Sale proves `Man cave’ market
A VACANT industrial site flanking the M1 motorway at Ormeau has sold in a deal signalling the continued firming of land prices in the Gold Coast market.
The 1.37ha holding at 214-224 Lahrs Rd has been snapped up by a local developer with plans to construct a strata-titled industrial unit complex.
It changed hands for $2.95 million several months after being put under the hammer and failing to reach the reserve price despite strong bidding.
James Crawford from Colliers International, who negotiated the post-auction sale with colleague Daniel Coburn, said the buyer was not one of the 10 registered bidders.
“It was a new entrant, who hadn’t even looked at the property during the marketing campaign,” he said.
Mr Crawford said the deal showed that “the core industrial market has continued to see a firming in land prices on the Gold Coast”.
“The firming of those land prices and also a few transactions in that local precinct have given buyers the confidence to put their foot forward,” he said.
THE SO-CALLED ‘MANCAVE’ MARKET, HAS BEEN VERY WELL RECEIVED JAMES CRAWFORD
The site — comprising two adjoining lots of 6423sq m and 7294sq m on the corner of Lahrs Rd and Blanck St — was previously owned by the State Government, which purchased it as part of a larger acquisition for the upgrade of the motorway about 20 years ago.
Mr Crawford said it was taken to market because it was surplus to the government’s needs.
He said the sale reflected a land rate of $215/sq m and demonstrated demand for sub $1 million strata-titled owneroccupier industrial properties in the northern Gold Coast corridor.
“The strata industrial unit market, the so-called ‘mancave’ market, has been very well received,” Mr Crawford said. “That really gives a developer confidence to launch a product like that and planning is already well under way for the development on this site.”