Gordon Corp, Bruce Mathieson buy $50m town centre site
Tim Gordon has teamed with pub and retail billionaire Bruce Mathieson to buy one of the last major town centre development sites in Greater Springfield.
The 12.7 hectare lot on Sinnathamby Boulevard, Central City West, cost $50 million from Springfield City Group, following an off-market deal.
Retail, commercial and other town centre uses are planned.
Gordon Corp and Mathieson have previously co-invested in large-format retail and commercial property.
“The strength and versatility of the partnership between the Gordon and Mathieson families is evident across two very different Gold Coast developments: The Mantaray Marina and Residences, a $400 million waterfront mixed-use precinct on The Spit, and Elle on Jefferson, a highly considered collection of house-sized residences in Palm Beach,” Mr Gordon said.
“The market response to The Mantaray and Elle is testament to the quality and diversity of what we can deliver together,” he added.
“Each project responds to a very different market and setting, yet both reflect the same ambition to lift the benchmark. Springfield gives us the opportunity to apply that approach at an entirely new scale,” according to the executive.
What is planned
Founded by Maha Sinnathamby, Springfield City Group has progressively sold development sites as Greater Springfield matures into one of Australia’s largest privately developed urban communities.
It was represented for the sale by Colliers’ Harry Dever and Lachlan MacGillivray, with Stonebridge Property Group’s Julian White and Philip Gartland.
The parcel was promoted as one of the largest remaining development opportunities within the 2860ha master-planned city.
“The Springfield site provided significant development opportunities ranging from retail and commercial to entertainment, leisure, and medium-density residential,” Mr Gordon said.
“Opportunities of this calibre don’t come along often, and the scale and positioning of the City West site gives us an opportunity to masterplan a mixed-use precinct in one of south-east Queensland’s fastest‑growing corridors, he added.
“Bruce and I share a strong appetite for A-grade projects where a clear vision and disciplined delivery can create something genuinely significant,” according to the executive.
“Our latest acquisition in Springfield City brings all of these elements together within a fast-growing, master-planned city capable of supporting mixed-use precincts of scale.
“This is a testament to the long-term vision and investment of Springfield City Group which has been a catalyst for billions of dollars in social and physical infrastructure investment.
“For us, that speaks to a city that is not only growing but maturing in a very deliberate and sustainable way.
“We’re not focused on one particular asset class but the scale of the opportunity, the quality of the outcome and the speed with which each project is advanced.
“The site provided significant development opportunities ranging from retail and commercial to entertainment, leisure and medium-density residential.
“The first precinct to be delivered in the town-centre zone is a 10,581 square metre retail and lifestyle hub called Springfield Village…planning and leasing is now well underway (continues below).
“Springfield Village is on track to open mid-2029 and will be anchored by a Coles supermarket and Liquorland, alongside a mix of specialty and fresh food retail, dining, and allied health services.
“It forms part of a larger 30,000sqm retail precinct on the town-centre site, with early commitments from national and international brands including McDonald’s, The Good Guys, Banjos Bakery, Pillow Talk, Auto Masters, Hungry Jacks and a 7-Eleven service station.”
Future precincts would be unveiled in the coming months and will include more major retail brands alongside residential, entertainment and lifestyle-driven amenities”.
Springfield City Group founder and chairman, Maha Sinnathamby AM, said Springfield City Group was pleased to partner with Gordon Corp and the Mathieson family on the development of its premier City West site.
“We are delighted to partner with Gordon Corp as we are confident they will deliver a development of the highest quality that will make a meaningful and lasting contribution to Springfield City and the broader region,” he added.
“Springfield City Group has carefully stewarded the City West opportunity for more than 30 years, ensuring this premium site was brought to market at the right time and under the right conditions to realise its full long-term potential,” according to the executive.
“A key priority throughout the process was securing a development partner whose vision and values aligned with Springfield City Group’s long-term objectives and commitment to delivering a project of enduring significance for the region.
“The campaign attracted strong market interest and ultimately resulted in the selection of Gordon Corp. Their vision, proven capability and alignment with the strategic objectives for the site set them apart throughout the process.
“Springfield City is home to more than 55,000 residents, 12 schools, 22 childcare centres and the University of Southern Queensland.
“Its Health Hub, developed in consultation with Harvard Medical International, features world-class health facilities, including the recently opened Mater Hospital Springfield.
“With Springfield City’s population forecast to grow by 3.6 per cent annually through to 2036, almost double Brisbane’s growth rate, demand for retail, commercial and residential development is expected to remain strong.
“The sale and future development of City West will unlock a new wave of investment and economic activity in Greater Springfield while delivering additional amenity, jobs and opportunities for this rapidly growing region.
The development would further strengthen Springfield City’s position as Australia’s leading master-planned city and a major destination for investment, employment and lifestyle, Mr Sinnathamby said.
Central West is in one of south-east Queensland’s fastest-growing corridors, about 35 kilometres south-west of Brisbane’s CBD.
Biggest town centre deal since 2021
The deal is the priciest for a town centre zoned site 10 kilometres from any Australian CBD since 2021, according to the marketing agents, Colliers’ Harry Dever and Lachlan MacGillivray, with Stonebridge Property Group’s Julian White and Philip Gartland
It is also the largest transaction of its kind ever recorded in Queensland,” Mr Dever added.
“The campaign generated more than 200 enquiries and nine formal offers from private and institutional development groups nationally, highlighting the depth of capital seeking access to large-scale mixed-use development opportunities,” according to the executive.
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