702 Ann Street
Portal Developments settled on 702 Ann Street (cnr Warner), Fortitude Valley in April 2017 under the entity 702 Ann Street Pty Ltd. The building is a two level retail / hospitality / office building in the heart of Brisbane’s special entertainment precinct. At the time of purchase, the property was 70% occupied, had a net income of $160,000 and had a WALE of 2 years. Portal Developments have since increased the tenancy profile dramatically and the property is now fully leased, showing a net return of $200,000 and has a WALE of 7 years.
(Click to Enlarge)6 Warner Street
In September 2017, Portal Developments (under the entity 702 Ann Street Pty Ltd), purchased 6 Warner Street, Fortitude Valley in an off market transaction. The project saw the conversion of an existing office / warehouse building for bar, restaurant and gym use. Prior to settlement, Portal was able to have the building fully leased, securing 3 strong tenants being Little Valley, NomNom Bao and F45. The property has a WALE of 9 years, an NLA of 800m2, a net income of $400,000 and an end value of $7.5m.
(Click to Enlarge)52 Astor Terrace
In 2008, Portal acquired a site at 52 Astor Terrace, Spring Hill. The company subsequently obtained a D.A. for development of a 7 storey boutique hotel, which was the first of this nature built in Brisbane. The hotel was then built in 2009 and comprises 7 levels with 84 rooms plus a ground floor restaurant. In 2014, the company sold the hotel as a going concern to a Singaporean investor for $18,500,000. It was subsequently operated by Mantra and is known as the Mantra Terrace Hotel.
(Click to Enlarge)
Rick Bird MRICS
Managing Director
Rick has been involved in property development for 35 years in fields including; land subdivision, offices, medical, retail and hotel development. During this period he has also worked as a registered valuer and as a licensed commercial estate agent and company principal. In the latter role, he has recorded some of Brisbane's major sale transactions totalling around $3bn. He is a member of the Royal Institute of Chartered Surveyors.
Terrence Hutchinson BBus
Project Director
Terrence is a second generation director of Portal Developments. He has worked in the construction and commercial real estate industries and has been involved in his family's property investment portfolio. As project director, he is responsible for identifying acquisition opportunities and liaising with tenants and agents to help fulfil property requirements. Terrence graduated in 2014 with a degree in business-real estate and property development.
Kellie Williams BBus
Finance Director
Kellie has extensive experience in finance starting her career in the banking sector. During this time, Kellie specialised in commercial, property and corporate finance transactions. Kellie joined J Hutchinson Pty Ltd in 2003, and was appointed a director in 2010. She is responsible for Project Finance, Contracts and Property Portfolio within Hutchinson Builders.
Owen Valmadre BCom
Financial Controller
Owen is a Chartered Accountant who has worked in accounting practices in Australia and in a corporation overseas during his early career. For the past 13 years he has worked at J. Hutchinson Pty Ltd which had a turnover exceeding $1.5bn in the 2015/16 financial year. He is senior finance officer and a director of J.Hutchinson Pty Ltd.
Stuart Bird BBus
Office Manager
Stuart is Rick's son and joins the company after completing his business degree majoring in business management. He is charged with the running of the office and office systems and technology as well as seeking out business opportunities. He has worked in commercial agency in the Brisbane CBD and been involved in his family's property investments in recent years.
