A high profile 5.15 hectare site at Tweed Heads West, which was formerly the iconic Tweed Heads Drive-In has been purchased by the Gold Coast Airport for $11.45 million.
The property at 1 Wollemi Place which had been granted development approvals for a Masters Home Improvement store was sold by James Crawford and Darrell Irwin of Colliers International on behalf of local businessmen John Nosworthy and Glen Dawney of the Boyd’s Bay Group.
This acquisition follows the recent announcement of the Gold Coast Airport’s $300 million redevelopment plan which will include two new wide-bodied aircraft stands and a three-level terminal development, with four aerobridges and improved ground transport facilities.
The sale follows a high profile 5 week national marketing campaign which generated more than 40 enquiries and resulted in four competitive bids from both local and interstate buyers.
Mr Crawford said the DA approved site had a holding income of approximately $200,000pa, exposure to M1 Pacific Motorway and strategic access to the Gold Coast Highway and Gold Coast Airport. “Furthermore, the site offers excellent future development for uses including: bulky goods, child care, garden centres, hardware and building supplies, hotel or motel accommodation, neighbourhood shops, offices, and warehouse or distribution centres, subject to development approval.”
According to Mr Irwin, there is currently a very limited supply of multi hectare sites such as these particularly between Burleigh and Tweed Heads.
Gold Coast Airport Chief Operating Officer Marion Charlton said the purchase is in line with the airport’s property strategy.
“We’ve developed a property strategy which looks at land use on and off airport into the future. We look forward to sharing intended plans for this particular parcel of land in due course,” Ms Charlton said.