As one of the Gold Coast’s preeminent tourist attractions, it’s rare for a substantial piece of commercial real estate in Surfers Paradise to be offered to the market. Rarer still, is for such a property to carry with it significant redevelopment opportunity. Even rarer still, is for that property to be situated 200m away from one of the busiest beaches in Australia; a beach which welcomes 20,000 visitors to its shores every day.
The corner site at 41 Cavill Avenue and 3170 & 3180 Surfers Paradise Boulevard happens to tick all of these boxes. For the first time in 47 years, the iconic mixed-use site nestled amidst the entertainment precinct of one of Australia’s most popular getaway destinations is being presented to investors by Cushman & Wakefield, in conjunction with CBRE.
“This is a rare opportunity to secure a trophy site in the heart of one of Australia’s top tourist destinations,” stated Cushman & Wakefield’s Director, Joint Head of Middle Markets, Mike Walsh.
“While we expect strong interest from local and offshore developers seeking an unparalleled redevelopment opportunity, the site offers a purchaser additional flexibility to undertake a value-add project or re-lease and sell down over the longer term.”
Beyond its location, the versatility of the site is one of its main selling points, as the landholding carries "centre" zoning, with no maximum residential density or a maximum building height (STCA), giving developers the option to completely refurbish the property as they see fit.
Home to the Bavarian Haus, the longest continuously standing restaurant on the Gold Coast, as well as the Adidas Originals store, the current tenants offer security for an investor who is just seeking high quality commercial property that can deliver considerable holding returns. But with the property in such close proximity to some of the most frequented hotel accommodation in the area, including the Novotel and the Hilton Hotel, this landholding offers the successful buyer an abundance of freedom in approach.
“The site is being offered for the first time in almost half a century offering a strong mix of retail and business tenants and significant holding income,” stated CBRE’s Managing Director Gold Coast, Mark Witheriff. “Its magnitude and location make it one of the most attractive opportunities to come to market in Surfers Paradise in recent times.”
With 1,638 sqm of total area and 91m of street frontage to one of the most visited roads on the Gold Coast, Witheriff is right in identifying the property’s magnitude. For a site with such adaptability, this is a big landholding. Interested parties should act quickly, as with its size, exposure, and zoning, this property won't stay on the market for long.
The site is being brought to market by Cushman and Wakefield’s Mike Walsh, Frederic Le Fanue, and Peter Court, alongside CBRE’s Mark Witheriff, Daniel Doran, and John Nucifora, in an international Expressions of Interest campaign that concludes on the 7th of July.