Billionaire-backed Spotlight Property Group has snapped up a Coomera site next to Dreamworld with plans to build a major retail complex, betting on the theme park's revival.

The Qld government sparked a boost in the park's value when it stepped in to approve Coast Entertainment's masterplan for its 55ha Coomera landholding surrounding Dreamworld and WhiteWater World.

Spotlight is led by billionaire co-founder and chairman Morry Fraid and his nephew, executive deputy chairman Zac Fried and they've already pushed into Qld with a Sunshine Coast development.

Spotlight has now picked up the high-profile 2.78ha site beside Dreamworld from privately-owned Gordon Corp in an off-market transaction negotiated by Colliers' Marlon Crawford for $30M.

The company will build on the two-lot holding at Lot 170 and Lot 171 Dreamworld Parkway, Coomera. Spanning about 28000 sqm, the property fronts the Pacific Motorway and is positioned in one of the Gold Coast's highest-profile destinations. Spotlight will build a retail centre, with the broader holding also presenting potential for complementary retail and large-format showrooms.

Mr Fried said the Coomera site was an exciting opportunity to build a retail centre in a location with strong exposure to both local customers and visitors. 'The Gold Coast's visitor economy and the continued growth of Qld make Coomera an exciting location for retail', he said.

Gordon Corp owner Tim Gordon said the sale followed consideration of alternative options for the property, including subdivision. 'SPG presented a compelling opportunity to sell the holding to a genuine occupier with the vision and capacity to realise its potential. We're pleased to see the property move into the hands of a business that can make the most of its scale and location'.

Mr Crawford said the transaction highlighted demand for well-located land that could accommodate business operations while delivering strong customer visibility. 'We've seen strong appetite for well-located sites with this kind of scale and opportunities with this profile are increasingly rare' he said.

Spotlight's real estate holdings include flagship properties at Bennetts Green, South Melbourne, Frankston Homemaker Centre, Carnegie, Christchurch and Hervey Bay.

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