A landmark property at the heart of the Sunshine Coast’s horse racing industry has changed hands in a $4 million off-market transaction.
The sprawling equine complex at 215 Pierce Avenue, Corbould Park, one of the region’s largest privately owned thoroughbred training facilities, has been sold after more than three decades in the hands of the Marr family.
The sale was brokered by equine property specialist Clint Donovan, director of Gold Coast-based Donovan & Co., who said the transaction marked the passing of an important asset to a buyer committed to the future of the industry.
Set on about 4000 square metres adjacent to the Sunshine Coast Turf Club, the complex includes approximately 60 horse stables, seven two-storey brick residential units and multiple income streams. Before the sale, both the stables and units were fully tenanted.
Mr Donovan said the site’s size and location made it a unique holding within the Sunshine Coast racing precinct.
“There are a number of on-course stables owned by the Sunshine Coast Turf Club, however there are several private assets that provide stables for racehorse trainers, this being one of them,” he said.
Although the identity of the buyer has not been released, Mr Donovan said they were a well-known Sunshine Coast business owner who viewed the purchase as an investment and a long-term commitment to racing.
“The owner has a lawn mowing company and they are very passionate about the horse racing industry,” he said.
“They wanted to invest some money in the business and have their own facility that their own trainer could train from.”
Scroll down to SUBSCRIBE for our FREE news feed, direct to your inbox daily.
Mr Donovan said the property had first been taken to market about five years ago, when the family unsuccessfully attempted to sell it at auction.
“We couldn’t quite reach our expectations at the time and ended up selling the property next door,” he said.
Interest in the property was reignited late last year after Sunshine Coast horse trainer Liam Birchley approached Mr Donovan on behalf of a client looking to establish a private training base.
While discussions began around November, he said negotiations only gathered pace once the owners decided they were ready to sell.
“There was some hesitation from our sellers to actually trade the asset,” he said.
“Once the sellers decided, ‘Here’s the price’, negotiations probably took not long, maybe two weeks.
“It was a very simple scenario of meeting the seller, introducing the buyer to each other, we shook hands and the deal was done essentially.”
The property settled on April 7 for exactly $4 million.
The new owner has wasted little time improving the property after settlement.
“They’ve made significant improvements and capital investment into the stables,” Mr Donovan said.
“The stables were tidy but tired, so they’ve installed what’s called a horse walker and a treadmill and done some stable renovations.”
Mr Donovan said the sale highlighted the continued strength of the Sunshine Coast and Queensland racing industries.
“I believe all the stables at the Sunshine Coast Turf Club are full, so that’s the sign of a healthy racing industry.
“This sale in particular was a very good result for the seller.”
Auction results
125 Paradise Circuit, Maroochydore
- Sold prior for $1m
- 3 bed, 3 bath, 2 car
- Ray White Kawana Waters, Will Van den Dungen
38 Yaringa Avenue, Buddina
- Passed in at $2.45m
- 4 bed, 2 bath, 2 car
