Centre in land sale
THE owners of the Westfield Helensvale shopping centre are selling a major undeveloped portion of the site in a move that is expected to open the door to a new development burst in the area.
Expressions of interest are being sought for the 4.7ha holding that fronts the M1 motorway and Brisbane Rd and was at one point eyed for a Masters hardware outlet.
The 2 Millaroo Dve property, which is adjacent to the Westfield Helensvale carpark, has been owned by QIC Helensvale, Scentre Management and RE1 since 2010.
It was transferred for $24.33 million five years after the opening of Westfield Helensvale in a move that included a 1.06ha property.
The property’s value on government records at June 30 was $15 million.
The property is being marketed by Lachlan Harris and Mason Kidman, of CBRE, with expressions of interest closing December 7.
It is zoned mixed-use and fringe business district, which would allow developers options, subject to council approvals, for both residential and commercial projects.
A Scentre spokesman said the sale had no impact on future development prospects at Westfield Helensvale.
“The Gold Coast continues to be one of Queensland’s fastest-growing regions and the group welcomes the opportunity to see the site developed,” he said.
CBRE’s Mr Harris said that national groups and listed companies already had stepped forward.
“We expect an end-user to undertake a mixed-use project,” he said.
“We’ve had interest from aged-care providers and from commercial office developers drawn by the location close to the heavy-rail station and the looming light-rail station.”
John Muchall, JLL valuation director, said that despite Masters not going ahead on the site, the property still was an ideal bulkygoods location given its location and exposure.
“It’s an astute decision by Westfield to sell the site given everything else that is happening around it in Helensvale, with the new lightrail extension and residential development under way on Villawood’s 1200-home The Surrounds property.”