A Molendinar industrial site sale has smashed the previous record price paid per sqm on the Gold Coast.
The 6,575-sqm site is the last vacant lot available in Molendinar, located at 2 Production Drive has sold for $3.3 million, its sale price equates to $501 per sqm.
The nearest sale was a 7,994 sqm site at 19 Production Avenue, which sold in April 2005 for $3.58 million, or $420 per sqm.
The property was sold to a Gold Coast industrial developer, who intends to build on the site once it is vacated by tenant Builders Depot, which provide supplies to local builders and have three years remaining on its lease.
Marketing agent Chaz Burdett of Colliers International on the Gold Coast said a site of similar size would be expected to sell for $300 per sqm, however scarcity of land in the area impacted the price achieved.
“The site is zoned Industry 1, suited to small general industry type businesses including manufacturing, trade workshop or storage, and is a key holding, not only now but when it is developed down the track,” he added.
Burdett said Molendinar was one of the Gold Coast’s original industrial estates, easily accessible by local and Brisbane-based businesses.
Australian Property Journal
