Colgate-Palmolive vacates long-time Gold Coast base
A rare industrial redevelopment opportunity will put a smile on at least one buyer’s face, with Colgate-Palmolive placing its Gold Coast industrial base on the market.
The massive 22.16ha infill site in Arundel holds huge potential for a major industrial subdivision, pending council approvals.
Selling agent Kyle Youngson, of Colliers International, says the property is expected to attract intense interest, with Gold Coast industrial in short supply.
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“We expect a lot of interest in this property from both large manufacturers and industrial developers looking to take advantage of the size and location of the site,” Youngson says.
“Industrial land demand on the Gold Coast continues to outstrip supply, with industrial land prices increasing over the last 12 months.”
“The demand for industrial land on the Gold Coast does not look like slowing in the short to medium term, with prices for vacant industrial land shifting from $300 per square metre to $400-plus per square metre in recent months.”
The property offers easy access to the Gold Coast Highway, is close to the Pacific Highway and major amenities such as Harbourtown and Westfield Helensvale
It is the first time the site has been put on the market since Colgate-Palmolive acquired it in 1988 for its oral care and laundry detergents businesses.
With about 484m of street frontage to Captain Cook Drive and with further frontage on Kendor St, the site is ripe for redevelopment – subject to council approval – with Kendor St providing a possible second access point.
Presently there are two manufacturing facilities onsite – a 6823sqm oral care products building, which has been decommissioned, and a 5823sqm laundry detergent products building, which remains in operation.
Approval to subdivide the site into two lots has been already been granted by Gold Coast City Council, but there is further potential for the site to be subdivided into smaller industrial lots, subject to council approval.
Colliers International claims smaller lots on the site could provide the bulk of industrial land supply to the Gold Coast region, outside of Yatala, over the next few years.
Industrial land demand on the Gold Coast continues to outstrip supply, with industrial land prices increasing over the last 12 months
Youngson says the site is zoned ‘medium impact industry’ under the Gold Coast City Plan.
Having recently sold out all 29 lots in the Arundel Industrial Park on behalf of the Queensland State Government, Youngson sees this project as the next big offering for industrial purchasers.
“The property offers easy access to the Gold Coast Highway, is close to the Pacific Highway and major amenities such as Harbourtown and Westfield Helensvale,” he says.
The property is being offered for sale via an expression of interest campaign commencing in April and closing on May 6.