BOARDRIDERS, the new US-based owners of surfwear icon Billabong, has listed the group’s Burleigh Heads offices on the Gold Coast for sale with a long-term leaseback.
The 3.3-hectare property at 1 Billabong Place is its Asia Pacific headquarters and was acquired by Boardriders as part of its takeover over the Billabong business earlier this year.
The near-$200 million deal saw the group also take on the Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, Xcel, Kustom and Palmers brands.
Knight Frank’s Mark Witheriff and James Branch are marketing the property with a 12-year lease to Boardriders via expressions of interest closing Thursday, December 6.
It is believed the property could net as much as $50 million.
The site has a net lettable area of around 15,000 sqm, comprising a retail store, showrooms, warehousing, car parking and office space for more than 200 staff, and is located adjacent to Stockland’s Burleigh Heads Shopping Centre, which is anchored by Woolworths, Aldi and Big W and alongside 90 speciality stores.
“The sale of the property is in line with our strategy to focus on our core business and free up cash to invest in our brands,” global president and president APAC of Boardriders Inc., Greg Healy said.
“Importantly, under the sale and lease back arrangement, we will secure Boardriders long-term occupation of the property (including the office, store and warehouse area).”
Boardriders has also made the decision to retain its office presence in Torquay, south-west of Geelong.
Australian Property Journal