Empirica Developments Pty Ltd has purchased a 3.3ha vacant site in Coomera for $6 million. Brisbane based developer has received Council approval to build a $20 million turnkey service centre for Shell (Viva Energy), who have committed to a 15 year lease plus options.
Positioned on the eastern side of Pacific Highway near the exit 54, the service centre is due to commence construction in February, with completion due in September this year. Pat Cavanagh and Daniel Coburn of Colliers International handled the off-market deal.
“Coomera is a strong growth corridor that is currently experiencing a lot of infrastructure development with the exit 54 interchange upgrade and the planned development of the Coomera Town Centre by QIC and Westfield,” said Matthew Volk, Director at Empirica Developments.
“The highway site is located at the newly upgraded exit 54 interchange, with all the traffic going past the site, which made it ideal for a service centre.
“With a development pipeline of $100m we are looking for further opportunities next year.”
Empirica have recently sold Noosaville 7 Eleven service centre and KFC for $9.3m at 5.59% yield. In February next year they will be commencing construction on a $20m service centre on Olsen Avenue in Southport that will be anchored by Shell, and tenanted by KFC and Starbucks.
“Empirica timed the acquisition very well with the service station investments and developments being hotly contested and experiencing one of the tightest yields currently on the market,” said Mr Cavanagh.
“The infrastructure and the Town Centre development are brining further employment and population growth and positively influencing the residential and commercial development within the region,” said Mr Coburn.