An entire city block in the heart of Surfers Paradise is being offered to the market for the first time in over 40 years.
3 Cypress Avenue covers over 1 hectare adjacent to a Gold Coast light rail station - a state-of-the-art infrastructure system. It enjoys a direct pathway to the beach, as well as stunning views of the coastline.
The site is being marketed by CBRE’s Jonathan O’Brien and Mike Walsh and Knight Frank’s James Branch and Mark Witheriff.
CBRE’s Mr O’Brien said the development site is a very strategic holding with flexibility for a huge range of uses (STCA).
“The site has the advantage of mixed-use zoning with no height restrictions. We envisage a potential masterplan approach with any number of development options including residential, retail, commercial and a hotel,” Mr O’Brien said.
“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.”
Knight Frank’s James Branch said that the size of 10,418 square metres is impossible to replicate 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. With the extremely limited ability to create a site of this scale in central Surfers Paradise and with these attributes, the opportunities are seemingly limitless,” Mr Branch said.
“The Gold Coast, with Surfers Paradise at its heart, has long since been the tourism heart of Australia. Now with the Commonwealth Games, increasing infrastructure spending and the ever-increasing global presence of the Gold Coast, this market sector is set to continue to grow.”
Knight Frank’s Mark Witheriff added; “We expect the continuing strengthening of the Gold Coast tourism sector to underpin the potential use of part or all of the site for hotel style accommodation. This is supported by the most recent tourism statistics showing that visitors to the Gold Coast has increased to 12.9 million per annum, spending in excess of $5 billion, and 1.1 million international passengers through the Gold Coast airport in the same 12-month period. With an extremely limited supply of any new short-term accommodation being supplied, there is an ever-increasing pressure to adequately supply this market sector. We can’t identify a more suitable site for the new accommodation to cater for this market. Again, the location of the light rail station on the doorstep of the site provides perfect access for tourists to easily access the coastal strip and eventually to the Gold Coast airport.”
Expressions of Interest for the site close April 24, 2018.
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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 2017 revenue). The company has more than 80,000 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.