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GOLD COAST Airport has snapped up the Tweed Heads Drive-In for $11.45 million.
The 5.15-hectare site at Tweed Heads West had been granted development approvals for a Masters Home Improvement store.
The acquisition follows the recent announcement of the Gold Coast Airport's $300 million redevelopment plan which will include two new wide-bodied aircraft stands and a three-level terminal development, with four aerobridges and improved ground transport facilities.
Gold Coast Airport COO Marion Charlton says the purchase is in line with the airport's property strategy.
"We've developed a property strategy which looks at land use on and off airport into the future," Charlton says.
"We look forward to sharing intended plans for this particular parcel of land in due course."
The property at 1 Wollemi Place was sold by Colliers International agents James Crawford and Darrell Irwin on behalf of local businessmen John Nosworthy and Glen Dawney of Boyd's Bay Group.
The sale follows a five-week national marketing campaign which attracted more than 40 enquiries and resulted in four competitive bids from both local and interstate buyers.
Crawford says the site's exposure to the M1 Pacific Motorway and strategic access to the Gold Coast Highway and Gold Coast Airport generated interest among buyers.
"Furthermore, the site offers excellent future development for uses including bulky goods, child care, garden centres, hardware and building supplies, hotel or motel accommodation, neighbourhood shops, offices, and warehouse or distribution centres, subject to development approval," Crawford says.
The DA approved site has a holding income of about $200,000 per annum.
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