Brisbane, 29 September 2014 – Two Australian developers have listed 83 Scarborough St for sale, a high profile site in a bustling location adjacent to the Australia Fair shopping centre.
CBRE’s Lachlan Harris and Mason Kidman have been appointed as the exclusive selling agents, on behalf of property stalwarts John Potter and Phillip George, of Potter George Group. The vendors are selling the property in order to concentrate on other upcoming projects in Sydney and Melbourne.
The property consists of two detached buildings currently fully occupied by multiple blue-chip tenants, such as the ANZ and HSBC banks, Government offices and LeisureCom travel group. Overall, the site has a total net return of $1.02 million each year.
The 3,805sqm site has potential for a major future development project, with site zoning allowing for various medium and high density mixed use developments. In addition, the 2015 Town Plan states the property has unlimited height and residential density potential, within its zoning. The property is located in the centre of Southport CBD, adjacent to one of the busiest light rail stations, Australia Fair Shopping Centre and the Gold Coast Institute of TAFE.
Mr Harris said; “It represents a fantastic opportunity for prospective purchasers to secure a prominent site with excellent return revenue prospects while a development application is lodged with the Gold Coast council.”
“The Southport Priority Development Area Scheme was adopted by the State Government on 5 September 2014 – a major milestone in planning for the Gold Coast CBD. This site is set to benefit from the new scheme, which essentially cuts red tape to streamline development decisions, and significantly reduces the planning risk to developers,” Mr Harris added.
Mr Kidman said he expected to see a large amount of interest from Chinese buyers, both offshore and onshore.
“The opening of the Southport Chinatown will no doubt attract a lot of attention to the precinct, as well as new Asian investment. Chinatown is part of a broader plan to revitalise Southport as the CBD of the Gold Coast. With the newly completed aquatic center and the rapid transit light rail now operational, Southport feels vibrant and is looking fantastic.” Mr Kidman said.
The Expression of Interest campaign closes at 4pm on Wednesday 5 November 2014.
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