Zupp zips in with winning office offer
BIG John Zupp is back doing business along one of the Gold Coast’s busiest commercial strips.
But this time around it doesn’t involve any tyre-kicking by the former king of Queensland’s car dealers.
The veteran deal-maker has acquired a six-level office building at 140 Bundall Rd to add to his family’s Zupp Property Group portfolio.
In a recently settled $7.05 million deal, the acquisitive Gold Coast-based group – with a penchant for value-add property opportunities – snapped up the almost half-empty asset.
On a prominent 2028sq m corner block, the 1980s building overlooks the city’s cultural centre and Surfers Paradise skyline.
It comprises a net lettable area of 3143sq m, of which only 54 per cent is occupied, with average floorplates of 550sq m and 71 carparking spaces.
Property records indicate the asset previously changed hands in 2003 for $5 million.
The latest transaction marks Zupp’s return to the high-profile commercial strip stretching from Bundall to Southport.
Four years ago, it sold one of its treasured dealership properties up the road at 73-89 Ferry Rd for $14.3 million.
Mr Zupp inspected his newest acquisition and declared it was a solid, well-positioned asset with a good view and a lot of potential.
A floor-by-floor refurbishment is planned as well as works on surrounding gardens, entryways, carparks and airconditioning.