BIG John Zupp is back doing business along one of the Gold Coast’s busiest commercial strips.
But this time around it doesn’t involve any tyre-kicking by the former king of Queensland’s car dealers.
The veteran deal-maker has acquired a six-level office building at 140 Bundall Rd to add to his family’s Zupp Property Group portfolio.
In a recently settled $7.05 million deal, the acquisitive Gold Coast-based group — with a penchant for value-add property opportunities — snapped up the almost half-empty asset.
On a prominent 2028sq m corner block, the 1980s building overlooks the city’s cultural centre and Surfers Paradise skyline.
It comprises a net lettable area of 3143sq m, of which only 54 per cent is occupied, with average floorplates of 550sq m and 71 car parking spaces.
Property records indicate the asset previously changed hands in 2003 for $5 million.
The latest transaction marks Zupp’s return to the high-profile commercial strip stretching from Bundall to Southport.
Four years ago, it sold one of its treasured dealership properties up the road at 73-89 Ferry Rd for $14.3 million.
Mr Zupp inspected his newest acquisition this week and declared it was a solid, well-positioned asset with a good view and a lot of potential.
“It’ll come up nicely,” he said.
“We like it and we’re sure prospective tenants will like it after we’ve finished modernising it.”
A floor-by-floor refurbishment is planned as well as works on surrounding gardens, entryways, car parks and airconditioning.
Zupp Property Group chief executive officer Neil Ferguson said the Bundall precinct was still “a major player in the Gold Coast’s office market”.
“Bundall has always interested us but we needed to secure the right building,” he said.
“No one is building large amounts of office space on Gold Coast and we’re one of the few landlords willing to take a building with good bones and put the capital and hard work into it to bring it back to a standard that’s fit for any corporate.”
Knight Frank’s Mark Witheriff brokered the Bundall deal after fielding strong interest during an expressions of interest campaign.
