Coast site nabs $3m

VETERAN Gold Coast property developer Lawrence Reece is planning to embark on a new industrial unit project after snapping up a large vacant Molendinar landholding for $3.41 million.

Mr Reece headed a syndicate that purchased the property at 8 Production Ave from Brazilian conglomerate JBS.

The 7629sq m site, which hosts a mix of ageing buildings, was once home to major Queensland smallgoods manufacturer Newland Food Company.

In 2013 the property was acquired by Primo Smallgoods when it bought Newland and moved the operation to Wacol, Brisbane.

The following year it fell into JBS’s hands when the Brazilian company, established as a slaughterhouse in 1953, acquired Primo.

Cushman and Wakefield’s Josh Wright, who marketed the property, said the property was bought for its land value.

He said the sale set a new benchmark for the area.

“Local owner-occupiers and investors are struggling to find suitable properties so are snapping up new product when it comes to market.”