QIC sells Gold Coast town centre site

The 47.73 hectare Coomera Town Centre South site can make way for commercial and residential real estate.

Queensland Investment Corporation has sold the balance of the Coomera Town Centre site to a partnership comprising Keylin Group and Kinstone Developments.

The 47.73 hectare tract, 64 Foxwell Road, will exchange for c$30 million.

Some parts of the Coomera parcel can make way for buildings 54 metres high.

It was offered permit-ready for a mixed-use complex, predominantly with housing, but also offices and shops.

The vendor recently extended that proposal which would have expired in August if certain infrastructure works hadn’t begun.

That move, QIC said, allows the incoming owner to propose a revised development perhaps with design elements in response to COVID.

Keylin and Kinstone are Brisbane based.

Fourteen months ago, the partnership outlaid $50m on another Gold Coast site at Helensvale – now being marketed as a $650m residential-based mixed-use village, Serenity 4212.

That block is about 10 kilometres south of Coomera (story continues below).

The land can make way for medium and high density dwellings.

Coomera Town Centre South site

Up to 10ha of the Coomera Town Centre South site can make way for high density housing; some parts could accommodate structures c54 metres tall.

The block abuts Westfield Coomera and is walking distance to the train station.

The zoning also allows for aged care, bulky goods and showrooms, car dealerships and a shopping centre.

The property is wedged between Dreamworld and Westfield Coomera which QIC co-developed.

Coomera is about 25 kilometres north of Surfers Paradise; a growth corridor near Brisbane’s southern outskirts, its population is forecast to rise some 76,000 by 2030 according to Urbis.

QIC was represented by Colliers International’s Jason Lynch, Brendan Hogan and James Holland, with CBRE’s Mark Witheriff and David Corke, who closed an expressions of interest campaign on December 10.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.