valad parcel realises $14.89m

http://www.goldcoast.com.au/article/2009/05/15/78915_commercial-property.html

May 15th, 2009

TELFORD'S Building Systems has emerged as the buyer of a 15ha twin-title commercial holding at Upper Coomera.

The development company, associated with Andrew Telford, has splashed out $14.89 million for the property, buying it through an associated entity from listed company Valad Property Group.

It is understood the sale is part of a selldown by Valad of assets subject to long development timeframes.

The holding, at 114 and 164 Old Pacific Highway, sits beside the Pacific Highway and carries a fringe business zoning.

It is also near land earmarked for the Coomera Town Centre, a Gold Coast City Council-planned and State Government-approved business hub with education, health, transport, retail and commercial infrastructure.

The town centre will service a surrounding community of about 100,000 people.

The Upper Coomera site holds approval for a homemaker centre, showrooms, bulky goods outlets and vehicle sales yards across a 14-lot subdivision.

The land is part of a four-title 26.78ha parcel, including the 7.73ha Le Mans Kart Racing property, that was bought by a Valad-linked entity three years ago at a cost of $30 million.

The Le Mans landholding, whose kart track operates under a three-month rolling lease, and an adjoining property have a combined area of 11.7ha and have been retained by Valad.

The four properties share 899m of frontage to the Pacific Highway, providing high visibility to passing traffic.

The 15ha property deal was negotiated by Gerry Thibault, of Lang Realty at Coomera, who said the site's zoning for large facilities, such as bulky goods showrooms and distribution centres, and its location beside the Pacific Highway made it a strategic holding.

Mr Telford said he had no plans to develop the parcel at present.

He said the reason he had bought the holding was its proximity to the planned Coomera Town Centre.

"That is definitely why we looked at it," said Mr Telford.

Telford's Building Systems is already active in the Gold Coast-Brisbane corridor, undertaking Lions Park, a 75-lot industrial subdivision on a near 100ha landholding it has assembled at Yatala.

Records indicate the company, operating through Dynacomp, bought a portion of the parcel, on the corner of Elderslie and Stanmore roads, for $4 million in 1997.

Telford has established its Queensland headquarters at Lions Park.

Mr Telford said the company to date had developed about 40 lots in the estate and sold or leased most of them.

"We try to be particular as to whom we sell or lease premises, making sure we have quality tenants," he said.

"We are a long-term developer, so we wait until the market is right before investing."

Telford's Building Systems was also responsible for the 17-lot Telford Place industrial estate at Arundel, which cost an estimated $10 million.

The developer recently moved to sell a two-unit building in the estate.

The 1158sqm tilt-slab building sits on 2000sqm at 5 Telford Place.

Each 579sqm unit has an 80sqm office area, airconditioned showroom and its own fenced yard.

The two units share 25 parking spaces.

Ron Wilson Removals holds a five-year lease on one unit, with the other leased to amphibious-tour-bus operator Adventure Duck under a three-year contract.

The property generates about $151,500 a year in rent.

Each unit is accessed via a 5.4m roller door and has 6m-plus internal clearance.

Agent Ken Clark, of National Commercial, is offering the units under the hammer today.