Equinox Sun Resort: Beachfront owners (mostly) agree to collective sale
Nearly 90 per cent of the owners of a 15-storey beachfront apartment complex in tightly-held Surfers Paradise have agreed to sell, paving the way for investors to take the reins of their precious 1979-built abodes.
The Equinox Sun Resort, located at 3458 Main Beach Parade, overlooks the northern end of one of Australia’s most globally recognised beaches – made famous by bikini-clad meter maids – between SeaWorld, a short 3.5 kilometres away, and Cavill Avenue’s dining and entertainment, a wee 1.7-kilometre stroll.
The high-rise is home to residents and holidaymakers, who enjoy resort-style facilities set amid landscaped surrounds, including a swimming pool, sauna, gym, tennis court and games room. It boasts a range of studio, dual-key studio and larger apartments, plus commercial premises spread across 4044 square metres.
On behalf of the collective vendors, Angus Cottrell and Roland Evans of Canford Estate Agents, have listed the property for sale at an undisclosed price, including 89 strata titles of the 102 total, representing 87.4 per cent of the asset’s total holding.
“These owners are willing to entertain an offer to purchase their property,” Cottrell says. “Within the remaining 13 lots, there are some owners who are still open to it, depending on where we end up with the campaign – and there are a few in there who just aren’t willing to sell at this point in time.
“Ultimately, whether someone ends up buying the 89 lots as an investment and holding, or whether we’re able to achieve 100 per cent of owners selling within the complex, it’s obviously a fantastic spot for redevelopment given what’s happening in the market on the Gold Coast, specifically in Surfers Paradise.”
Set among a sea of skyscrapers on the glistening Coral Sea, the Equinox Sun Resort offers ocean, river and hinterland views thanks to its dual frontages to Main Beach Parade and Ferny Avenue.
The three-star hotel is set behind a stretch of beach parkland, and has long catered to holidaymakers, short-term guests and owner-occupiers. The five-star JW Marriott Gold Coast Resort & Spa is tucked just 300 metres behind on Ferny Avenue.
The tower has long attracted the eye of developers – including in 2018 when Hong Kong billionaire Tony Fung reportedly offered $48 million for the site to build a luxurious six-star hotel – but owners have resisted until now.
Some of the Gold Coast’s finest beaches – Surfers Paradise, Main Beach, Broadbeach and Southport – are moments away, an attraction for sun-worshipping leaseholders who are willing to pay higher rents to secure their piece of paradise on the glitter strip.
Several big redevelopments are changing the landscape.
“There’s been a real push in Main Beach itself, around SeaWorld Drive, with a number of developments that are underway,” Cottrell says. “Mantaray is going in there, Marina Mirage is soon to be bowled over for redevelopment. So there are two or three developments happening that will completely change the area and change the landscape of Main Beach.
“With Equinox, it sits on the northern end of Surfers Paradise, not too far from Main Beach itself, so I think it’ll benefit as well from what’s happening a little bit further north.”
The portfolio is expected to generate a gross yearly income of around $3.66 million, comprising a mix of commercial premises ($170,000), a consolidated five-lot apartment ($90,000), two two-bedroom apartments ($104,000), 42 dual-key studio apartments ($2.18 million), and 43 studio apartments ($1.12 million).
Investors, developers or repositioning experts keen on taking the bucketload of keys will enjoy flexible high-density residential zoning subject to Gold Coast City Council approval, once everyone’s on board with the sale.
The tower had a major renovation in 2023, including the remediation of the concrete balconies, which has made life more comfortable and safe.
The Surfers Paradise apartment market remains buoyant, fuelled by strong lifestyle appeal, limited supply and healthy rental returns, Cottrell says.
Supported by consistent demand and limited supply, the median cost of a two-bedroom apartment in Surfers Paradise is $805,000, according to data from Domain Insight.
“With the Gold Coast experiencing record demand for premium beachfront living, the collective sale of Equinox Sun Resort presents a once-in-a-generation opportunity to secure a landmark coastal asset,” the listing reads.
The property is for sale via an expressions-of-interest campaign closing at 4pm on Thursday, November 20.