- Ray White Kawana Waters, Ryan Bradeley
24 Wishart Crescent, Baringa
- Under contract at $895,000
- 4 bed, 2 bath, 2 car
- Ray White Kawana Waters, Will Van den Dungen
8 Holt Street, Currimundi
- Passed in at $2.105m, contact agent
- 6 bed, 3 bath, 2 car
- Ray White Kawana Waters, Jack Chamberlain/James Goldsworthy
10 Dover Street, Buderim
- Passed in at $905,000
- 3 bed, 1 bath, 2 car
- Ray White Kawana Waters, William Mitchell
42/14 Bright Place, Birtinya
- Passed in, now on the market for $749,000
- 1 bed, 1 bath, 1 car
- Ray White Mooloolaba, Justin Wijaya
57 Point Cartwright Drive, Buddina
- Passed in at $1.205m, contact agent
- 3 bed, 1 bath, 2 car
- Ray White Kawana Waters, Ryan Bradeley
15/1 Pacific Boulevard, Buddina
- Sold under the hammer for $3.65m
- 4 bed, 3 bath, 1 car
- Ray White Kawana Waters, Ryan Bradeley
419/87-97 First Avenue, Mooloolaba
- Sold under the hammer for $560,000
- 1 bed, 1 bath, 1 car
- Ray White Mooloolaba, Will Van den Dungen
137 Charlotte Avenue, Nirimba
- Sold under the hammer for $850,000
- 3 bed, 2 bath, 2 car
- Ray White Kawana Waters, Will Van den Dungen
9/101 Birtinya Boulevard, Birtinya
- Passed in, on the market for $649,000
- 1 bed, 1 bath, 1 car
- Ray White Kawana Waters, Justin Wijaya
31 Satinwood Place, Mountain Creek
- Sold prior for $950,000
- 3 bed, 2 bath, 2 car
- Ray White Mooloolaba, Jack McGhee
84 Croydon Avenue, Currimundi
- Passed in for $1.375m, contact agent
- 5 bed, 2 bath, 2 car
- Ray White Kawana Waters, Ryan Cramer/Jack Chamberlain
8/252 Alexandra Parade, Alexandra Headland
- Passed in for $900,000, contact agent
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Ryan Bradeley
21 Flintwood Crescent, Palmview
- Sold under the hammer for $850,000
- 4 bed, 2 bath, 2 car
- Ray White Mooloolaba, Ryan Bradeley
204/111 Bulcock Street, Caloundra
- Passed in for $1.02m, contact agent
- 3 bed, 2 bath, 2 car
- Ray White Kawana Waters, Jack Chamberlain
225 Mount Beerwah Road, Glass House Mountains
- Passed in for $2.5m, contact agent
- 4 bed, 2 bath, 4 car
- Ray White Mooloolaba, Jacob Hussey
123 Grand Parade, Parrearra
- Sold under the hammer for $1.6m
- 5 bed, 2 bath, 2 car
- Ray White Mooloolaba, Will Van den Dungen
505/1 Mantra Esplanade, Birtinya
- Passed on for $1.215m
- 3 bed, 2 bath, 2 car
- Ray White Kawana Waters, Justin Wijaya
3/6 Alice Street, Alexandra Headland
- Sold under the hammer for $895,000
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Kirstin Cowie
3 Pineapple Place, Glasshouse Mountains
- Passed in at $1m, contact agent
- 4 bed, 2 bath, 6 car
- Ray White Nambour, Ash Roberts/Lochlan Silk
17 Evalma Drive, Buderim
- Sold under the hammer for $2.2m
- 5 bed, 3 bath, 3 car
- Ray White Buderim, Jake Loiero/Jaiden Zanchetta
161-163 Glenmount Road, Tanawha
- Passed in at $2.8m
- 5 bed, 3 bath, 7 car
- Ray White Buderim, Jake Loiero/Jaiden Zanchetta
18 Werona Street Buddina
- Passed in at $1.65m, contact agent
- 3 bed, 1 bath, 1 car
- Ray White Mooloolaba, Kirstin Cowie
2/51 Edward Street, Alexandra Headland
- Sold prior for $700,000
- 1 bed, 1 bath, 1 car
- Ray White Mooloolaba, Jacob Hussey
26 River Oak Way, Sippy Downs
- Sold under the hammer for $930,000
- 4 beds, 2 baths, 2 car
- Paul Leydin/Brent Higgins
11 Kookaburra Crescent, Bokarina
- Sold prior for $1.9m
- 4 bed, 2 bath, 2 car
- Ray White Mooloolaba, Adam Budd
6/21 Clearview Court, Buderim
- Sold under the hammer for $2.85m
- 5 bed, 3 bath, 4 cars
- Ray White Kawana Waters, Jacob Hussey/Paul Leydin
