The amalgamated Surfers Paradise site to the north of the Jewel development. Photo: Supplied

Beachfront site opens Gold Coast up to rival development

Ingrid Fuary-Wagner|Sep 17, 2019

After three-and-a-half years of negotiations a property developer has amalgamated a large 8400-square-metre beachfront site on the Surfers Paradise strip of the Gold Coast next door to a $1 billion development under construction.

The new site on Old Burleigh Road is directly to the north of Jewel, which has been touted as Australia’s largest beachfront mixed-use development and is under construction by Yuhu Group.

Chinese developer Ridong Group acquired the landmark 1.13 hectare Pacific Beach development site at Surfers Paradise for about $81 million in 2009 and then partnered with property powerhouse Dalian Wanda to develop the towers. Last year Sydney developer Yuhu Group acquired Dalian Wanda’s Australian assets for $1.13 billion, including the Gold Coast development, and recently acquired a 1264-square-metre site to the south.

This latest development site to the north of Jewel, which was amassed by well known Gold Coast property identity Craig Perry, comprises the 21-unit “Mykonos”, 35-unit “Paros on the Beach”, a beachfront duplex and two smaller complexes with four apartments each. In total it includes 66 units and two management rights contracts.

The site covers 8402 square metres and 77 metres of absolute beach frontage.

Mr Perry said his team was exploring the highest and best use for the land.

“The site has been secured by call option contracts while this process is being undertaken. Its sheer size requires us to seek to partner with a funder or developer capable of undertaking a project of this magnitude,” Mr Perry said.

The site is in an area zoned for high density with the possibility of developing a residential or hotel tower with unlimited height restrictions under the Gold Coast City Plan.

Mr Perry would not be drawn on a price, saying it would be disclosed privately to potential partners.

“This is the only beachfront development site of this scale available on the Gold Coast.

“We are looking for a funder or developer that brings value to the table, either as economical or brand value,” Mr Perry added.

For several years Mr Perry, as managing director of Breakwater Group, has also been pursuing the development of a $4.4 billion cruise ship terminal at the Spit, which has been rejected.