Site scrubs up for $22m

CORPORATE giant ColgatePalmolive has ended its 30year association with the Gold Coast, scrubbing its vast industrial property at Arundel for $22 million.

Minted developer Tim Gordon is set to get his teeth into a major project on the Captain Cook Drive site through his Gordoncorp company.

Colgate-Palmolive bought the 22.16ha site in 1988 and set up oral-care and laundry product manufacturing businesses.

Mr Gordon intends clearing the site and creating an industrial land subdivision.

Kyle Youngson, the Colliers International agent who handled the sale, said the approvals process for the project was already in train and work on the subdivision was due to be under way early next year.

“The central Gold Coast is experiencing very strong demand for industrial land and there are very limited opportunities, so this site could provide the bulk of supply over the next few years,” he said.

Mr Youngson, who will be marketing the Gordoncorp estate, said the subdivision would contain lots targeting larger occupiers seeking design-construct facilities on sites ranging from 2000sq m up to 4ha.

Smaller lots would be sold off for developer and owneroccupier opportunities.

“We will be taking expressions of interest to understand what size requirements the occupiers and buyers are looking for.”

Mr Youngson said a significant amount of civil work would be undertaken on the site and a controlled intersection would be built at the entrance to the estate off the Captain Cook Drive.

Collate-Palmolive put the Arundel property on the market last year and Mr Youngson said it drew both domestic and international inquiries, including from owner-occupiers.

“Some business owners showed interest in the existing buildings for manufacturing purposes, but this restricted development of the remainder of the site, which ultimately led to the decision to remove the buildings.”

The Colgate-Palmolive site houses a 6823sq m building that was home to an oral-care factory and another building, spanning 5823sq m, in which laundry products were made. The US group shut the toothpaste plant in 2006 and the laundry operation last year.

Gordoncorp’s Mr Gordon is a member of a development family that has been active on the Gold Coast since the 1980s and is no stranger to industrial development.

Four months ago he gained approval for a $500-million resort hotel, apartment and retail project opposite Dreamworld on Beattie Rd.