Gold Coast block earns c$10m for QIC
QIC is banking a speculated c$10 million from a mixed-use development site at Robina, about 10 kilometres south of Surfers Paradise.
The 1.3 hectare block, 8 Laver Drive, at the north west corner of Robina Parkway, is trading to De Luca Corporation and Wright Private Capital.
A retail based project is expected; the partnership has already pre-committed tenants to the bulk of the proposed space.
Clark Property Partners’ Steve Clark brokered the sale.
The deal comes three months since QIC sold a showroom investment, Home & Life Robina, for $66m.
Last December the group offloaded a Bunnings-backed asset, also in the suburb, for a speculated price of over $25m.
8 Laver Drive, Robina
Wright Private Capital director Glen Wright said the company has been actively seeking south east Queensland mixed-use building blocks.
“We thought this [Robina] site had all the hallmarks of a great development and this has been proven with the amount of tenant interest”.
Mr Clark added “this site along with a flurry of site sales on the Gold Coast continues to demonstrate the growth in the local market for commercial and residential projects” (story continues below).
Busy month for De Luca
The Robina deal caps off a busy month for Brisbane-based De Luca.
Earlier this week the diversified developer and investor collected $22.2m for a Plainland Bunnings investment.
The yield– 4.21 per cent – is the second lowest recorded for an outlet rented to the hardware chain.
Also this month, the company, directed by Nic De Luca, paid $6.65m for a Northgate industrial site with plans for a convenience retail asset.
“Glen and I entered the industry at a similar time almost 30 years ago,” the executive said following the purchase of 8 Laver Dve.
“Being able to partner with him on this project has been a wonderful extension of a longstanding business relationship,” he added.
“Our skillsets complement each other and for De Luca, this project is a wonderful addition to our significant development and construction pipeline which continues to grow and expand year on year”.
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