Fund buys up on the Gold Coast
Fund manager Natgen has expanded its Gold Coast warehouse development pipeline, buying two developments in the city’s northern suburbs.
They paid $2.95m for a 4500sq m vacant two-lot site at 8-10 Naves Drive, Coomera.
The property will go into the Natgen Development Trust CM23 and when built will comprise a commercial showroom/warehouse facility. It will offer more than 18 tenancies ranging in size from 100sq m to 220sq m.
Dave Kertesz and Jacob Zhou from Crew Commercial struck the deal. It follows Natgen’s earlier investment via the Natgen Development Trust OR23 of a 3162sq m site at 23 Tillyroen Rd, Ormeau Hills, for $2.1m. Natgen plans to develop a mini-warehouse storage facility comprising 24 strata-titled units.
Natgen managing director Steven Goakes said the projects offered an attractive opportunity for investors.
“They have strong long- term locational advantages due to their proximity to increasing traffic areas, high population growth and the shortage of suitable warehouse and storage units needed for small business operators and residents,” he said.