Huge 1 hectare block in the middle of Surfers Paradise up for grabs
A massive city block in the heart of Surfers Paradise has hit the market for the first time in 40 years – and experts say the market might not see its like again.
The 10,418-square-metre site at 3 Cypress Avenue, just north of Cavill Avenue, has featured a hodge-podge of businesses over the years, while the Gold Coast grew around it.
The site is being marketed by CBRE’s Jonathan O’Brien and Mike Walsh together with Knight Frank’s James Branch and Mark Witheriff.
Mr O’Brien said the development site was a strategic holding with flexibility for a huge range of uses, subject to council approval.
“The site has the advantage of mixed-use zoning with no height restrictions. We envisage a potential master plan approach with any number of development options including residential, retail, commercial and a hotel,” he said.
The property is on the market for the first time in four decades. Photo: Supplied
“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.
“We expect to receive interest from a range of national and international developers.”
The scale of the site, which is zoned for a range of uses, is suitable for a mix of purposes including residential, resort or retirement living and retail, according to the listing.
Mr Branch said it is difficult to replicate a 10,000-square-metre block so close to the Surfers Paradise CBD precinct.
“The flexibility in design and use, as well as the sites proximity to the very active heart of Surfers Paradise and very importantly its immediate access to the new Gold Coast Light Rail system, makes the site an inimitable prospect,” Mr Branch said.
CBRE senior research analyst Yvette Burton said the value of building approvals between 2016 and 2017 on the Gold Coast reached a record high of $4.46 billion, up 10.9 per cent on the previous year.
Of this, residential building approvals accounted for two-thirds or $2.97 billion, she said.
“The upcoming Commonwealth Games has been the catalyst for placing the Gold Coast back on the radar for developers and investors alike and is predicted to provide a $2 billion economic benefit to the region,” Ms Burton said.
“The construction sector remains one of the key drivers of the Gold Coast economy, contributing 14.8 per cent of gross value added in 2015-16.
“Over the past five years, this sector has seen the largest growth, increasing by $982.8 million.”
Real Estate Institute of Queensland board member and the former chairman of its Gold Coast zone, John Newlands, said the site offered “endless opportunities”.
“Being an entire city block, its capacity could be anything,” he said.
“To get a piece that big in the heart of Surfers Paradise, it’s a trophy site. You’re not going to get a site like this again too easily.”
Expressions of interest close 24 April.
