ASB MAGAZINE: Boardriders today announced that it has decided to list its Burleigh office property for sale and maintain its occupation under a long-term lease back. The property was acquired by Boardriders as part of the acquisition of the Billabong business earlier this year and is its Asia Pacific headquarters. As part of the acquisition, the combined business now owns the Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, Xcel, Kustom and Palmers brands.
The property is located at Burleigh Heads on the Gold Coast and occupies 3.3 hectares of land, with a net lettable area of approximately 15,000sqm comprising a retail store, showrooms, warehousing, car parking and office space for over 200 people. The building is located adjacent to Stockland’s Burleigh Heads Shopping Centre which features anchor tenants including Woolworths, Aldi and Big W, alongside 90 speciality stores.
Boardriders has appointed Mark Witheriff, from Knight Frank Australia to sell the property with a lease over the entire property for 12 years via an Expressions of Interest campaign closing on Thursday, 6 December 2018.
Greg Healy, Global President and President APAC of Boardriders Inc., said: “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. 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).”
The announcement is expected to have no impact to occupation and follows earlier decisions by Boardriders to maintain office presence in both Burleigh Heads, Queensland, and Torquay, Victoria.
VIA PRESS RELEASE