A private developer has paid $2.425 million for a prominent Sunshine Coast commercial site at 580 Maroochydore Road, Kunda Park.
CBRE’s Glen Grimish and Brendan Robins negotiated the sale of the high profile, 5,972 square metre site, which has housed Maroochy Auto Wreckers for the past 35 years.
“The sale price is believed to be a record result for the tightly held Maroochydore Road strip through Kunda Park,” Mr Grimish said.
“The transaction follows two other vacant land sales in the Kunda Park area, which CBRE negotiated on behalf of Boral in late 2018 at a rate of $330 per square metre plus GST. Each of those parcels was 4,000sqm in area, but neither offered the same level of signage profile as this site.”
Mr Robins noted that all three sites had been purchased by property developers, rather than owner-occupiers.
“The buyer of the Maroochydore Road property is now seeking expressions of interest from tenants, with areas available to lease from 200sqm up to 3,000sqm,” Mr Robins said.
“We expect there will be strong demand from businesses who require profile and exposure, that are seeking to be located amongst other big brands in Kunda Park.”
Mr Grimish said the stretch of Maroochydore Road where the site was located had evolved from what was essentially a dirt track when it was purchased by Maroochy Auto Wreckers to be the major arterial route into Maroochydore CBD from the Bruce Highway and all points west.
Commenting on the types of businesses that were targeting the precinct, Mr Grimish said; “Our belief is that the zoning along Maroochydore Road through Kunda Park will evolve in future to accommodate higher uses, which reflect how this road has transformed over the past 35 years.”
The 580 Maroochydore Road site currently has a Medium Impact Industry zoning.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.