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.