Coomera’s $30m deal

Government-owned investment company sells off Town Centre land

THE final piece of the Coomera Town Centre puzzle has sold in a $30 million-plus deal for the land opposite Westfield.

State government-owned investment company Queensland Investment Corporation (QIC) confirmed it had signed an unconditional contract for Coomera Town Centre South.

The 47.73ha parcel is sandwiched between Westfield Coomera to the north and Dreamworld to the south and approved for residential, retail and commercial development.

The sale of the land is part of a wave of deals being done by QIC for prime Gold Coast real estate in recent weeks.

In December, the Bunnings Robina site, owned by the QIC Property Fund and the

QIC Shopping Centre Fund, sold for $28.05m to a private investor from Melbourne.

The property was developed as a Masters Home Improvement store in 2014 and later rebranded to Bunnings in 2018.

“The divestment of the Bunnings Robina site (jointly held by the QIC Property Fund and the QIC Shopping Centre Fund) and the Coomera

South site (100 per cent owned by the QIC Property Fund), is in line with clientendorsed strategies for both funds,” QIC said in a statement.

QIC’s latest listing is the Home+Life retail precinct next to Bunnings Robina with a sale campaign through JLL to start later this month.

The centre, spanning 14,700 sqm, opened in November

2017 and offers retailers including Early Settler, James Lane and Nick Scali.

“QICGRE is also currently working through a process to divest Home + Life Robina but at this stage it would be inappropriate for us to make any further comment on that campaign.”

The Coomera land was put to the market last year by CBRE’s Mark Witheriff and

David Corke and Colliers’ Jason Lynch, Brendan Hogan and James Holland in an expressions-of-interest campaign.

The listing came after QIC successfully applied through town planner Urbis to the Gold Coast City Council for an extension to the preliminary approval through to 2027.