Gold Coast City Council buys $21m site for depot
The Gold Coast City Council has bought a development site in an industrial estate in Carrara for about $21 million with plans to build a water and sewer depot.
The 50,869-square-metre site once developed, will comprise a 4000 sq m of office space, workshops, storage, an open hardstand and maintenance facilities to accommodate more than 300 workers.
The two lots were sold by Gordon Corp, a local developer that bought the entire City Link Industrial estate – a C-shaped, 85-hectare site adjacent to the Pacific Motorway and 10 kilometres west of Broadbeach – for about $20 million last year.
The site has been split into a 27-hectare industrial portion, which Gordon Corp has subdivided and offered as lots for sale or lease, and a residential component.
Colliers International’s Pat Cavanagh, who oversaw the off-market transaction, said it was a significant deal for the Gold Coast’s industrial property market.
“City Link Industrial is currently the only industrial land estate available for sale within the central Gold Coast industrial market,” Mr Cavanagh said.
“There are many local and national businesses that have benefited from the recent global changes. Warehousing, logistics and manufacturing of medical, food and other essential needs have emerged, together with current and existing businesses that have previously been at the negotiating table and have felt no effect with the current market changes,” he said.
Mr Cavanagh said almost half the estate was pre-committed. The remaining lots ranged in size from about 2000 sq m to 15,000 sq m.
There had been strong interest for the remaining lots with offers and deals exceeding $600 per square metre.
“With the number of proposals out for consideration to buyers and tenants now exceeding double figures, we expect the balance of this estate will be committed before completion,” he said.
Gold Coast City Council also owns an adjoining site to the north, now used as a maintenance and service depot, that will have access to the new development via two service ramps, negotiated as part of the deal.
Gordon Corp has other projects under way. Last November it submitted a revised development application for a three-tower mixed-use precinct – comprising two residential towers and a hotel – next to the Dreamworld theme park on a 1.92-hectare site.
In October 2017, the group paid about $22 million for a 22-hectare site in Arundel, also on the Gold Coast, bought from Colgate-Palmolive.
