BUNDALL OFFICES BOUGHT FOR $9.5M

A COMPANY with links to a Perth property syndicator has bought a Bundall office building in a $9.5 million deal.

The building, once known as the Gold Coast Financial Centre, has been sold by a company associated with Melbourne’s Hams family.

The buyer is 128 Bundall Road, which is owned by Property Bank Australia’s Sandy and Gus MacKellar and Chris Glass.

The six-level office block was put on the market 11 months ago, along with another Hams-owned property, 7-11 Short St, Southport.

The Short St property was bought by two medical specialists for $8.2 million late last year -- $900,000 less than the Hams paid in 2013.

The Hams bought 128 Bundall Rd for $2.031 million in 2011, gave it a major makeover, and reconfigured the internal layout.

It earlier had fallen into the hands of receivers for two Bob Sukic-linked entities.

The building, which has a net lettable area of 2901sq m, was put on the market by

Hams company Newallah 85 per cent leased.

Property Bank was started by the New Zealand-born Sandy MacKellar in Perth in 1991, eight years after he had launched a Richard Ellis office in the city. Its activities have involved retail, office and industrial property.

The syndicator, along with partner Security Capital Corporation, was a major player in the Perth market in the 1990s and 2000s but sold most of its holdings between 2006 and 2008, a move that included a $220 million portfolio sale to GE Real Estate.

Property Bank has focused on the eastern seaboard since the GFC, primarily the Sydney and Melbourne markets where it has been an active buyer and seller of major office buildings.