Old Tip Top Bakery Factory to be Redeveloped, Finally

Gold-Coast based Source Property Group is believed to have paid just under $10 million for the 1.25 hectare Edward Street development site, which occupies almost a full suburban block behind the Sydney Road shopping strip and near the Barkly Square supermarket.

The sale price falls well short of the $15 million failed property investment vehicle Westpoint paid for the asset, on behalf of its clients, in October 2004 – at a lull in the inner-city residential market. It bought the site off interests associated with disgraced property spruiker Henry Kaye, who also paid $15 million for the site a year earlier.

It’s understood Westpoint had the opportunity to sell the site for $11 million last year at the peak of the property boom.

The art deco factory is expected to make way for a $70 million mixed use development comprising around 240 apartments.
A representative from Source failed to return calls.

Pic suggestion: Tip Top Bakery site, which we should have on FDC. Otherwise free pic available at link below. We could also use property spruiker Henry Kaye.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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