This article is from the Australian Property Journal archive
DAVID Devine has sold has offloaded a 16-year old retail investment in the Brisbane CBD from his private company for $27.265 million.
Surfwear retailer City Beach Australia has settled on the purchase of 120 Queen St. The company is a major tenant of the building.
The building is one of Queen Street’s premier retail outlets and comprises a basement, which is leased to Priceline Pharmacy, a ground floor and two upper floors which are occupied by City Beach Australia for its flagship Brisbane store.
The property was not publicly marketed and the sale, which was concluded in December, was negotiated by Pat George of Colliers International and local property identity Matthew Curtain.
George also recently sold Devine’s 1 Cavill Ave property at Surfers Paradise on the Gold Coast.
Devine acquired the property through his personal investment company Devine Industries Pty Ltd in 1993 for $8.1 million.
He said the sale had been a response to strong interest in the building over a period of time and had freed up capital to pursue other opportunities.
“After a series of approaches to us from various buyers we decided this was the right time to sell and I am pleased the sale has now been settled,” he said.
“This property has performed extremely well for us but there are many more opportunities out there,” George said.
The sale will allow Devine, who recently stood down as managing director of Devine Limited, the ASX-listed property development company he founded 20 years ago, to pursue other opportunities.
Australian Property Journal
