The sale of two commercial units in a busy Upper Coomera industrial hub has reset the benchmark for the square meter rate in the area.
Gold Coast based mid-tier construction company Condev Constructions went to contract on two industrial units in its Northward Street development this week for an average S2,150 per sq metre, eclipsing the previous rate achieved at a recent auction in the $1,600s per sq metre.
Both units sold for a total $1,075,000.00, were cash unconditional and purchased by end users.
Condev director Tracy Marais says he has seen a noticeable upturn in the market after the malaise displayed by industrial unit purchasers over the previous 12 months.
“Both purchasers have been quick negotiators an decision makers, with the deals commenced and concluded within a single week,” Ms Marais says.
“We’ve been careful not to discount our stock over the past year, even when times were tough, as we were sure the market and particularly the area would rebound fairly quickly.
“Coomera is an ideal location for light industrial complexes such as these as they provide value for end users or investors and are centrally located along the growth corridor of the northern Gold Coast.”
The 245 sq metre and 255 sq metre units will be used for medical research laboratory equipment warehousing and luxury car parts warehousing and distribution.
Condev developed the 2,025 sq metre 10 unit light industrial complex at 3 Northward Street Upper Coomera and completed the project in March last year, so far selling all but three units.
Two further sales in the same development are currently being negotiated for units of 225 sq metres and 200 sq metres.
Condev Construction is an award winning mid-tier construction company licensed to build residential, commercial and industrial projects in Queensland and NSW in the $1,000,000 to $50,000,000 range.
The company was recently appointed to build a $9 million mixed-use commercial project in Byron Bay’s CBD which is under construction.
Its most recent projects include the Campus Alpha commercial building in Robina and the head office of Morris International in Nerang. Both project have recently won Master Builders 2009 Gold Coast Housing and Construction Awards.
ENDS
For more information contact Bruce Nelson on 0423 403 449.
