THE co-founder of one of Australia’s largest retail petrol group’s has pumped $8 million into a strategic property play in the Brisbane-Gold Coast growth corridor.
United Petroleum boss Avi Silver — through the entity Topmore Pty Ltd — has secured one of the last major development sites in Upper Coomera.
He plans to add to the group’s chain of 300-plus service stations by developing a portion of the 26.4ha site at 87 Days Rd.
Hunter Higgins from Colliers International struck the deal with Topmore Pty Ltd, of which Mr Silver is listed as sole director and shareholder.
Strong interest was fielded from a mix of potential buyers during the expressions of interest campaign.
The site, divested by Silverstone Developments, has a mixed-use zoning allowing for medical/health care services, bulky goods/showroom, self-storage, fast food drive-through and service station uses subject to council approval.
“We received over 100 inquiries from local and national developers looking for mixed-use development sites, fast food groups and business users looking to develop and occupy,” Mr Higgins said.
He said a number of solid offers were put on the negotiating table but Topmore’s $8 million offer was the strongest and a deal was sealed.
“With the opening of Westfield Coomera within 1.5km of the site, it has really ignited the area, increasing vehicle traffic flow which has brought confidence to the businesses operating within the region,” Mr Higgins said.
As part of the due diligence process, the site’s potential to be subdivided to allow for slip lane enabling the development of a service station on the eastern side was investigated.
The corner parcel is located at the intersection of Days Rd and Kristins Lane and adjoins the Coomera Square shopping centre.
“It is an extremely well positioned site and sits in the middle of a medium-high density residential catchment and major greenfield development projects,” Mr Higgins said.
“This is one of the key reasons we had so many developers interested, as they understand the potential this site brings, being situated in one of Queensland’s fastest growing regions.”
Extracted from Courier Mail