Next Stage for a Whole City Block Sell-Down

Record low rental vacancy rates are expected to underpin developer interest in the ongoing sell-down of a whole city block in Surfers Paradise. 

Following the sale of the site’s south-west corner at 9-17 Cypress Avenue, CBRE’s Mark Witheriff, Daniel Doran and John Nucifora have been appointed to sell the eastern portion, which offers approximately 80 metres of Surfers Paradise Boulevard frontage and direct access to the Cypress Avenue Light Rail station.  

Given the proximity to tramlines and its central location, Mr Witheriff said the circa 4,715sqm site would appeal to developers looking to incorporate a mix of investment and premium stock as the market struggled with a 0.4% rental vacancy.  

It’s being offered as a whole or in two separate portions – one of 1,958sqm and the other of 2,757sqm., with Expressions of Interest closing at 4pm on Thursday, 21 July 2022. 

“This portion of Surfers Paradise is undergoing a significant renewal with some of Australia’s largest development groups having undertaken projects or are looking to commence developments in the coming months, Mr Witheriff said.  

“With record low vacancy levels and the expensive nature of the southern Gold Coast market, this site presents developers an opportunity to leverage off the light rail, local amenity and Surfers Paradise beach to create a highly sought-after product.”   

Mr Nucifora noted that sites with direct light rail access would continue to be sought after commodities as the next stage of the service was completed.  

“This offering will attract a variety of development groups both local and interstate, but also international parties as the opportunity to buy one parcel or both opens the door to a much larger buyer pool,” Mr Nucifora said. 

The property is situated within a 2km radius of major lifestyle and transport facilities including Cavill Mall, Gold Coast Cultural precinct (HOTA), Q1, Northcliffe and Surfers Paradise Surf Lifesaving Clubs, in addition to being 200 metres from Surfers Paradise beach.