Site of iconic Cav’s Steakhouse has been put back on the market
The return of the iconic Cav’s Steakhouse in Labrador could be in jeopardy after the site was put back on the market.
Arthur Lowe, the 90-year-old local developer who bought the site from restaurant owner Richard Cavill for $7.5 million in 2019, was set to build a 13-storey development on the block with a revived Cav’s Steakhouse at its base.
However, despite the original steakhouse being demolished in February, work on the boutique development, called Arleen Residences (formerly Inspire), has been stalled.
Six months on and Mr Lowe has decided to bow out of the project, putting the site at 24-34 Frank Street, Labrador on the market little more than a year after he acquired it.
Lachlan Atkinson of Ray White, who is handling the sale, said Mr Lowe felt he was getting too old to see such a development through and wanted to move on to something that was more his pace and that he was passionate about.
“He just said he didn’t want to do it anymore,” Mr Atkinson said.
Mr Lowe confirmed he no longer had a passion for building towers and instead wanted to turn his attention to building retirement villages.
He said he was currently looking for a suitable site, with his focus on areas such as Coomera and Jacobs Well.
The move puts a question mark over a deal that gave Mr Cavill management rights and the lease on space for a Cav’s Emporium at the base of the project.
Now its future depends on who the new buyer is and whether they wish to keep Cav’s as part of their plans for the site.
It also creates uncertainty for the 29 buyers who have purchased apartments off-the-plan in the boutique Arleen tower, the design of which first emerged in 2016.
Mr Atkinson said the apartment presales were now in sunset clause territory, so buyers had the option to ask for their deposit back from the developer.
Alternatively, should the buyer decide to take on the existing project, which has full DA approval, their contracts would remain intact.
The agent said that he already had interest from six parties with three of them expected to go to written offers this week.
He said all the prospective buyers were developers and all had expressed interest in taking on the existing project and its associated commercial holdings.
“If a developer were to come in and want to take over he existing project, the block is vacant, so after a 30-day settlement they could be starting work on the build,” Mr Atkinson said.
“This site is second-to-none for its location and potential for both residential and commercial opportunities,” he said.
“The Labrador market has changed drastically in the past 12 months, with demand for people wanting to be here surging.”
The vacant 4,426sqm site is made up of five lots with three-way street access via Brett Ave, Robert St and Frank St and has DA approval for commercial and residential development.
It is located five minutes from Southport CBD and 200m from the Broadwater.