GAMES-RELATED DEMAND DRIVES UNITS DEVELOPER
A BRISBANE developer has completed a new four-unit complex at Arundel, as strong demand ahead of the Commonwealth Games fuels development of industrial space.
Montgomery Grove Pty Ltd, linked to Nathan De Candia, engaged Clarke’s Design and Construct to build the complex after buying the 4595sq m block at 24 Technology Drive for $1.975 million in June, 2016.
The complex has a gross lettable area of 2503sq m with the units ranging in size from 398sq m to 846sq m.
Leasing rates range from $130sq m to $160sq m plus outgoings and GST.
A 643sq m unit has been leased by a construction company for three years with two three-year options.
Mr De Candia said it was his company’s first development on the Gold Coast.
“We’ve completed a number in Brisbane. We noticed the shortage of land, it is very scarce and we were lucky enough to get that block,” he said.
“I think it is a great market. The Gold Coast is a big city and there is a lot of demand for space, associated with the Commonwealth Games and the strong population growth.”
Cushman & Wakefield Gold Coast associate director Josh Wright, who is handling the leasing for the complex, said the developer wants to take advantage of a tight vacancy rate.
“The developer could see that the Commonwealth Games was going to bring an increase in demand for goods and services, and the supply of industrial stock on the central Gold Coast market would not be sufficient to sustain the demand,” he said.
Mr Wright said there was substantial interest in the complex ahead of its construction, and he expected the remaining three tenancies to be snapped up quickly.
Another development within the Arundel industrial estate is close to being sold out. Lawrence Reece’s 14-unit tilt-panel project at 14 Harrington St has seen strong sales with settlements being finalised this month.