$40m sale for premium commercial centre

A recently renovated Torquay commercial precinct has sold for $40 million in a move investors say is a major show of confidence in the region.

Fund manager IP Generation flipped 27 Baines Crescent for $40.06 million after it bought the site for $15 million from surf brand Quiksilver, which had used it as an international base.

The brand’s parent company Boardriders Inc remains in the building, and following an extensive renovation, Boardriders now shares the site with Sou’West Brewery, pilates and yoga studio Core Plus, and soon deluxe wellness centre The Bathhouse.

All existing leases will continue following the transaction.

IP Generations founder and chief executive officer Chris Lock welcomed the sale last week.

“We are very proud of the turnaround achieved on 27 Baines Cres, not only for the attractive returns generated for our investors, but as developer for what we believe is an important legacy asset for Torquay and surrounding communities,” Mr Lock said.

 

“All tenants are secured on long-term leases, and we expect the property will continue to benefit the Surf Coast economy for decades
to come.

“This has been a flagship project for our business and certainly encourages us to invest further in the region.”

Mr Lock said the result rewarded the fund’s decision to invest in Torquay, and he believed it would remain an attractive prospect for coming years, especially with its undersupply of quality commercial property.

“We understood there were risks involved in this venture, particularly considering the property had a singular incumbent tenant with a rich history i

 

“The project involved significant investment and employed hundreds of local trades and services.

 

“We are proud that the property now has the capacity to house over 400 corporate workers from the Surf Coast region in state-of-the-art co-working facilities.”The site had a recent renovation that saw it more than double in value. Photo: workspace365