Local Gold Coast developer, the Howard Group, is looking for a joint venture partner or independent developer/investor to realise the potential of two unique sites located between central Surfers Paradise and Main Beach.

The Group, led by Canadian-born Mark Howard, has placed a 2,382sq m site at 3440 Surfers Paradise Boulevard, currently comprising a Red Rooster outlet and vacant office and a second 1,055 sq metre vacant site at 180-184 Ferny Avenue on the market, in an international Offer to Purchase or Joint Venture campaign, closing 26 August 2010.

Darrell Irwin Director of Special Projects at Colliers International, and Roland Evans, Director of Commercial at Knight Frank, have been appointed to market the properties.

Mr Irwin said the Surfers Paradise Boulevard site presents as a rare opportunity for the savvy developer, boasting unrivalled uninterrupted views of the Pacific Ocean, prominent three street frontage and Gold Coast City Council Development Approval for a mixed-use 41 storey development.

"Approved plans include a complex comprising 78 two-bedroom apartments, four two-storey apartments, one three-bedroom penthouse and a retail and office component," he said.

Mr Irwin said the Ferny Avenue property is the Dedication Site to the Gold Coast City Council pertaining to the approval.

"The sites can be developed separately and as of right, both are capable of supporting a density of one bedroom per 13sq m, with an as of right height limit of 30 storeys," he said.

"These are two of the Gold Coast's finest development opportunities and among the last available in the Main Beach south area," he said.

"Both are located within the favoured Gold Coast holiday precinct, which consistently records the highest occupancy rates."

"The properties are metres from the beach, the planned Gold Coast Rapid Transit route and minutes from the shopping and dining hubs of Surfers Paradise and Main Beach."

Mr Howard, who has owned the Surfers Paradise Boulevard site since 1997, said he had patiently watched the development potential of the sites mature over the last 13 years but that the best was yet to come.

"Where else can you develop boutique sites such as these between Main Beach and Broadbeach with the best surfing beaches only 50 metres from your front door, the $1 billion Light Rail system at your back door, and you have easy quick access to all of the lifestyle choices for which the Gold Coast is renowned."

The Howard Group's latest success, Sphere at Southport, is the Group's immediate focus.

"We're concentrating our efforts at the moment on building on our success at Sphere and the reality of today's world is that you can't do everything yourself anymore," Mr Howard said.

"We've made the decision to invest our energies in Sphere and that means either securing a Joint Venture partner or divesting of these sites."

"We are very excited about the potential of these properties."

Mr Evans said there has been an increase in enquiry, from both overseas and local investors looking to secure development opportunities along the Gold Coast coastline.

"The successful sellout of Stage One and high demand for Stage Two of the nearby Hilton Surfers Paradise Hotel and Residences, which is currently under construction, and comprises residential, Hotel and an integrated shopping component, reinforces the demand for quality residential mixed-use offerings on the Gold Coast," he said.

"There is a short supply of high-quality residential and mixed-use development opportunities in the area, which has such high potential for future residential growth, which will be further driven by the light rail corridor."

"Sales numbers are up and supply levels are falling. Currently there are literally no planned projects in Main Beach which will generate any real supply without having to first be amalgamated or obtain a Development Approval."

Mr Evans said the precinct has also witnessed significant residential rental increases, the largest on the Gold Coast, according to the latest RTA figures.

The $25 million Surfers Paradise Foreshore redevelopment, which is currently underway, and due for completion in June 2011, will transform the beachfront precinct stretching from Elkhorn Avenue to Trickett Street, creating a world class beach promenade only five minutes walk from the properties.

"The redevelopment will enhance the visual appeal of the entire precinct and the subject sites are well located to reap the benefits," Mr Evans said.

Surfers Paradise will be serviced by Stage One of the 13 kilometre dedicated light rail corridor, which is due for completion in 2014 and will service the new Gold Coast University Hospital, Griffith University, Southport medical precinct and the fast growing commercial, retail and recreational centres of Southport, Surfers Paradise and Broadbeach.

For further information please contact:

Susan Epp
Communications Manager | Queensland
Tel: +61 7 3026 3322
Mob: +61 434 573 026
Email: susan.epp@colliers.com