Gordoncorp has purchased a 22.16ha industrial holding in Arundel for $22m with plans to redevelop the site into an industrial subdivision. Development approval is in progress through the Gold Coast City Council, and work is anticipated to commence on the site early 2018.
The large industrial property at Captain Cook Drive was previously owned and occupied by Colgate-Palmolive. The site currently comprises two large manufacturing facilities totalling 12,646sqm.
Kyle Youngson of Colliers International who handled the sale, will also be marketing the development once it is released to market.
“Considering central Gold Coast is currently experiencing very strong demand for industrial land and very limited opportunities, this site could provide the bulk of that supply over the next few years,” said Mr Youngson.
“The development will contain industrial lots targeting larger occupiers for design and construct facilities ranging from 2,000sqm up to 4ha, with smaller lots to be sold off for development and owner occupier opportunities.
“Prior to officially releasing the offering to market next year, we will be taking expressions of interest to understand what size requirements the occupiers and buyers are looking for.
“During this process, a significant amount of civil work will need to be done to the site, which will also include a controlled intersection at the entrance of the estate off the Captain Cook Drive.
“The multiple expressions of interest campaign to sell the property attracted a lot of international and local developers, including owner occupiers.
“Some of business owners showed interest in the existing building for manufacturing purposes, but this restricted development of the remainder of the site, which ultimately led to the decision to remove the buildings.
“The site is zoned medium impact industry and was originally marketed as a developable land to meet the demand for industrial land lots in the region. So this is an excellent outcome for both Gordoncorp as well as the local industrial market and businesses who will benefit from this development opportunity.”