Offers over $30 million sought for Austcorp's Coomera Waters Gold Coast development

Offers over $30 million sought for Austcorp's Coomera Waters Gold Coast development
Offers over $30 million sought for Austcorp's Coomera Waters Gold Coast development

Austcorp Group’s masterplanned 476-hectare Coomera Waters development on the Gold Coast has been listed for sale with price expectations of between $30 million and $40 million.

The Sydney property development company that built the 71-storey $1 billion Vision tower in Brisbane was placed in voluntary administration in May 2009 with debts of about $550 million.

The estate is located on the banks of the Coomera River, 18 kilometres north of the Surfers Paradise CBD and directly opposite Sanctuary Cove.

Once fully developed, the estate will comprise 1,556 lots surrounding an existing 17-hectare tidal lake, with private recreational clubs, retail and commercial space and a marina.

To date, 1,121 residential lots and six waterfront villas have been completed and sold while a further 47 titled residential lots and two waterfront villas are completed and on the market.

The expressions-of-interest campaign for sale of the balance of residential land, the marina shopping village and marina berths is being co-ordinated by CBRE’s Will Cameron, Mark Witheriff and Lachlan Harris.

The site is being market internationally, with Witheriff expecting the masterplanned residential estate to attract significant interest from both onshore and offshore development groups.

“The estate is located in a strong population growth corridor that is currently experiencing a significant level of urban development,” Witheriff says.

“The area is set to benefit from ongoing private and public sector infrastructure investment and from the future development of the adjoining Coomera Town Centre as a major activity centre.”

A three-bedroom waterfront villa on Kestrel Lane is currently being marketed by Mark Croudace from PRD Nationwide with a price tag of $699,000, and Jason Read from LJ Hooker Coomera is seeking offers of over $700,000 for another three-bedroom villa on the same street.

A further 75 residential lots are approved and are ready for release and construction in two stages, with prices starting from about $260,000 for a 1,130-square-metre block. A further 103 residential lots to be released in three stages have development applications lodged.

CBRE development director Will Cameron says 22 stages of the estate have been completed and sold, while a further three developed stages are available for sale. A further five stages and a number of medium-density parcels in various stages of approval form part of the sale.

“The sale provides an opportunity to acquire income producing assets including Marina Shopping Village, 70 berth marina and commercial offices.  This income will be available as the remainder of the estate is developed,” Cameron says.

“Another drawcard for buyers will be the fact that all the estate’s infrastructure is in place and the remaining development parcels are unconstrained, including a mix of waterfront sites and elevated dry lots with outstanding water views.”

The Marina Village retail commercial precinct comprises 1,548 square metres of retail commercial space and is currently 82% leased.

Expressions of interest close on November 24, 2011 at 4pm.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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