Coomera Town Centre South up for grabs to developers

A parcel between Westfield Coomera and Dreamworld - understood to be worth between $30m and $35m - has hit the market. The massive block of land is set to send developers flocking to complete the Coomera Town Centre puzzle.

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DEVELOPERS are set to run the rule over the final piece of the Coomera Town Centre puzzle after a massive tract of land across from Westfield Coomera hit the market.

The 47.73ha parcel, which market sources said was worth between $30 million and $35 million, is owned by State Government-owned investment company Queensland Investment Corporation and sandwiched between Westfield Coomera to the north and Dreamworld to the south.

In 2014 QIC received preliminary approval from the Gold Coast City Council for residential, retail and commercial development forming part of a continuous “spine” with the train station and theme park.

Coomera Town Centre South has hit the market. Picture: supplied.

The approval does not propose any specific development but rather is designed to facilitate future development envisioned in the area.

The sale campaign for the land is being headed up by CBRE’s Mark Witheriff and David Corke and Colliers’ Jason Lynch, Brendan Hogan and James Holland in an expressions-of-interest campaign closing on December 10.

Area councillor Cameron Caldwell said the site represents a significant part of the of Coomera Town Centre precinct.

“This is a key site in the ultimate realisation of Coomera and an important centre in the north of our city,” he said.

Coomera Town Centre South has hit the market. Picture: supplied.

“Developers are looking at new greenfield development sites and this presents a clean slate for a development opportunity.”

The listing comes after QIC applied through town planner Urbis seeking an extension to the preliminary approval.

The application says preliminary approval would lapse if certain works were not commenced by August, 2021.

However, QIC asked for more time “to provide additional time for the developer to reconsider and reposition development of the site, in response to the COVID-19 pandemic and economics impacts”.

The extension, understood to run through to 2027, was approved in July.

Uses permitted in Coomera Town Centre South include attached and medium-density dwellings, aged-care accommodation, apartments, vehicle sales, showrooms and bulky goods and shopping centre.

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