HOT TOMATO BUILDING OFFERS JUICY PROSPECT
FORMER Hot Tomato owner Hans Torv is selling the station’s building, saying it is time to cut ties following his sale of the business in 2018.
Mr Torv has engaged Colliers International’s Steven King and James Crawford and Cushman & Wakefield’s Ed Howard to run an expressions-of-interest campaign for the 60 High St, Southport building ending on March 12.
Mr Torv bought the two-level 3627sq m building in 2003 for $4.75 million after paying $26 million for a then-new Gold Coast FM commercial radio licence.
He ran Hot Tomato from the premises until November 2018 when he sold the station to Grant Broadcasters Pty Ltd, which owns a portfolio of stations from Brisbane’s western corridor right up to Cairns.
The sale price was not disclosed although it has been reported to be about $30 million.
Mr Torv yesterday said he was fortunate to buy the building in 2003 as Prime TV had just moved out and left behind a communications tower and emergency generator.
“They are both integral to running a modern radio station, so it made it a no-brainer for us to move in,” he said.
“We negotiated with the owners that rather than lease it we could buy it and the deal was done. We then completed a $3 million fit-out for the radio station alone, which is still in place.” Mr Torv said after selling Hot Tomato “it is time to let go of the building too”.
He said it was suited to an owneroccupier.
“That would lend itself to selfmanagement of the building, which is what we did from my old office in Hot Tomato. Alas, I’m semi-retired and its an opportunity for someone to get a big foothold in the area.”
The building has two tenants comprising Hot Tomato on the ground floor, which spans 928sq m, and BreastScreen Queensland on level one with 587sq m. The rest of the building, including all of level two and 813sq m on level one, is vacant.
Hot Tomato’s lease runs through to 2025 and it has two five-year options while BreastScreen’s lease expires in September this year. It also has options.
The current gross passing income of the building is about $700,000 per annum. Mr Crawford said the highprofile location, next to St Hilda’s School, and long-term tenants made it an attractive asset.
“The ability to lease any existing vacancy and improve the yield is a rare opportunity,” he said.
Mr King added: “With so much happening in the area such as the new Queen Street Village development on the former Southport Hospital site, there is no doubt that this building will appeal to all serious local and national investors and partial owner-occupiers.”
The High St building was developed by Bruce Jenkins, a former record salesman who started work on it in 1989.
Mr Jenkins bought the Dreamworld theme park from John Longhurst for $158 million. However, receivers were appointed to his companies in 1990 and the High St building was sold for
$2.3 million in 1991.
That buyer – Pangatta Enterprises Pty Ltd – then sold the property to entities associated with Mr Torv.