Global developers eye off Broadbeach trophy site

The potential development site at 2709-2732 Gold Coast Highway, Boradbeach.

Global groups with major hotel operations in their sights have shown keen interest in a trophy development site in one of the Gold Coast’s most sought-after tourist precincts.

The high-profile holding covering 6,438sq m fronting the Gold Coast Highway in Broadbeach is the amalgamation of 10 separate titles brought together by veteran developer John Potter, a former head of Villa World.

Approval has been granted for two 68-level towers.

The property is currently occupied by a row of tenanted retail shops and offers a substantial holding income.

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Development approval has been given for the construction of 876 permanent and serviced apartments across two 68-level towers as well as 2,096m2 of retail and commercial space plus a basement lot, but it’s the opportunity to build a luxury hotel on the site that is capturing international buyers’ attention.

There is an additional option to build a luxury hotel on the site.

Kollosche Commercial agent Adam Grbcic said a secondary proposal, prepared by way of reconfiguration of the current DA, provided for a luxury hotel option.

“Most of the inquiry to date has come from overseas groups wanting to develop the site for hotel operators,” he said.

The site, in one of the Gold Coast’s most popular suburbs, is truly a unique opportunity, according to the marketing agent.

The sheer size of the site would be impossible to replicate in this market.

“It would be virtually impossible to achieve an amalgamation of this scale in today’s market,” Mr Grbcic said.

“When you look at the growth corridor between Broadbeach and Palm Beach there aren’t a lot

of development sites available and certainly none that allow for significant parking.

“A site of this size with a freehold volumetric title that provides 53,262 cubic metres of underground area, beneath the Gold Coast Highway service road, in the heart of our most popular tourist suburb is truly rare.”

There is also rare underground area which would allow for significant parking.

Mr Potter amalgamated the 10 sites between 2004 and 2008 and has simply sat on the land since, but he now feels the time is right to capitalise on the market.

The property is within close proximity of the Broadbeach Light Rail Station, Star Casino, Gold Coast Convention and Exhibition Centre, Pacific Fair Shopping Centre and patrolled surf beaches and has three street frontages.

Kollosche Commercial agents Adam Grbcic and Tony Grbcic are taking expressions of interest on 2709-2732 Gold Coast Highway, Broadbeach until May 19 at 5pm.