Games crowds market

COMMONWEALTH Games contractors are facing a tough race to find industrial premises on the central Gold Coast ahead of next year’s event.

Cushman & Wakefield associate director Josh Wright said sales and leasing activity, partly associated with the major sporting event, had led to a shortage of stock, particularly in central areas such as Molendinar and Arundel.

“We are running eight inquiries from contractors seeking storage space of 2000sq m to 10,000sq m specifically for the Games in April,” he said.

“And they all want to be within 15 minutes of the Athletes Village as they have concerns about traffic during this period. There is more demand than supply currently.”

Mr Wright said adding to the difficulty was the short term, six-to-nine-month, leases the contractors, ranging from government departments to seating providers, were seeking.

“If these contractors do not lock down space soon they will be commuting from Brisbane,” he said.

“There are now only eight vacant freestanding buildings in the central Gold Coast industrial market, between Carrara and Coomera, four of which are in Molendinar due to the large size of that area.”

Mr Wright said the downside of the heightened level of demand was the possibility of a glut of stock coming to the market post-Games as contractors wound up their activity.

Colliers International Gold Coast industrial director Pat Cavanagh agreed the shortterm nature of leases for Games contractors was creating difficulties.