New Yatala complex
Lawrence Reece plans strata development
VETERAN industrial developer Lawrence Reece will embark on a new strata development in Yatala after snapping up a site for $2.65 million.
Mr Reece purchased the 1.12ha 3-9 Octal St property from Lunncom Investments Pty Ltd, linked to Michael Lunn, which picked up the holding for $2.585 million in 2015.
Mr Lunn is the owner and director of civil contractor A1 Highways, which is moving from Octal St to new premises.
The Octal St site features a 411sq m a two-level commercial office with most of the remainder of the site sealed with either bitumen or concrete.
Marketing agent Dave Kertesz, of Cushman & Wakefield, said Mr Reece planned to knock down the office and develop a stratatitle complex.
“The appetite for strata unit development in the Yatala Enterprise Area has significantly increased in the past 12 months,” Mr Kertesz said.
“We will be witnessing a number of new strata developments commencing in the coming months.”
Mr Kertesz said a lack of stock on the market on the central Gold Coast was pushing buyers to the northern corridor.
The sale, which reflects a rate of $236sq m, follows strong demand at Mr Reece’s 32-unit complex at 27 Motorway Circuit in neighbouring Ormeau.
Mr Reece said sales have exceeded 50 per cent at the development, which is due for completion by early October.
Mr Reece also has a complex currently underway at 8 Production Ave, Molendinar.
“With land prices reaching well over $400/sqm on the central and southern Coast, it makes sense for developers to develop in Yatala,” Mr Kertesz said.