33 Elkorn Avenue, Surfers Paradise

This project involved the purchase of an office building in the core of Surfers Paradise of 3337 sq metres plus cars, in June 2005 through GDI 24 Pty Ltd for $8.1m. LREA was a major shareholder and Richard was a director and joint guarantor on the loan.

The project involved re furbishing all common areas of the building and some floors and external decorations and finishes to upgrade the building. The building was strata titled and sold down over the following 2 years with the majority of capital repaid within 15 months and the scheme completely sold by July 2008.

The project provided gross sales revenue of  $14m with an IRR to investors of some 45% pa.