Sydney-based funds manager EG has listed the Circle on Cavill retail centre in the heart of one of Australia’s busiest tourism destinations, Surfers Paradise.
Like many retail landlords, EG recently shifted the centre’s focus to dining, convenience retailing and customer experience.
The 12,364sq m centre underwent $13 million in capital works, including the installation of a community space, upgrades to tenant fit-outs, a children’s playground, landscaping and a giant television screen.
EG acquired the shopping centre, which sits at the base of Sunland’s twin tower Circle on Cavill development, for $40 million in 2011.
Anchored by Woolworths under a long-term lease, EG’s repositioning of the centre as more entertainment-focused has increased the visitations post-upgrade, EG divisional director Daniel Farley said.
“The physical works have greatly transformed the shopping experience to a day and night destination with diverse food and entertainment options.”
McVay Real Estate agent Sam McVay is marketing the property alongside JLL’s Jacob Swan and Sam Hatcher.
“The Gold Coast market continues to go from strength to strength, with the success of the 2018 Gold Coast Commonwealth Games providing the region with even greater global visibility,” McVay said.
“The growth in offshore demand for the Surfers Paradise CBD market continues unabated.”
EG Funds is developing a major twin-tower, mixed-use project nearby on Orchid Avenue and Surfers Paradise Boulevard.
Billed as an “entertainment hub for south-east Asia”, the recently approved twin-tower skyscrapers will reach 56-storeys and 72-storeys above the Surfers Paradise entertainment district.
Prime Slice of the Gold Coast Hits the Market
A prime 9,637sq m slice of the Gold Coast has come to market, giving potential investors an opportunity for development or an idyllic residential holding.
The property, located at 162 Siganto Drive, is positioned in a prime growth area and only eight minutes from the newly built Westfield Shopping Centre in Coomera.
The proposed commercial mixed-use development site caters for a range of potential uses under the low impact industry zoning which will suit developers in the distribution industry, or those looking for professional office space or even indoor sports and recreation.
The surrounding area has benefited from strong residential growth which has supported the housing market, commercial businesses and new infrastructure.
The site sits within a rapidly expanding growth corridor and is situated directly off the M1, approximately 40 minutes from Brisbane, 25 minutes from Burleigh Heads and 20 minutes to Southport CBD.
On the site currently sits a resort style luxury home and swimming pool.
Under the current medium density zoning we understand the potential for this site may suit age care or subdivision of town homes and potential many more uses (STCA).
The proposed DA maximises the shape and size of this site and plans showan NLA of approximately 3,135sq m and only around 32 per cent site coverage allowing developers to increase the GFA and turn this development site into a winning investment.
The great thing about this site is it is tucked away giving potential businesses lots of privacy, but also providing ease of access around the site as it opens up with potential waterfront views.
The M1 off ramps to Siganto Drive is a massive plus with the North and South entry points to Siganto Drive being the Oxenford/Hope Island exit and North Helensvale/Movie World M1 access ramps allowing for an effortless flow of vehicles.
With recent transactions in this area of Saltwater Creek Pub and a mortgagee sale of the proposed MI-HQ development site we can see that by these transactions occurring in the last few months that commercial property and development opportunities are in high demand.
Gold Coast office space in hot demand
NEW data has revealed the demand for office space on the Gold Coast continues to increase.
The Property Council of Australia’s 2019 Office Market Report shows the Coast’s office market vacancy has fallen from 12.0 percent in July 2018 to 11.6 percent in January 2019.
Chris Mountford, Queensland Executive Director for the Property Council of Australia, attributed it to positive tenant demand and encouraging market conditions following the close of the 2018 Commonwealth Games.
“Figures from the 2019 report show a healthy office market with positive tenant demand and a good level of net absorption. Rather than scaling back post-Commonwealth Games, the region has defied the nay-sayers and continued its growth trajectory,” said Mr Mountford
“Activity has been particularly positive in the Bundall and Surfers Paradise locales, with 2,986sqm of net absorption being recorded across the Coast markets over the period.”
“Robina-Varsity Lakes and Southport also witnessed a decline in vacancy, due to net absorption, which shows growing strength in the local economy.”
The only suburb to see a notable increase in office space was Broadbeach.
“We did see an increase in vacancy in the Broadbeach area, but this was due to 892sqm of supply additions.”
“With little new stock on the horizon for 2019, we can expect vacancy rates to tighten throughout the year, putting the Gold Coast in a strong position going forward,” said Mr Mountford.
Yuhu Snap Up Neighbouring Site to Expand Jewel
Development giant Yuhu Group has expanded upon its $1 billion Jewel development, snapping up a neighbouring parcel of land in Surfers Paradise.
The $11.25 million purchase includes two low-rise apartment buildings on a 1264sq m parcel of land adjacent to the major Jewel development.
While no specific plans for the 2 Wharf Road site have been finalised, Yuhu chairman Jimmy Huang said the vision for Jewel is to “create the most desirable destination possible for both residents and visitors”.
“The extra land could, for example, lend itself to additional retail and commercial offerings, including facilities to support leisure, exhibitions, entertainment or business activities.”
Yuhu Group acquired the historically difficult developmentproject from Chinese conglomerate Dalian Wanda, along with One Circular Quay in Sydney, for $1.13 billion in May last year.
The three crystalline towers that form the Jewel project reached topping out stage last August.
In North Sydney Yuhu has topped out its $250 million residential development ‘The Miller’ reaching its maximum 21-storey construction height.
The PTW-designed tower will comprise 169 private residences and 100 serviced apartments, managed by Quest when complete.
Huang says The Miller will provide high-quality urban living in North Sydney.
“It is also in proximity to the waterfront and Sydney CBD just two kilometres away,” he said.
The Miller is scheduled for completion in the third quarter of this year.
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