Gold Coast real estate: Giant Coomera site near M1 on the market

One of the northern Gold Coast’s last undeveloped sites is set for a major change which has the potential to create thousands of new homes and businesses for Australia’s fastest-growing region.

One of the largest undeveloped sites in the heart of Coomera has unexpectedly been put on the market.

The 53.99ha site, which fronts the old Pacific Highway next to the M1 and sits just north of the Coomera Town Centre will be sold by Colliers as part of an international expression on of interest campaign which could see the site dramatically redeveloped.

Colliers industrial managing director Gavin Bishop said the site had the potential for both commercial and residential projects.

Aerial photo of Lot 1, Pacific Highway, a 54.99ha site near Westfield Coomera which is now on the market. Picture: Supplied by Colliers

“This is one of the last and largest sites on the Gold Coast that presents a unique opportunity to gain a foothold in one of the most dynamic property markets in the city,” he said.

“While development approvals are already in place, the scale of this property delivers significant opportunities for a buyer to capitalise on the fast-growing Coomera region and the emerging transport-oriented commercial and retail hub of the Coomera town centre precinct.

“It is primed for a multistage development that could transform the heart of Coomera into a world-class precinct and further support growth in the area.”

The site, which has sat empty for decades, is currently subdivided into 46 lots of between 3972 sqm and 16,530 sqm.

Aerial photo of Lot 1, Pacific Highway, a 54.99ha site near Westfield Coomera which is now on the market. Picture: Supplied by Colliers

Its new owner would be able to apply to the Gold Coast City Council to redivide the site and have it rezoned.

Any eventual development will join a wave of major projects in the area, including the $1.3bn public hospital which is currently under construction, the planned Foxwell private hospital, as well as the new Coomera Home Ideas Centre (CHIC).

The site is around one third the size of the only other major undeveloped site – the nearby Coomera Quarter site which is owned by billionaire developer Bob Ell.

LEDA Group has approval to build more than 4000 homes on the site.

Daniel Coburn, Colliers’ industrial and logistics director, said there were few remaining sites for full-scale development.

Aerial photo of Lot 1, Pacific Highway, a 54.99ha site near Westfield Coomera which is now on the market. Picture: Supplied by Colliers

“The northern corridor has not only been undergoing significant growth through the Gold Coast’s interstate and intrastate migration, but the surrounds of the town centre precinct are also undergoing an urban renaissance that is supported by significant government expenditure including the new $1.3 billion Coomera Hospital and the $3 billion first stage of the Coomera Connector,” he said.

“With the growth that has been happening throughout the area over the past decade or more, this site has been sitting patiently for the right time to capitalise on the many opportunities it can bring to this growth story.”

The expression of interest campaign will close on November 6.

Originally published as Gold Coast real estate: Giant Coomera site near M1 on the market