Keylin and Kinstone buy Coomera Town Centre south land opposite Westfield Coomera on Gold Coast

Brisbane-based developers have emerged as the new owners of the Coomera Town Centre South site sold for more than $30 million. HERE’S WHAT THEY’RE PLANNING

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BRISBANE-based developers Keylin and Kinstone have emerged as the new owners of the Coomera Town Centre South site sold for more than $30 million.

It is the second major purchase by the developers in the past 12 months and follows their $50 acquisition of the undeveloped balance of the lakefront Serenity Cove estate in Hope Island.

The Foxwell Rd site is sandwiched between Westfield Coomera to the north and Dreamworld to the south.

It spans 47.7ha and has preliminary approvals in place for commercial, residential and retail buildings of between 10 and 15 storeys. The site also allows for 30 to 100 dwellings per hectare with large areas of green space.

Keylin directors Arthur Liu and Louis Cheung at the Coomera Town Centre South site.

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The land is the final piece of the Coomera Town Centre puzzle and was sold off by the Queensland Investment Corporation.

The government entity last year tasked CBRE’s Mark Witheriff and David Corke and Colliers’ Jason Lynch, Brendan Hogan and James Holland to take it to market in an expressions-of-interest campaign.

Keylin managing director Louis Cheung said the purchase is part of the company’s ongoing investment into the northern Gold Coast.

“We are delighted to have successfully secured what we believe is one of the key sites on the northern Gold Coast which will enable us to play a significant role in the creation of the next stage of the Coomera Town Centre precinct,” Mr Cheung said.

Keyline and Kinstone bought the undeveloped balance of the Serenity Cove estate in Hope Island last year for $50 million.

“This is one of the area’s most strategically important sites that will shape the future of the urban heart of Coomera.”

Mr Hogan said they received an “extraordinary” level of interest through the campaign from some of Australia’s largest public and private development groups.

“The population growth continues to drive the Gold Coast residential market as families look to migrate away from the high-density living of capital cities into lifestyle areas such as the Gold Coast,” Mr Witheriff added.

The site is skirted on the southern boundary by Oakey Creek and the Gold Coast railway corridor to the east and is within proximity to the proposed Coomera Connector.

The property comprises two lots and has preliminary approvals established through the Coomera Activity Centre South Development Code.

Plans are currently underway for the Coomera site, which has been earmarked for decades as an integral component of the Coomera Town Centre.

EARLIER: JANUARY 18

THE final piece of the Coomera Town Centre puzzle has sold in a $30 million-plus deal for the land opposite Westfield.

State Government-owned investment company Queensland Investment Corporation confirmed to the Bulletin it has signed an unconditional contract for Coomera Town Centre South.

The 47.73ha parcel is sandwiched between Westfield Coomera to the north and Dreamworld to the south and approved for residential, retail and commercial development.

The sale of the land is part of a wave of deals being done by the QIC in recent weeks for prime Gold Coast real estate.

Coomera Town Centre South opposite Westfield Coomera has sold.

FULL DIGITAL ACCESS: JUST $5 A MONTH FOR THE FIRST THREE MONTHS

In December the Bunnings Robina site, owned by the QIC Property Fund and the QIC Shopping Centre Fund, sold for $28.05 million to a private investor from Melbourne.

The property was developed as a Masters Home Improvement store in 2014 and later rebranded to Bunnings in 2018.

“The divestment of the Bunnings Robina site (jointly held by the QIC Property Fund and the QIC Shopping Centre Fund) and the Coomera South site (100% owned by the QIC Property Fund), is in line with client endorsed strategies for both funds,” QIC said in a statement.

QIC’s latest listing is the Home+Life retail precinct adjacent to Bunnings Robina with a sale campaign through JLL to start later this month.

Home + Life Centre Robina has hit the market. Photo Scott Powick Newscorp

The centre, spanning 14,700sq m, opened in November, 2017, and offers retailers including Early Settler, James Lane and Nick Scali.

“QICGRE is also currently working through a process to divest Home + Life Robina, but at this stage it would be inappropriate for us to make any further comment on that campaign.”

The Coomera land was put to the market last year by CBRE’s Mark Witheriff and David Corke and Colliers’ Jason Lynch, Brendan Hogan and James Holland in an expressions-of-interest campaign.

The listing came after QIC applied through town planner Urbis to the Gold Coast City Council seeking an extension to the preliminary approval through to 2027 which was granted.

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