CBD block in Coolangatta set to whet appetite of investors

A PRIME block of CBD commercial property is set to whet the appetite of investors. The Canberra owner is cutting ties after 15 years of ownership.

An entire CBD block is on the market at Coolangatta.

CANBERRA-based Willemsen Group is cutting ties with a whole city block in Coolangatta CBD.

The group, headed by Anthony Willemsen, assembled a 2746sq m three-title parcel bounded by Dixon, Gerrard and Chalk streets for $2.9 million starting in 2003.

In 2009, the group laid plans for a 26-level mixed-use tower at Coolangatta, to be called ARC.

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The crescent-shaped tower was to have 177 one and two-bedroom short-stay apartments above three levels with retail outlets, restaurants, medical services and office space.

However, the project was put on hold due to the impact of the global financial crisis.

The Coolangatta site allows for one bedroom per 33sq m of the site area and a maximum building height of 24m.

Lachlan Harris and Mason Kidman, of Avanti Commercial, are marketing the property.

Mr Harris said the site had a prime location in the Coolangatta CBD.

“The southern Gold Coast is proving popular with developers due to strong demand driven by more and more people moving to the region,” he said.

“This site could be suitable for aged-care, commercial or residential development. The triple-street frontage enables a number of options for any developer.”

Willemsen Group made its first foray into Gold Coast development in 2001 when it began construction of the Sentinel on Main River tower at Budds Beach. The group went on to develop the Axis tower at Main Beach, and the Merion Residences at The Glades golf course.