GEON’s former Brisbane site is on the market following the print group’s demise in February, with the industrial property put up for sale or lease this week by Queensland’s Wright Property Group.
The Eagle Farm property was left unoccupied following GEON’s collapse in February - which has reportedly left around $15 million in debt to hundreds of creditors. The site shut down operations in March and its assets and employees subsequently shown the door.
Unlike many of GEON’s other operations that were either sold off or bought-out, the failed print group’s receivers at McGrathNicol were unable to secure a buyer for the Brisbane Eagle Farm business.
GEON occupied the site under a lease arrangement. It is believed the 18,460 square-metre property is under the ownership of Tony Scanlon – part owner of the Brisbane Broncos – and former head of Scanlon Printing, which was acquired by Promentum in 2006, prior to GEON’s acquisition of both companies in 2007.
Wright Property Group placed an insert (pictured) in the Australian Financial Review newspaper on 11 April to promote the new listing for either sale or lease.
According to Wright Property the riverfront site’s warehouse and offices comprise 8,692 square metres, while the property as a whole comes to 18,460 square metres with an onsite car park for 80 vehicles.
The listing does not include an estimated price or value for the property.
