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.
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.
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.