Brisbane-based developer Empirica Developments Pty Ltd recently received approval from local government to build a $20 million turnkey service centre for Shell (Viva Energy) in Coomera.
The service centre will be built on a vacant 3.3 hectare site in Coomera, which Empirica purchased for $6 million.
Shell has committed to a 15 year lease plus options once the site is constructed.
Positioned on the eastern side of Pacific Highway near exit 54, the service centre is due to commence construction in February, with completion due in September this year.
“Coomera is a strong growth corridor that is currently experiencing a lot of infrastructure development with the exit 54 interchange upgrade and the planned development of the Coomera Town Centre by QIC and Westfield,” Empirica Developments Director Matthew Volk said.
“The highway site is located at the newly upgraded exit 54 interchange, with all the traffic going past the site, which made it ideal for a service centre.
Mr Volk said Empirica is looking forward to further opportunities next year due to the $100 million development pipeline planned for the area.
Empirica have recently sold Noosaville 7 Eleven service centre and KFC for $9.3 million at 5.59% yield.
In February next year they will be commencing construction on another $20 million service centre on Olsen Avenue in Southport that will be anchored by Shell, and tenanted by KFC and Starbucks.
“Empirica timed the acquisition very well with the service station investments and developments being hotly contested and experiencing one of the tightest yields currently on the market,” Colliers International's Pat Cavanagh said.
“The infrastructure and the Town Centre development are brining further employment and population growth and positively influencing the residential and commercial development within the region."
