BUYERS SNAP UP FAILED CHARITY’S PROPERTY SELL-OFF
LIQUIDATORS for FSG have sold off millions of dollars worth of property formerly owned by the failed charity.
The two properties comprise 35 Salmon St, Southport, which sold at auction on Saturday for $602,000 and 161 Kriedeman Rd, Upper Coomera, FSG’s former nursery and community garden, which sold for $1.101 million.
FSG announced it was going into voluntary administration in June and was soon after put into liquidation owing creditors $25 million. Colliers International’s Peter Uebergang, who marketed 161 Kriedeman Rd, said the property was bought by local nursery operators.
He said the sale of the 4.268ha block came with a water allocation from Wongawallan Creek, which, he said, is a “significant advantage”.
Company records show Len & Olive Pty Ltd, linked to Spectrum Plants nursery owner Wesley Trevor, is the buyer of Kriedeman Rd.
FSG paid $1.32 million for the property in 2011.
FTI Consulting, which is handling the liquidation of the charity’s assets, recently engaged Savills to market a seven-property portfolio, which included 35 Salmon St.
Savills’ James Stevenson, who took 35 Salmon St to auction, said the interstate buyer was looking to build four townhouses on the 728sq m property, acquired by FSG for $370,000 in 2006.
The property includes a three-bedroom house.
“The buyer really liked the amenity and proximity to the light rail stop,” Mr Stevenson said. “This is a really good area to develop townhouses.”
The other FSG properties from the Savills portfolio being sold are 16-18 and 20-22 Railway St and 4 Bambarra St in Southport; 54 Silvereye Circuit, Gilston; 3 Jowett St, Coomera and 87 Moon St, Ballina.
They are being marketed in an expressions-of-interest campaign closing on March 28.