The flood of cashed-up entrepreneurs into the commercial property sector continues, with Queensland developer Terry Morris snapping up a number of sites in the Gold Coast suburb of Bundall.
Morris, whose fortune was valued at $224 million by BRW last year, is a property developer and winery owner who owns large tracts of land in the Gold Coast hinterland around Mount Cotton. While Morris has invested in his wine company Sirromet (that’s TE Morris spelt backwards) he made his original fortune selling cigarettes via mail order, taking advantage of lower tobacco taxes in Queensland.
Morris’s latest purchases are an office block, carpark and two units in the Bundall region. According to The Australian Financial Review, he values the four properties at just over $3.5 million and hopes to amalgamate the site.
In another Gold Coast transaction, developer Carl Lee from City Plan Partners has paid $33 million for a site on Surfers Paradise and plans to build two residential towers.
Lee purchased the property from CP1, the development arm of embattled Gold Coast property and finance company City Pacific.
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