Brisbane Road industrial site previously owned by Ivan Gibbs sells for $6.5m

A big-money battle has played out over a property on one of the Gold Coast’s busiest arterial roads which was once owned by a famous figure. FIND OUT MORE

An Arundel industrial property with a long history and links to a Gold Coast political figure has sold for $6.5m.

The Brisbane Rd site, which is home to a range of businesses including Goodyear Tyre and Auto, Playhouse Adult Store and Taubmans PPG, was the subject of intense interest, with 283 inquiries and 45 bids made at auction.

240 Brisbane Road sold under the hammer for $6,500,000. The site was previously owned by Ivan Gibbs and the Gibbs family who owned a car wrecking yard.

It was sold by Josh Wright, director of Crew Commercial, who said interest in industrial property remained high.

“We continue to receive unprecedented levels of inquiries from private investors seeking to redeploy funds out of term deposits,” he said.

“Many buyers in the market are cash heavy with returns at under 5 per cent, so they are seeking to secure premium commercial properties to sit on, effectively betting on rental growth and capital gains.

Josh Wright

“While we are recording tougher leasing conditions on smaller industrial premises reflecting the squeeze on small enterprises, medium to large businesses are trading well with a line up of users if a 300sq m plus or freestanding building becomes available.

“From a sales perspective, owners occupiers are needing to try to outbid investors if they are to secure their own site which continues to push the market pricing higher.”

The site generates an annual income of $325,188.

Historic photographs of 240 Brisbane Road, Arundel

It was previously owned by late former councillor and state MP Ivan Gibbs, who initially operated a car-wrecking yard in Southport.

He relocated to acreage at Arundel in December 1956 after complaints from locals and operated South Coast Wrecking Co, later known as Gibbs Truck and Trailer Parts, there for many years.

Mr Gibbs sold the property in 1989, the same year he lost his seat in parliament. He died in 2011.

Historic photographs of 240 Brisbane Road, Arundel