GOLD COAST, 24 September 2020 –
An iconic beachfront development site adjoining Main Beach at the northern end of the Gold Coast with no building height limit, suitable for a landmark residential led mixed use project, is on the market for sale
The amalgamated Pacific Point highrise apartment building and adjoining duplex is being offered For Sale by James Holland, Brendan Hogan and Gus Moors of Colliers International.
The 1,682 sqm (approx.) beachfront site located at 3464-3468 Main Beach Parade, Surfers Paradise, is zoned High Density Residential and is being sold by Colliers International on behalf of Aquis Australia which is linked to Hong Kong based Tony Fung.
The property has substantial and extremely rare beach frontage of over 70 metres and is currently improved with a ten-level apartment building and a three-level duplex, providing substantial holding income. The HDR zoning and unrestricted building height combined with the substantial site area provide the opportunity to develop a landmark beachfront project. Concept Plans are available for a striking residential led mixed use tower featuring premium residences above a hotel.
The site also benefits from a current Development Approval for a world-class Woods Bagot designed Resort Development with circa 47,000 sqm of GBA (580 x rooms) over 50 levels.
“There are extremely limited beachfront development sites of this scale remaining under single ownership on the Gold Coast – let alone those which have the 70+ metres of beach frontage of this site.” said James Holland, Executive, Residential at Colliers International.
“The beachfront apartment market continues to go from strength to strength and we are seeing a significant increase in demand for premium beachfront apartments – driven by a spike in local, interstate and offshore purchasers”
Brendan Hogan, Director, Residential at Colliers International said “We are already seeing strong interest for this property and anticipate further interest from a range of parties including developers, hotel developers and investors who may landbank – either originating locally, interstate or offshore.”
“We are seeing an increasing trend of new entrants into the South East Queensland market who are looking for ‘high quality sites’ given the lifestyle and affordability benefits as well as the positive economic and population growth outlook, so this site would certainly appeal to these prospective buyers.”
Gus Moors, Head of Hotels, Australia at Colliers International said: “Upon lifting of state border restrictions, all indications are that the Australian travelling public will flock to regional holiday destinations. Gold Coast in particular will be a market in demand due to its history of being Australia’s playground. Upon lifting of international travel restrictions, the international travelling market are likely to be drawn to the Gold Coasts’ strong fundamentals around accessibility to Asia Pacific, outdoor lifestyle, and a diversified economy”
The International Expressions of Interest campaign for Pacific Point closes on the 28th of October, if not sold prior.
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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.