A 2,015sqm freehold site fronting Cavill Avenue is up for sale with conditional Development approval for a 65-level tower, including 366 luxury suites, six level podium with leisure and entertainment, signature restaurants, high-end fashion and boutique retail stores.
Lot 88 Cavill Avenue (19 Cavill Avenue) in Surfers Paradise is slightly rectangle in shape and improved by five adjoining buildings ranging from one to five levels overlooking Cavill Mall.
Buildings comprise of 4,104sqm mixed-use retail centre currently tenanted by fashion retailers, eateries, offices, accommodation and highly popular entertainment establishments.
The opportunity is being offered for sale via an International Expressions of Interest campaign through Lian Lee and Samuel Biggins of Colliers International and Chris Bouwer of Cushman & Wakefield.
“Once launched to market we expect the offering to be highly contested by developers and investors both domestic and foreign looking for a strategic development site on which to create a landmark project,” Mr Biggins said.
“The added value of the holding income and cornerstone location of the site will attract further interest in the opportunity from the market.
“Proposed redevelopment of the site is highly anticipated due to its central location and the profound street presence, which could potentially deliver a higher, better use of the site in-line with the new Gold Coast City plan.”
Lian Lee said the owner has invested heavily in the relocation of many long-term tenants while limiting any future lease tenure in preparation for redevelopment of the site.
“The property offers a significant holding income plus the opportunity for the incoming purchaser to re-position the leases on the property and restore occupancy to fully let status if desired.
“In the case that the successful purchaser intends to delay redevelopment of the site or vary the development approval this holding income can be increased considerably by providing greater tenure to new and incumbent tenants,” said Lian Lee.
Chris Bouwer of Cushman & Wakefield said: “This is the first time the property has been formally offered to market. We expect it would appeal to an astute investor who will recognise the potential of this highly sought-after location and benefit of the secure holding income prior to redevelopment.
“In 2013 the site has undergone partial redevelopment including that of the corner building with changes to set backs permitting an additional 2m of retail trade fronting the entire footpath,” said Mr Bouwer.
This prime freehold property is bordered by a significant 88m of street frontage providing retailers access to some of the highest pedestrian numbers in Australia. Lot 88 Cavill Avenue (19 Cavill Avenue) offers exceptional retail exposure and is easily accessible by light rail or directly by car with street parking just a short walk from the property.
The locality of the site is contiguous to existing high quality precincts including Hilton Hotel, Soul, Circle on Cavill, Chevron Renaissance, Paradise Centre, The Mark and 50 Cavill Avenue.