Land warrior cashes in
A GOLD Coaster who won $1.12 million in compensation from council after it appropriated his Upper Coomera land has sold the balance of his parcel for close to $8 million.
The Gold Coast City Council excised a 4404sq m swath of land from Terrence Dobson’s parcel, which has frontage to Kristins Lane and Days Rd, in 2007. The council wanted it for the widening of Days Rd, and paid Mr Dobson about $100sq m for the land, which at the time was zoned residential.
However, Mr Dobson argued that, because of developments such as the adjoining Woolworths-anchored Coomera Square precinct, he was entitled to a higher price.
He took council to the Land Court and won, but council appealed, and in 2014 the Land Appeal Court again ruled in Mr Dobson’s favour.
The Land Appeal Court dismissed the council appeal and upheld a Land Court ruling that the council pay compensation, of $275sq m, not on the basis of the land’s residential zoning at time of acquisition, but on the basis of its most likely use, which was as commercial development.
Late last year, Mr Dobson sold the 2.64ha balance of his holding at 19 Kristins Lane for $7.995 million (inclusive of GST) – a price of $302sq m.
The buyer is Brisbanebased Silverstone Developments, which is planning a mixed-use development on the site, possibly to include a service station and coffee shop.
Marketing agent Gerry Thibault, of NAI Harcourts Gold Coast, negotiated the sale to Silverstone.
He said the Upper Coomera commercial precinct had seen strong growth for the past decade.
“The Kristins Lane site has substantial exposure of 300m to Days Rd, which is the main arterial road that links the area to the M1 Motorway at Exit 54,” he said.
“The greater Coomera area has always attracted development groups due to being 40 minutes to the Brisbane CBD and 30 minutes to the beaches at Surfers Paradise.”
Coomera Square was sold in 2014 by Lewani Springs Resort to listed company Charter Hall for $59.2 million.