Torquay asset, purpose built for Quiksilver in 1997, sells to Melbourne’s IP Generation
One of the biggest and highest profile commercial sites on Victoria’s Surf Coast has sold for more than $15 million.
In the coastal town of Torquay, which is about 95 kilometres south-west of Melbourne and where the famous Great Ocean Road starts, the property at 27 Baines Crescent was purpose-built in 1997 for surf brand Quiksilver, which is still an occupant.
The asset was offered as an investment with medium-term redevelopment potential after Quiksilver’s lease expires in 2021.
The surf brand, now part of the California-based Boardriders Inc stable of businesses, recently announced plans to move its headquarters to Burleigh Heads on Queensland’s Gold Coast.
However, it has been reported, Quiksilver wants to retain a presence in the Surf Coast.
It is speculated that the brand could be convinced to stay on at 27 Baines Crescent after its lease expires.
Boardriders pays annual rent of $1.64 million to occupy the Torquay premises which also includes 175 at-grade car parks.
Spreading a site of two hectares, zoned Industrial 3, the holding accommodates a 6529 square metre double-storey building on a footprint of about only 3600 sqm.
Quiksilver has invested in a quality fit-out of the complex which includes offices, an auditorium, workshop and warehousing.
The property was marketed to developers which might consider developing commercial buildings on vacant parts of the parcel.
Owner occupiers and investors were also targeted as part of the campaign managed by Tim Darcy and Simon Jarman of Geelong-based Darcy Jarman on behalf of the vendors, a Geelong-based consortium.
The incoming owner, IP Generation, is a Melbourne-based investor which has bought and sold assets in the Surf Coast region.
