Gold Coast property: Kaufland offloads three Queensland sites – including one at Burleigh Heads – to Coast developer Tim Gordon
Gold Coast developer Tim Gordon has emerged as the new owner of Kaufland’s three Queensland sites including one at Burleigh Heads after spending $30 million on the properties.
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GOLD Coast developer Tim Gordon is planning to build a new homemaker centre on the Gold Coast after buying Kaufland’s three Queensland sites including one at Burleigh Heads for $30 million.
Kaufland listed nine sites, which included three in Queensland, for sale earlier this year following a decision to exit the Australian market.
It had spent close to $20 million buying the former Bunnings 3.28ha site at 177-207 Reedy Creek Rd for $19.74 million in July 2018.
That property was marketed by Colliers International’s Steven King and Marlon Crawford.
“I think Tim has identified the properties are in good key positions with plenty of opportunities,” Mr King said.
A contract for the Burleigh site was signed earlier this year and went unconditional last month.
The sale is due to settle in December.
The other two Queensland sites purchased by Mr Gordon are 177-189 Morayfield Rd, Morayfield and 159-177 Progress Rd, Richlands and are due to settle at the same time.
Mr Gordon had planned to build homemaker centres on all three sites, including the Burleigh property.
Marketing material from Colliers said the new centre, located between Billabong and Stockland Shopping Centre, would have a net lettable area of 11,634sq m and up to 384 car parks.
Tenancies offered would range from 360sq m and 4000sq m.
Mr Crawford and Damian Crocetti were listed as leasing agents.
After buying the Kaufland site in 2018, the German supermarket giant tried and failed to have the property rezoned for development as a giant “hypermarket”.
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