Qld Unlocks Varsity Lakes Site with Potential for 250 Homes
A key parcel of surplus land on the Gold Coast capable of delivering hundreds of new homes is being offered to market.
Industry interest now being sought through Economic Development Queensland for the 1.1ha site at Station Parade, Varsity Lakes.
It is being offered under the state’s Land Activation Program, which aims to unlock underutilised government land to boost housing supply.
The parcel, opposite Varsity Lakes Train Station, has been largely vacant for more than 15 years after being held as a transport reserve by the Department of Transport and Main Roads.
EDQ is now calling for registrations of interest from developers ahead of a formal request for proposals process expected to begin in May.
The site is expected to support up to 250 homes, with flexibility for a mix of residential and complementary uses subject to planning approvals.
Within the broader Varsity Lakes and Robina precinct, the land is close to major employment hubs, retail centres, education providers and open space networks.
The location has direct access to heavy rail services connecting the Gold Coast to Brisbane via Varsity Lakes Train Station, and is near the Pacific Motorway.
The release is part of a broader statewide rollout of the Land Activation Program, which is targeting increased housing supply by bringing dormant government-owned land to market.
The program is intended to support the delivery of a million new homes across Queensland by 2044, and multiple sites have already been identified across the state.
Final development outcomes for the Varsity Lakes site, including built form and dwelling mix, will be determined through the market process and subsequent planning approvals.
Coles Varsity Lakes fetches $37m
Meanwhile, a high-net-worth Victorian investor has acquired the Coles Varsity Lakes shopping centre for more than $37 million in an off-market transaction reflecting a yield of 4.75 per cent.
The 3592sq m centre at 1 Bellvue Drive is anchored by a full-line 3382sq m Coles supermarket on a new 10-year lease with options extending to 2075.
The deal was negotiated by CBRE agents Joe Tynan and Michael Hedger prior to practical completion.
The result underscores continued investor demand for defensive retail assets, particularly freestanding supermarkets underpinned by long-dated leases and non-discretionary income streams.
Market participants said demand for high-quality supermarket investments remains resilient despite elevated economic uncertainty, higher inflation and constrained new supply, with further similar assets expected to be brought to market nationally.
