ZUPP Property Group, which in April outlaid $8.325 million to snap up an Ormeau land-holding that plays host to in-complete facilities, has plans to develop the location as a technology precinct. The two-title 7.3ha property is at 270 Lahrs Rd and 29 Eggersdorf Rd and has out-standing exposure to the Pacific Hwy. Its buildings, one an eye-catcher, have stood dormant for 10 years, stirring the curiosity of highway commuters. The facilities offer 6000sq m of floor space. They comprise a building with offices and laboratory space that is approved by the Therapeutic Goods Administration as well as a warehouse. Zupp Property Group, linked to former car dealer John Zupp, has called for expressions of interest in leasing the property. Chief executive Neil Ferguson said the company wants to see the buildings house “high-end enterprises” including pharmaceutical, technology and education-linked businesses.
He said the group is “happy to pour in significant funds to make the facilities work for the tenants”. It also envisages developing additional facilities at the 7.3ha property in the future to create an innovation hub. “There is a swag of land that can be brought into use to underpin tenant businesses as they grow,” Mr Ferguson said. “We would dearly love to see an innovation precinct on the Gold Chast and for our Ormeau property to become home to a symbiotic group of enterprises. “The city council is supportive of innovative industry and we are keen to assist. We also are in no hurry and quite content to be patient in achieving our aim.” Mr Ferguson said that since acquiring the property at auction, the group has undertaken a number of visual improvements and reinstated service infrastructure. “Different types of businesses have different requirements and we have put time and effort into understanding the uses to which the facilities can be put and how various tenancies can be established within the buildings,” he said. At part of our investigations, we have sought out people who worked on the buildings to benefit from their knowledge and ideas and to apprise ourselves fully of the potential of the property. It is now a case of finding the right long-term tenants and investing to meet their needs.” The expressions of interest campaign is being managed by Lisa Dunne, of Ray White M1 North.
The Ormeau property was put to auction by a mortgagee and had been held by Brenda Lomas, a natural therapies practitioner. She bought it in the late 1990s and is understood to
have invested $11 million to develop the facilities. The larger 5.972ha Lab rs Rd title hosts the buildings, with the warehouse featuring 2867sq m of floor space and the main building boasting 1383sq m of laboratory space and 1907sq m of office space. The second title, a L355ha parcel, is zoned for housing.
Article by Martin Rasini
