Work will soon begin on a master plan for the final remaining piece of Coomera’s town centre with the purchase of a significant parcel of land on Foxwell Road.
Brisbane-based joint venture partners Keylin and Kinstone bought the 47.7ha site following an expressions of interest campaign in December.
Fund manager QIC offloaded the prime greenfield site for an undisclosed figure, reportedly in excess of $30 million.
The 47.7ha site is included within the emerging town centre precinct and comes with a preliminary approval for residential, commercial and retail developments under the Coomera Activity Centre South Development Code.
The joint venture's acquisition follows its $50 million purchase of the Serenity 4212 estate at Helensvale.
“We are delighted to have successfully secured what we believe is one of the key sites on the northern Gold Coast,” Keylin managing director Louis Cheung said.
“This is one of the area’s most strategically important sites that will shape the future of the urban heart of Coomera, considered to be the final piece of the Coomera Town Centre puzzle.”
Under the Coomera Activity Centre South Development Code, there are a range of uses and development types permitted including commercial, retail and residential with building heights of up to 15 storeys.
Selling agent Brendan Hogan of Colliers International said there was a lot of interest in the prime site.
“The property attracted an extraordinary level of interest with a very competitive process from some of Australia’s largest public and private development groups,” he said.
Joint venture partner Kinstone recently completed the $70 million Novotel South Brisbane and the Monarch and Sovereign Heights subdivision developments in Brisbane’s South.
Major projects currently planned around the existing Westfield Coomera include a new Costco outlet to the north of the site along with plans for a new public hospital on 13ha of land near the Coomera Railway Station.