Southport offices to get $1m spruce-up

A SYDNEY property funder has bought a Southport office block for $10m and teamed up with real estate veteran and former Manly Sea Eagles coowner Max Delmege to revitalise it.

The two-building property is at 12 Short St and has been bought from the listed Abacus group.

Stamford Capital provides finance for commercial property.

Mr Delmege, 76, said Stamford could see there was a shortage of quality office space on the Gold Coast.

“Such space will be in more demand as the population increases,” he said.

The Delmege-Stamford partnership is not the first time they have teamed up on the Gold Coast.

Mr Delmege said Stamford funded his 2017 purchase, for $7.5m, of the 130 Bundall Rd office block. It was sold for $11m in 2019 and last month re-sold for $13.1m.

The Delmege Agency principal said an architect was aboard as plans were drawn up for a $1m new look for 12 Short St, one that would see refurbishment of some floors, an upgraded foyer, and a new colour scheme.

He said he regarded Short St as the premier office and medical street in Southport.

“I had approached Abacus 12 months ago about No.12 but it was not a seller at the time.

“Subsequently circumstances changed and Abacus’s prime interest became $100mplus plus acquisitions.”

Mr Delmege said 12 Short St was 80 per cent leased and netting $600,000 a year.

The property consists of a two-level building fronting Short St and a six-floor one behind it.

It was completed in 1984 by the late Alex Katransk.

The net lettable area is 2889sq m and there is basement parking for 48 cars.