multiple reports that claimed a Wagner quarry collapse was responsible for deaths in the 2011 Queensland floods.
The diversified Wagner business has built its foundations in the concrete business and last December Wagner Holding became a listed company.
The family built the Brisbane West airport at Wellcamp, 12km from the heart of Toowoomba.
Meanwhile, the plan to build the slim tower is the latest illustration that the ASF camp remains gung ho about the Gold Coast despite its casino-resort knockback.
While it is yet to build anything, subsidiary ASF Properties has been busy.
It’s described as “an important strategic platform for Chinese investors to access the Australian real estate market”.
The subsidiary has a development marketing role in luxury 17-level tower The Au Surfers Paradise planned on The Esplanade.
It seems on the cards that the ASF arm might also have a role when a company linked to ASF director David Fang decides what to do with a site further along The Esplanade.
The 12 units in The Dolphins building, which is on an 807sq m site, were amalgamated in an exercise that cost $8.58 million and settled 18 months ago.
ASF Properties also is wearing its management hat at a waterfront housing lot, townhouse and apartment project at the Hope Island resort.