Natgen buys apartment site for alternative project
Natgen has bought a permit-ready apartment development site at Labrador, north of Surfers Paradise, with plans for an alternative project.
The row of tin sheds covering 1-7 Harley Street, at the south west corner of Brisbane Road, next to a Coles, cost $8.14 million.
Spanning 5828 square metres, the permit is for a high-density project with 207 dwellings and 728 car parks.
Instead, Natgen will develop a self-storage facility, leveraging on the exposure and traffic between Olsen Avenue/Oxley Drive and Marine Parade.
Labrador is about six kilometres from Surfers Paradise.
Natgen doubles down on the Gold Coast
The Labrador deal comes a fortnight since we reported Natgen bought a 5835 sqm block at Upper Coomera – 15 km north west of Labrador – with plans for a 27-lot light industrial estate (continues below).
That property set it back $7.4m.
Also recently, a Rent a Shed opposite the Burleigh Home + Life homemaker centre at Burleigh Heads, traded on a cash unconditional basis.
On 4589 sqm with 185 units, from a sqm, and a caretaker’s cottage, it collected $9.4m cash unconditional.
“At a land rate of $1369 per sqm, the [1-7 Harley St] transaction underscores the depth of demand for well-located development sites across the Gold Coast and wider SEQ,” according to the marketing agents, JLL’s Sam Richards, Liam Petersen and Jake Burrowes with Raine & Horne.
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