Chinese investors eye Broadbeach twin tower site
Development approval is imminent for a twin tower Gold Coast project on one of the last strategic beachside land holdings within the popular Broadbeach precinct.
The large amalgamated parcel at 12-18 Albert Avenue, which has direct Broadbeach Mall frontage, is being marketed for sale by an international expression of interest campaign that was launched in China in a bid to tap into the country’s lucrative investor market.
Colliers International special projects national director Darrell Irwin says he expects development application approval within the coming weeks for a 28-storey tower with 90 apartments and a second 35-storey tower with 154 apartments.
These existing properties make the opportunity more attractive, providing a holding income for the purchaser
But Irwin says the strong local tourism market, which has been buoyed by the lower Australian dollar, meant it was possible one of the towers could be used as hotel accommodation.
The proposed development is also expected to feature 4525sqm of retail and office space across an open air arcade and podium level and a three-level basement car park with 396 spaces.
“We know that China continues to be the Gold Coast’s largest international market and this will be further strengthened with direct services starting on September 29 from central China’s most populous city Wuhan, followed by Hong Kong Airlines charter flights to the Gold Coast next January to March,” Irwin says.
The proposed project would see the 4856sqm site transformed, as it currently comprises three separate titles, including the three-level mixed retail and commercial Niecon Plaza, built in the 1980s.
Combined with the two-level McGrath Building at 12 Albert Ave and the two-level 16 Albert Ave commercial building, which is currently occupied by Commonwealth Bank of Australia, the offering includes 7400sqm of lettable area.
“These existing properties make the opportunity more attractive, providing a holding income for the purchaser,” Irwin says.
Colliers International national director of capital markets Jason Lynch adds: “What makes the site even more attractive is all of the current redevelopment activity that surrounds it”.
“The $670 million Pacific Fair Shopping Centre redevelopment is due for completion next year, the $345 million redevelopment of Jupiters Casino, the upgrade of Oasis Shopping Centre directly across the mall and the recent $1 billion dollar light rail completion are all within walking distance.”
Colliers International is marketing the site on behalf of Niecon Plaza Pty and Rockdune Pty Ltd, linked to Raptis Investments Pty Ltd.
International expressions of interest close on November 5.