RFG SELLS GLOBAL HQ SITE FOR $6.5 MILLION
Former Gold Coast Bulletin site bought by multi-millionaire Tony Quinn, the man behind the VIP Petfood success - but he’s not sure of plans for the site yet
COLOURFUL Scotsman Tony Quinn has bought Retail Food Group’s ill-fated global headquarters site in Molendinar for $6.5 million.
Mr Quinn, who has had considerable success in business, selling VIP Petfoods for $410 million and confectionary maker Darrell Lea for $200 million, settled the transaction this week.
He has not settled on plans for the site, but the office buildings will be demolished to make way for new buildings, possibly a storage facility.
“Everything is a possibility to be quite honest,” he said.
Mr Quinn said the fundamentals of the site were sound, with a large 2.4ha landholding, in a central location close to Surfers Paradise.
“I didn’t have a massive team of people working on the due diligence or anything to be perfectly honest,” he said. “I just thought, well that’s gonna be a good buy and … there’s a shortage of land on the Gold Coast.
“If you are not in a hurry, I don’t think it’s a bad buy. We will come up with something before Christmas.”
He said the history of the site, which formerly housed Gold Coast Publications, including the Gold Coast Bulletin, with its printing press, was also an attraction.
“It has some weird attraction, because of its history,” he said.
“I was inside the printing hall and there were still remnants there. I just thought, what a cool thing. I wonder how many stories have gone through those walls? There have murders, marriages, developments, all sorts of stories went through there.”
The $6.5-million sale price includes consideration for the transfer of the lease for 385 Southport-Nerang Rd, which is State Government land, and the purchase of the title for 4 Industrial Ave.
Mr Quinn said he was confident he could convert the lease to a freehold title.
Retail Food Group acquired the properties in 2015 to centralise its operations and enable room for further growth. The site, which spans 24,000sq m was to house multiple offices, warehousing infrastructure, manufacturing pursuits, loading docks, access points and parking for more than 200 vehicles for RFG.
RFG improved the property by removing and cleaning up the main building. However, since December last year the company’s share price has plunged in the wake of criticism over its treatment of financially stressed franchisees.
CBRE’s David Corke and Luke Brechin put the two Molendinar properties to an expressions of interest campaign that closed on August 28.
Ex-RFG managing director Andre Nell at the former Gold Coast Bulletin site that company has now sold.