An approved retail mixed use development site at Pimpama on the northern Gold Coast has been sold for just under $5 million.
The 1.531 ha site, comprising Lot 5 and part of Lot 4 at Yawalpah Road at Pimpama, is strategically positioned in the high growth corridor between Brisbane and the Gold Coast.
It is accessed via the Old Pacific Highway just off the M1 Motorway and is in close proximity to the Gainsborough Greens golf course and master-planned community.
The property was sold by Bill Ross of Savills Gold Coast to an experienced local developer for $4.93 million.
Savills conducted a targeted Expressions of Interest campaign for the property, which attracted strong levels of developer interest.
Mr Ross said the new owner plans to commence construction immediately on a new retail mixed-use development.
He said the site was sold with existing Development Approval encompassing a range of retail mixed uses, including service station, convenience centre, fast food drive-through, and medical centre.
“It is a wonderful development opportunity in a high growth area and the new project will seek to capitalise on the prominent positioning in one of the fastest growing residential locations in south east Queensland,” he said.
Kevin Carmody, Director of Savills Gold Coast, said the sale of the Pimpama site highlights the continued strong demand for high-quality and well-positioned development opportunities throughout the wider Gold Coast market.
"In particular, sites with good approvals that will attract quality tenants in growing locations such as the Pimpama-Coomera area, which is set to account for a big chunk of the overall population growth of the Gold Coast.”