Silverstone Developments, a Brisbane based development company, has settled on the property at 19 Kristins Lane, Upper Coomera. The site trades hands from Terence Dobson, who had previously held the land since 1984.
Commercial Agent Gerry Thibault of NAI Harcourts Gold Coast, who handled the sale said, "Silverstone have seen the growth of this area and secured the last prime exposure site within the Upper Coomera Commercial Precinct… This key commercial site, with a substantial land area, received intense interest from development groups before Silverstone secured the property for their portfolio."
The transaction represented a sale rate of $275/m2 for the 2.643 ha site.
Located about 20km north of the Surfers Paradise, the Silverstone site is adjacent to the Coomera City Centre, a shopping complex purchased by Charter Hall in a $60 million transaction in 2014.
Silverstone have already made quick progress, with plans for a mixed-use development on the site.
Thibault notes that "the Upper Coomera Commercial Precinct has been experiencing a growth rate well above the national average for over a decade with the trade area population forecast to grow at 4.5 per cent over the next 5 years."
"The greater Coomera area has always attracted development groups due to its location in the corridor being 40 minutes to the Brisbane CBD and 30 minutes to the beaches at Surfers."