Leaps and bounds
THE changing face of the Gold Coast’s Bundall precinct is driving increased activity, with investors banking on it being ripe for continued redevelopment.
In an off-market deal, Simon and Damian George of Brisbane-based fruit and vegetable provedore Simon George & Sons have secured a key piece of a long-running investment puzzle at Bundall.
They have snapped up a 852sq m tenanted retail showroom and warehouse on a 1929sq m site at 82 Bundall Rd for $3.35 million.
Being a long-term owner of three adjoining properties, Simon George had been looking to acquire 82 Bundall Rd for the past 25 years to square off his holdings but was never able to reach the owner.
The locally-based owners, the Wan family, were approached by Steve Clark and Marlon Crawford of Colliers International, who put forward a proposal to divest.
“After more than 30 years they have finally cut ties with the property, acknowledging the strength of the Gold Coast market and capitalising on that,” Mr Clark said.
“At $1730/sq m, on an improved land rate, this is another excellent result for the precinct.”
It follows the acquisition by National Storage of 106-110 Bundall Rd (6900sq m) for $14.75 million or $2137/ sq m, setting a record for the area.
The deal gives Simon George an amalgamated rectangular-shaped landholding of about 7800sq m with twostreet access between Bundall Rd and Upton St.
Mr Crawford said the $104 million upgrades to Bundall Rd had increased the activity and volume of sales in the area.
“The changing face of this precinct is having a positive influence on the investor demand,” he said. “Bundall is well and truly on the move with the Evandale Cultural Precinct planned for the area, as well as a Homemaker Centre redevelopment.”