Upside for new park land owner

THE new owner of a massive 154ha property — hosting Movie World and Village Roadshow Studios — says it sees upside from owning a “strategically positioned” land parcel.

Last week LGIAsuper — a superannuation fund established for local government employees and their spouses — bought Village Roadshow’s Oxenford land, which holds its Gold Coast themeparks, for $100 million.

Village sold the land to cut debt.

LGIAsuper head of investments Guy Rundle said the deal was an excellent outcome for the fund’s 85,000 members.

LGIAsuper holds stakes in the Sunshine Coast Airport and Gold Coast Light Rail project, together with an extensive commercial property portfolio.