Spotlight Property Group, backed by billionaire investors, has acquired a prominent site adjacent to the Dreamworld theme park in Coomera, Queensland, with plans to develop a significant retail complex. The purchase reflects confidence in the area’s growth potential, particularly following recent government support for the theme park’s redevelopment.
The Queensland government recently endorsed Pacific Coast Entertainment’s masterplan for a 55-hectare landholding surrounding Dreamworld and WhiteWater World, boosting development prospects for the Coomera region. This move has been viewed as a catalyst increasing both investor interest and land values in the vicinity.
Spotlight Property Group, led by co-founder and chairman Morry Fraid and executive deputy chairman Zac Fried, has extended its Queensland footprint, adding to prior projects including a development on the Sunshine Coast. The company acquired the 2.78-hectare site at Lot 170 and Lot 171 Dreamworld Parkway in an off-market transaction from Gordon Corp for $30 million. The land fronts the Pacific Motorway and encompasses approximately 28,000 square meters, making it a highly visible location within one of the Gold Coast’s key commercial hubs.
The group plans to construct a retail centre, with future possibilities for complementary retail and large-format showroom developments on the broader holding. Fried described the site as a prime opportunity benefiting from strong exposure to both local residents and the Gold Coast’s visitor market. He highlighted the region’s growing visitor economy and broader Queensland development trends as factors underpinning the retail project's potential.
Tim Gordon, owner of Gordon Corp, noted that the sale followed a review of alternatives, including potential subdivision of the property. He expressed satisfaction that the asset would now be developed by a company with the vision and resources to maximize its scale and strategic location.
The transaction, brokered by Colliers’ Marlon Crawford, underscores robust demand for sizable sites that offer high visibility for operators seeking to establish or expand business footprints. Crawford noted that opportunities matching this profile are becoming increasingly scarce in Queensland’s market.
The state’s large-format retail investment sector has experienced significant growth, with transaction volumes rising 53 percent year-on-year to $409 million in the 12 months to September. Spotlight’s portfolio includes key retail and commercial properties across various Australian and New Zealand locations, such as Bennetts Green, South Melbourne, Frankston Homemaker Centre, Carnegie, Christchurch, and Hervey Bay.