Gold Coast-based industrial developer Greenery Developments has purchased a 1.78 hectare site on the Gold Coast for $6.691 million.
The vacant site at Lot 2 and 29 Newheath Drive in Arundel is part of the Gaven Central Industrial Park.
Greenery has initial plans to develop the site into a design and construct facility based on the requirements of the potential tenants.
The deal was handled by Colliers International’s Kyle Youngson and Cameron Wilson on behalf of Newheath.
Mr Youngson said industrial land outside of Yatala enterprise area was very scarce, and they were seeing real pressure put on land prices due to growing demand and dwindling supply.
“Industrial land with frontage to Pacific Motorway is rare, so this sale represents good value as it also is close to stage 2 of the light rail development,” said Mr Youngson.