YHA, Australia’s largest provider of backpacker accommodation, has secured a vacant site in Surfers Paradise for a proposed new youth hostel.
The 769sqm site at 3 Beach Road is centrally located and benefits from Centre zoning with unlimited height restrictions. Development on the site will be subject to settlement, as well as consideration and approval by YHA’s management and Board and the City of Gold Coast.
CBRE’s Lachlan Harris, Jonathan O’Brien and Mason Kidman sold the site at auction for $4.2 million on behalf of the vendor, Australia Zhongyuan Minerals Pty Ltd.
Mr Kidman said YHA aims to apply to build a youth hostel on the site to replace the current YHA located at Main Beach (Mariner’s Cove). The current YHA hostel is located in a leased building on a site with a redevelopment application lodged.
Adam Newband, YHA Development Manager, said that the proposed new YHA hostel will complement the long serving Coolangatta YHA situated at the Gold Coast airport.
“YHA is committed to growing tourism, and particularly youth tourism, on the Gold Coast, and is well placed with a network of properties along the East Coast of Australia to encourage more travellers to visit Surfers Paradise,” Mr Newband said.
YHA is a membership-based, not-for-profit organisation, and part of the world's largest budget accommodation network, Hostelling International, with 4,000 hostels in more than 90 countries. There are 85 YHAs in Australia – see www.yha.com.auABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
