Spotlight buys $30m site beside Dreamworld
Spotlight Property Group has paid $30 million for a prominent block beside Dreamworld.
A retail centre is planned for part of the 2.78 hectare Pacific Motorway-fronting site.
The two-lot property, 170 and 171 Dreamworld Parkway, Coomera, was offered by Gordon Corp.
The Brisbane-based developer lodged plans 10 years ago for a 12-level, 300-suite hotel, and two apartment towers, of 22 and 27 storeys, over a retail, dining and entertaining precinct.
SPG is headquartered in Melbourne.
Colliers’ Marlon Crawford brokered the off-market deal.
Change of plan
Gordon Corp director Tim Gordon said it also considered subdividing the site (continues below).
“But SPG presented a compelling opportunity to sell the holding to a genuine occupier with the vision and capacity to realise its potential,” according to the executive.
Spotlight director and owner Zac Fried added the proposed centre would target locals and visitors. It would also have to be considering airspace development across the broader site.
“The Gold Coast’s visitor economy and the continued growth of Queensland make Coomera an exciting location for retail,” he said.
The deal comes three months since the state government approved a 55.3ha masterplan covering Dreamworld, WhiteWater World and adjoining land owned by theme park operator Coast Entertainment Holdings.
The approval allows for staged tourism, accommodation, retail, commercial and residential development across the broader precinct.
Coomera is about 28 kilometres north of Surfers Paradise.
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