Private developer The Stephens Group has launched the Gold Coast's biggest business park, on the site of the former Darlington Park Raceway at Yatala, with a sod turning ceremony.
The newly-named Empire Industrial Estate is set to be transformed into a 127 hectare industrial hub over the next 10 years in a move the Stephens Group expects to inject $1 billion into the local economy.
It includes 113 lots in the 10-stages, priced from $200 to $335 per sqm, which values the site at more than $250 million.
The estate sits within the 3000 hectare Yatala Enterprise Area (YEA), a state government-designated activity centre for industrial business.
Managing director Tony Stephens' late father Tony acquired the site in 1986 and built the raceway but the family was forced to close it after being unable to meet new noise restrictions.
They believe the estate’s strategic location close to the M1 motorway between the Gold Coast and Brisbane is ideal for attracting businesses nationally.
The family estimates the the business park can accommodate 550,000 square metres of building space – around 250 buildings – and will provide employment for 5000 people when completed.
With zoning for a variety of uses, Empire Industrial Estate is suitable for light and heavy impact industry business including distribution, warehousing, sales and display, manufacturing, transport, storage and hardstand.
All connection roads within the estate have been designed to cater for B Double and heavy transport vehicles and runs directly into the Estate from the M1 motorway (Pacific Highway) and via Beaudesert.
Real estate agents Wright Property, CBRE and Ray White are marketing lots within the park.
The first 20-hectare site is already completed and was acquired for $26 million in 2013 by Caterpillar, who developed an $80 million, 60,000 sqm distribution centre there.
Logistics firm Cope Sensitive Freight is building a 36,000 sqm distribution centre in Stage Two. Stage Three is now underway.