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Commercial Property

Entire Gold Coast Block Hits the Market

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Entire Gold Coast Block Hits the Market
An entire city block in Surfers Paradise is up for sale for the first time in 40 years.

The sizable 1.05-hectare site has street frontages to Surfers Paradise Blvd and Ferny Ave, and is located about one block from the beach.

The site at 3 Cypress Avenue is owned by Tony Fung’s Aquis group and Chinese companies CCCC International Holding and Tandellen.

The partners, who paid Japan’s Orix group $36.5 million for site two years ago, own it through Aquis Hotel Investment Holdings.

The site is on the market with CBRE’s Jonathan O’Brien and Mike Walsh, and Knight Frank’s James Branch and Mark Witheriff.

“This is an outstanding opportunity to acquire a central beachside development site on this scale without any material impediments to development and a pro-development local council,” O’Brien said.

“We expect to receive interest from a range of national and international developers.”

The listing comes at a promising time for the Gold Coast tourism market, with the Commonwealth Games and recent figures showing an increase in visitors to the Gold Coast to 12.9 million per year with spending in excess of $5 billion. More than one million international passengers through the Gold Coast airport in a 12-month period.

Agents were not able to provide price expectations due to what they said was the unusual and unique quality of the site.

Expressions of Interest for the site close 24 April, 2018.

Originally Published: theurbandeveloper.com

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Commercial Property

Circle On Cavill Mall Hits the Block with $80 Million Price Tag

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cavill mall

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.”

cavill mall

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.

Source:theurbandeveloper.com

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Commercial Property

Surfers Paradise Hilton, Crowne Hotels Hit the Market for $200m

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Surfers Paradise Hilton, Crowne Hotels Hit the Market for $200m

Two of the Gold Coast’s most well-known hotels have hit the market in the same week, taking advantage of a booming hotel sector and a strong post-Commonwealth Games development pipeline.

The two hotels, the Crowne Plaza and the Hilton Hotel in Surfers Paradise have launched to market for a collective $200 million.

The blue-chip Hilton Hotel in Surfers Paradise has been offered up for sale for at least $80 million, while the Crowne was listed with expectations north of $100 million.

Gold Coast hotel operators cashed in on the visitor boom during the 2018 Commonwealth Games, with an average occupancy rate of 86.6 per cent.

The hotel sector has been flooded with listings in the last week, with $300 million worth of Ibis-branded AccorInvest hotels hitting the market on Tuesday.

Hilton owners to make $30m profit in three years

Privately-owned company Ji Feng purchased the Hilton hotel from Brookfield Multiplex in 2015 for $50 million.

The Chinese-based owners will now be looking to make a significant profit on the landmark mixed-use development in the heart of Surfers Paradise.

Positioned across two iconic towers, the offering comprises the Hilton Hotel and the associated management rights for the Hilton Residences.

The hotel, which has 169 rooms and 250 residences, also boasts conference facilities, a day spa, four food and beverage outlets and 89 undercover car parks.

Surfers Paradise Hilton, Crowne Hotels Hit the Market for $200m

Hilton Hotel Gold Coast

McVay Real Estate Australia has been appointed to sell the property after handling the previous marketing campaign in 2015.

“The Hilton Surfers Paradise is one of the newest and most centrally located 5-star hotels in the market,” McVay managing director Sam McVay said.

“It will be acquired substantially below replacement cost and allows an incoming owner the ability to further enhance income through a number of value-add initiatives.”

McVay Real Estate’s Sam McVay said the Gold Coast market is among the best-performing destinations in Australia.

“The Gold Coast remains one of the best-performing markets in Australia with STR reporting Year to Date RevPAR up 15.6% on 2017.”

“We see the continued growth across the entire Gold Coast market over the coming years on the back of unprecedented infrastructure investment into the Airport, rail and roads.”

Crowne Plaza listed for $100 million

The Gold Coast’s Crowne Plaza has been listed on behalf of a Singaporean owner moving to capitalise on the current strength in the Gold Coast hotel market.

The hotel offers 370 rooms, a two-level penthouse, extensive retail space, a bar, 15 function venues, a 261-space parking complex and multiple food and beverage outlets.

Almost $2 million has been spent on upgrading the buildings central facilities and additional development approval has been procured with approval for 234 apartments in a 46-level tower.

CBRE Hotels has been exclusively appointed to manage the sale of Crowne Plaza.

“There are very few sites of this scale available for development in this precinct, and this opportunity also offers holding income, allowing flexibility for a developer to immediately undertake the residential development or hold until the next development cycle,” CBRE Gold Coast managing director Jonathan O’Brien said.

Surfers Paradise Hilton, Crowne Hotels Hit the Market for $200mCrowne Plaza

In the year to date the Gold Coast has been the best performing hotel market in Australia with the Commonwealth Games establishing momentum that has continued into June.

“The Gold Coast has experienced a long period of growth and currently trades on an annualised basis at near-record occupancy of 72.8 per cent with average rooms rates for the 12 months to June 2018 at a record of AU$197.42,” STR regional manager Matthew Burke said.

“Events like the XXI Commonwealth Games provide a short-term direct performance boost to the norm but performance overall continues to grow and May and June’s monthly results demonstrate the continued growth to prior year.”

Source: theurbandeveloper.com

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Commercial Property

Gold Coast office vacancy declines on market demand

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Gold Coast office vacancy declines on market demand

Healthy demand for office space on the Gold Coast has seen vacancy rates fall over the final half of 2017.

The Property Council of Australia’s latest Office Market Report, released today, shows that over the last six months of 2017, Gold Coast office vacancy fell from 11.3 to 10.6 per cent off the back of positive market demand and building withdrawals.

“Vacancy rates have now been falling on the Gold Coast for a year and a half, indicating a growing strength in the local economy,” says Queensland executive director of the Property Council, Chris Mountford.

“The Gold Coast office market is now preforming considerably stronger than the Brisbane CBD, which is sitting at 16.2 per cent vacancy.

“The sharpest decline in vacancy was felt in Surfers Paradise, with strong tenant demand driving a 3.1 per cent drop in vacancy levels.

“Positive tenant demand was primarily observed in A Grade stock, with tenants seeking to shift to higher quality premises.

“With 5,576sqm of new office space in the pipeline for 2018, and 4,000sqm mooted over the long-term, the Gold Coast will need to continue to generate new job-creating opportunities this year in order to maintain current vacancy levels.”

Gold Coast vacancy rates by suburb:

  • Broadbeach: vacancy decreased from 8.7 per cent to 6.6 per cent due to 638sqm of net absorption
  • Bundall: vacancy increased from 11.5 per cent to 11.8 per cent due to -300sqm of net absorption
  • Robina-Varsity Lakes: vacancy increased from 6.8 per cent to 7.2 per cent due to net absorption of -506sqm
  • Southport: vacancy decreased from 14.0 per cent to 13.2 per cent due to 2,800sqm of withdrawals
  • Surfers Paradise: vacancy decreased from 15.1 per cent to 12.0 per cent due to 3,063sqm of net absorption

Originally Published: businessnewsaus.com.au

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