Metrics, Vitale snare major Gold Coast site
Metrics Credit Partners has teamed with Vitale Property Group to buy and develop Coomera’s biggest industrial development site.
The pair paid $120 million ex-GST for the 53.99 hectare block, Lot 1 Foxwell Road – until recently earmarked for The Link business park.
Permit-ready for a 46-lot subdivision, the proposed project is now branded One Pacific Highway, which will also be the street address.
The seller was Coomera Resort Pty Ltd, directed by Makaaki Ikeda, Motoaki Omura and Chisako Sako, with shares held by Omura, Coomera Town Centre Management Pty Ltd and Hokojitsu Company Ltd.
The vendor two years ago sold a neighbouring residential block spreading 161ha – 51 and 70 George Alexander Way – able to accommodate some 4500 dwellings.
That buyer was Leda Holdings, led by Bob Ell and son, Robert.
The price was $177m – a record for a Gold Coast property.
One Pacific Highway
The Coomera block is earmarked for a mixed-use precinct predominantly supporting the infrastructure and logistics sectors.
“One Pacific Highway represents a rare opportunity to unlock large scale industrial and employment land in a rapidly growing and undersupplied corridor,” Metrics chief executive and managing director, Andrew Lockart, said.
Vitale director Chris Vitale added Gold Coast industrial land supply is constrained, particularly for blocks allowing large buildings.
“With infrastructure and population growth accelerating, the pressure on employment lands will only intensify,” according to the executive.
Costco, FedEx, Maritimo and Nutrition Warehouse HQ occupy office/warehouses within 500 metres of One Pacific Hwy.
One Pacific Highway is the pair’s second JV – the other is the 130ha Briswest Industrial Estate at Ipswich, also with Pearson Property Group.
Metrics backs Gold Coast again
The One Pacific Highway deal comes two months since we reported Metrics would team with Odus to build a 21 level apartment tower, Ari, at 3555 Main Beach Parade, Main Beach, a block acquired from Melbourne’s Harry Stamoulis for $55.7m.
That pair are also developing a residential complex next door.
Meanwhile in January, Metrics partnered with Billbergia to buy a 5914 sqm Sydney CBD site permit-ready for two 80 level towers, with residential and a hotel.
That seller was Hans Holding Group, for $500m.
Also at the start of the year, Metrics seized control of a residential-based mixed use project, in North Melbourne.
Last year the asset manager bought Neil Perry’s Rockpool hospitality empire.
Colliers’ Daniel Coburn, Gavin Bishop, Marlon Crawford and Sean Thomson marketed One Pacific Highway.
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