Aquis Group to sell huge Surfers Paradise casino site

Aquis Group has confirmed its massive central Surfers Paradise casino site is on the market.

Market sources say 3 Cypress Ave is likely to attract offers well above $40 million.

At 1.05ha, the site takes up a full city block, has frontages to both Surfers Paradise Blvd and Ferny Ave, and is equally owned by Aquis group and Chinese companies CCCC International Holding and Tandellen.

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The partners, who paid Japan’s Orix group $36.5 million for the Vomatron site two years ago, own it through Aquis Hotel Investment Holdings.

Aquis was touted as possible contenders for the Gold Coast’s second casino licence after the State Government killed off ASF Group’s project at the Spit.

The site is being marketed by CBRE’s Jonathan O’Brien and Mike Walsh and Knight Frank’s James Branch and Mark Witheriff.

O’Brien says it is the first time a full block of Surfers has hit the market in more than 40 years.

The proposed Aquis Pacific Point in Surfers Paradise. Artwork image supplied.

“The site has the advantage of mixed-use zoning with no height restrictions,” he says.

“We envisage a potential masterplan approach with any number of development options including residential, retail, commercial and a hotel.

“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.”

Aquis boss Tony Fung is also selling his breath-taking penthouse in the Soul at Surfers Paradise.

The company remains heavily invested in the Gold Coast as key sponsor of the Gold Coast Titans and the Gold Coast Turf Club and owners of projects including Aquis Farm and Pacific Point.

Branch says the scale of the 10,418 sqm site and its proximity to the Surfers Paradise CBD makes it a rare opportunity.

“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,” Branch says.

Aquis boss Tony Fung relaxes on the Gold Coast.

“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.”

Witheriff says he expects the site could be used as a hotel.

“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,” he says.

“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.

This article from the Gold Coast Bulletin first appeared as “Sale of Aquis Group’s Surfers Paradise land confirmed as whole city block hits the market”.