Prominent Surfers Paradise timeshare property Tiki Village International has been scheduled for sale in a move tipped to generate widespread developer interest.
CBRE’s Mason Kidman and Lachlan Harris have been appointed to market the freehold resort, which fronts the Nerang River at the western end of Cavill Avenue.
Mr Kidman said the campaign was expected to generate international interest, representing one of the only current redevelopment opportunities of that scale on the Gold Coast.
“This is the best non-beachfront development site on the Gold Coast, with the current planning guidelines supporting a large-scale development of circa 720 apartments subject to the relevant council approvals,” Mr Kidman said.
“The site offers a spectacular aspect and is walking distance to the beach, light rail, shopping, restaurants and the renowned Surfers Paradise entertainment precinct.”
Situated at 58 Cavill Avenue, the site includes 4,598sqm of freehold waterfront land in addition to a 1,472sqm sea bed lease utlised for marina activities.
The existing Tiki Village International resort comprises 70 timeshare apartments, which are being offered with vacant possession, alongside five retail/commercial tenancies leased to tenants such as the Howl at the Moon and Cocoon bar-restaurants.
The property is being offered for sale through a tender campaign opening on the 26th of June. The campaign has the approval of members on behalf of the Responsible Entity for the 3,500 timeshare owners and management company the Classic Group - Australasia’s largest privately-owned resort and club management company.
CBRE’s Mr Harris said a drawcard for prospective purchasers would be the existing income derived from the apartments and commercial tenancies.
“This provides the opportunity for an incoming owner to receive a strong holding income while formalising plans to redevelop or add value to this landmark asset,” Mr Harris said.
Another attraction is the site’s close proximity to the G:Link station on the Gold Coast’s Light Rail network, with the success of this recently completed transport infrastructure having provided the impetus for an extension to the heavy gauge rail network.
“Being on this transport route provides a distinct advantage, offering ready accessibility for staff, tenants and clients. This will only improve as the light rail network expands,” Mr Harris said.
Tenders close August 2 at noon.
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About 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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About 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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
