ASF Consortium reveals future of The AU Southport golden towers on Scarborough St ahead of masterplan unveiling

Developer ASF Consortium, once behind the bid for a $3bn cruise ship terminal, is finally making a move on its Southport site where it has the green light to built a 66-storey golden tower.

Chinese-linked developers are exiting Southport, with long-dormant land sites now on the market ahead of a revamp of the city’s CBD.

Developer ASF Consortium, the company once behind the bid for a $3bn cruise ship terminal, is the latest to throw in the towel, finally abandoning plans to build two giant gold towers in central Southport.

But Mayor Tom Tate, who is developing a masterplan for the suburb, says the Gold Coast’s central business district is on the verge of a new era.

The 4776 sqm Scarborough Street site, which has been owned by the Sydney-based company for a decade, has been put on the market and is expected to sell for upward of $20m.

A central Southport site on Scarborough Street, which has long been owned by developer ASF Group and was earmarked for a giant gold tower development The AU, is on the market from Canford Estate Agents. Picture: Supplied

It is the last major development site ASF controls in the city after a series of other projects, including both the Wavebreak Island and Spit developments, failed to eventuate.

Canford Estate Agents has been tapped to sell the site, with principal Roland Evans saying the consortium’s decision to sell was directly linked to the Gold Coast City Council considering whether to build a boutique stadium and concert venue at the neighbouring Carey Park in Southport.

“They feel that, with the advent of a new Gold Coast arena that the area is strategically placed to benefit, plus Southport is also being mooted as the location where council will eventually relocate its offices.

“This is one of the last large-scale undeveloped sites in Southport which will have uninterrupted views of the Broadwater and will continue to have that with the tennis and bowls clubs remaining in place.”

Canford's Roland Evans. Photo: Supplied

Garuda GC Corporation, an arm of Chinese group Huixin Real Estate, has its 1.378ha Star of the Sea site on Marine Parade on the market, while, the Singapore-based Lee Kim Tah group, via it’s Australian arm Cienna recently sold its 4400 sqm “hole in the ground” parcel which fronts Nerang, Young and Garden streets.

The sits’s mystery buyer is intending to build a tower on the site.

ASF bought the Scarborough St site 10 years ago and lodged plans to build the $500m The AU towers in 2016.

The project was greenlit by the council to have 66-storeys and 15-storeys respectively.

Canford, in its sales material, highlights the arena project, which council is yet to approve or officially select Carey Park for as its location.

Aerial photograph of the Star of the Sea site in Southport.

“The planned Gold Coast Arena with 12,000 seats at Carey Park is within 175m,” it reads.

“The state-of-the-art venue is intended to host a variety of events, including concerts, sports matches, and cultural performances, and is part of efforts to invigorate the Southport area.

“The arena is seen as the crucial instigator for the rejuvenation of Southport as the true CBD for the Gold Coast.”

It will mark the end of ASF’s dreams of development in Southport, something which began in early 2014 when the then-LNP state government named it as the possible preferred proponent to redevelop Wavebreak Island to build a cruise ship terminal and casino.

That project was terminated by Labor in April 2015, leading to a second failed proposal to build a three-tower mega project on The Spit.

The site is now on the market Picture: Supplied

However it won’t entirely be the end of ASF’s connection to the city, with the company expected to retain a small 500 sqm site on The Esplanade in Surfers Paradise where it has approval to build a 19-storey boutique tower, also called The AU.

There is no indication when, or if, the site will be developed.

It comes amid the creation of a new masterplan for Southport.

Mr Tate and area councillor Brooke Patterson are pushing for it to be completed by early 2026. One critical focus the masterplan is expected to address is the lack of development and the number of “bomb sites” throughout the suburb.

The towers were approved but never proceeded Picture: Supplied

Developers and city leaders have long been disappointed by the lack of major projects completed in the decade since Southport was given Priority Development Area (PDA) status by the state government in the hopes of kickstarting billions of dollars in major projects and jobs.

Instead, some developers gained council approval for development applications to lift the value of their site, before selling or landbanking.

Mr Tate on Monday said planning for the future was progressing rapidly.

“Southport is our City’s CBD, and I continue to be very confident in its future,” he said.

“We are progressing the Southport Masterplan and are expecting a report to council in the first quarter of 2025.”

Originally published as ASF Consortium reveals future of The AU Southport golden towers on Scarborough St ahead of masterplan unveiling