Alder Developments has come out on top in a "hotly contested" sales campaign for an office development site within the M1 commercial precinct on the Gold Coast.

Colliers invited expressions of interest for 120 Saganto Drive, Helensvale in December of last year, eventually selling the property on behalf of the mortgagee to Alder for 3.4 million. 

Selling agent and Colliers Director of Investment Services James Crawford told WILLIAMS MEDIA he had recieved widespread interest for the property.

At a glance:

• Property within M1 commercial office precinct on the Gold Coast sold by Colliers agent James Crawford on behalf of mortgagee to Alder Development for $3.4 million.
• Site has a development permit for a multi-level office building consisting of 4,491 sqm of gross floor area and 169 car parking spaces.
• Colliers recieved more than 50 enquiries and seven formal bids for the property during the sales campaign.

Colliers Director of Investment Services James Crawford. Source: Colliers

“In a highly competitive bidding war that included local developers and ASX listed companies, we received 50 enquiries, 7 formal offers plus other informal bids," he said.

 “This is the 3rd high profile commercial development Alder’s have purchased from us in recent years, they recognise the strong fundamentals of the area and will deliver fantastic office amenity to the area.”

The last remaining development site within the commercial office precinct includes 4,180 square metres of land area, 50 metres of Siganto Drive street frontage, and exposure to more than 140,000 vehicles passing daily via the M1 Pacific Motorway.

The property also has development permit for a multi-level office building consisting of 4,491 sqm of gross floor area and 169 car parking spaces. 

Colliers National Director Stewart Gilchrist told WILLIAMS MEDIA construction had already commenced on an office building including foundations and basement parking.

“The new buyer is set to finish the partially completed flagship office development which will become an iconic landmark to the more than 140,000 vehicles passing daily," he said.

The property is due to settle in March.

Source: Colliers

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