Spotlight Property Group has snapped up a 2.78ha site beside Dreamworld.
Billionaire-backed Spotlight Property Group as snapped up a Coomera site next to Dreamworld with plans to build a major retail complex, betting on the theme park’s revival.
The Queensland government sparked a boost in the park’s value when it stepped in to approve Coast Entertainment’s masterplan for its 55ha Coomera landholding surrounding Dreamworld and WhiteWater World.
A big retail precinct is set to be built next door to Dreamworld on the Gold Coast. Picture: Nigel Hallett
Spotlight is led by co-founder and chairman Morry Fraid and his nephew, executive deputy chairman Zac Fried, and they have already pushed into Queensland with a development on the Sunshine Coast.
Spotlight co-founder and chairman Morry Fraid.
Billionaire Zac Fried. Picture: Lyndon Mechielsen/The Australian
The Spotlight unit has now picked up the high-profile 2.78ha site beside Dreamworld from privately-owned Gordon Corp in an off-market transaction negotiated by Colliers’ Marlon Crawford for $30m.
The company will build on the two-lot holding at Lot 170 and Lot 171 Dreamworld Parkway, Coomera. Spanning about 28,000sq m, the property fronts the Pacific Motorway and is positioned in one of the Gold Coast’s highest-profile destinations.
Spotlight will build a retail centre, with the broader holding also presenting potential for complementary retail and large-format showrooms.
Mr Fried said the Coomera site was an exciting opportunity to build a retail centre in a location with strong exposure to both local customers and visitors. “The Gold Coast’s visitor economy and the continued growth of Queensland make Coomera an exciting location for retail,” he said.
Gordon Corp owner Tim Gordon said the sale followed consideration of alternative options for the property, including subdivision.
“SPG presented a compelling opportunity to sell the holding to a genuine occupier with the vision and capacity to realise its potential,” Mr Gordon said. “We’re pleased to see the property move into the hands of a business that can make the most of its scale and location.”
Mr Crawford said the transaction highlighted demand for well-located land that could accommodate business operations while delivering strong customer visibility. “We’ve seen strong appetite for well-located sites with this kind of scale, and opportunities with this profile are increasingly rare,” he said.
Queensland’s large format retail investment market is winning significant capital, with volumes up 53 per cent year-on-year to $409m for the 12 months to September.
Spotlight’s real estate holdings include flagship properties at Bennetts Green, South Melbourne, Frankston Homemaker Centre, Carnegie, Christchurch and Hervey Bay.