Boardriders sells Gold Coast HQ to Singapore’s AIMS AMP Capital Industrial REIT for $38.5 million

Boardriders Inc has sold its Gold Coast headquarters to Singapore’s listed AIMS AMP Capital Industrial REIT for $38.46 million.

When the sprawling Burleigh Heads mixed-use buiding was listed for sale last November, it was reported the California-based vendor was seeking between $45 million and $50 million.

Boardriders offered the complex, with offices, warehousing and retail space, with a 12 year leaseback. Its agreement allows for annual rent rises and a market review in about 2025. It has a five-year option to renew after 2030.

The mixed-use building includes retail and dining spaces.

Based on the annual rent Boardriders currently pays – $3 million – the asset is selling on a passing yield of about 7.8 per cent

The surfwear retailer picked up the 3.3 hectare holding following its $208 million buy-out of surf brand Billabong last April.

Knight Frank’s Mark Witheriff, James Branch and Sebastian Fahey represented the vendor whose other brands include Quiksilver, Roxy, DC Shoes and Element.

A large portion of the property’s 15,000 sqm area is configured as a warehouse.

Last September, a facility purpose-built for Quiksilver in Torquay, on Victoria’s Surf Coast, sold to an investor for a reported price of more than $15 million.

Quiksilver’s headquarters were relocated to Burleigh Heads, however Boardriders is committed to lease 27 Baines Crescent, Torquay, until 2021. It is paying annual rent of about $1.64 million for the Torquay property, about 95 kilometres south-west of the Melbourne CBD.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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