Bruce Bishop Carpark: Buyer pulls out of controversial Gold Coast sale

The $48 million sale of Bruce Bishop Carpark has officially been terminated, with the Gold Coast City Council now warning it could be “years” before it is sold.

THE $48 million sale of Bruce Bishop Carpark has officially been terminated, with the Gold Coast City Council now warning it could be “years” before it is sold.

A week after the Gold Coast Bulletin revealed the deal was dead, Council chief executive Dale Dickson issued a statement on Thursday afternoon confirming the controversial deal to sell the Surfers Paradise carpark to Care Park and Far East Consortium would not proceed.

Mr Dickson said the COVID-19 pandemic was one of several factors to impact on the sale.

The Bruce Bishop Carpark. Photo: Supplied

“The City is proceeding to finalise a range of carpark rectification works by next month, and in due course will reassess general market conditions before revisiting the question of a future sale process,” Mr Dickson said.

“While any such decision could be some years away due to COVID-19, I expect that the asset will remain a candidate for future sale with appropriate conditions attached, including the preservation of public parking.

Gold Coast City Council CEO Dale Dickson. Picture: Jerad Williams

“In the interim, the City has more than adequate financial capacity to fund the completion of the HOTA Art Gallery.”

Mr Dickson said the economic fallout from the pandemic had seen council lose its major tenant in the Surfers Paradise Transit Centre.

“Another impact of COVID-19 has been the loss of the Transit Centre’s main lessee Statefield, in June of this year,” Mr Dickson said.

“However, the City currently has direct tenancies in place for 24 of 33 available spaces, including Major Events Gold Coast.”

The sale has not proceeded after two years. Picture: Jerad Williams

The Bulletin previously revealed that the controversial $48 million deal to sell Bruce Bishop Car Park is dead in the water, after its offshore buyers pulled out.

Far East Consortium and Care Park have abandoned plans to buy the Surfers Paradise car park, more than two years after the Gold Coast City Council voted to sell.

It is understood the proponents discovered more faults with the car park’s structure during the due-diligence process and decided it was not worth going ahead.

The car park was found to have concrete cancer, requiring significant remedial work in the past four years.

Sources close to the talks say the sale was halted late last week, with Far East Consortium and council “ending the negotiations on good terms”.

The Surfers Paradise car park is now set to be put back on the market by the council.

EARLIER

THE richest asset sale in the city’s history is still not done two years after councillors voted to get rid of it.

And ratepayers have shelled out $4 million while waiting for the Asian buyer to seal the $48 million deal.

A Bulletin investigation reveals council is still in the dark about the future of Bruce Bishop Car Park in Surfers Paradise — and is considering putting it back on the market.

Care Park and its co-owner, developer Far East Consortium, agreed to pay $48 million for the car park in August 2018.

However, council chief executive Dale Dickson this week said: “We are awaiting advice from the proponent in relation to the sale.

“If it doesn’t proceed then it’s foreseeable that it will be put back on the market.”

Neither Care Park or Far East Consortium responded to multiple attempts in the past week and a half for comment.

The Bulletin asked them if they intended to buy the complex, and if so what they would do with the site.

The decision to sell Bruce Bishop polarised the community. Business leaders and traders in Surfers Paradise feared it would reduce much-needed parking. Council argued the car park’s operating and maintenance costs were mounting and the money from the sale would be better used on new infrastructure.

As part of the deal, council negotiated to retain a significant number of car parking spaces both in the short-term and as part of any future development on the site.

Gold Coast Chamber of Commerce President Martin Brady. Picture Glenn Hampson

Gold Coast North Chamber of Commerce president Martin Brady said the community needed answers, given the $48 million was to fund the next stage of HOTA at Bundall and other infrastructure projects.

“Obviously, we would like to know what is going on and ensuring this has not held up the planned upgrades,” he said.

“The whole Gold Coast would benefit from these upgrades and while a lot of people would be having seconds thoughts (about financial matters) right now, we do need clarity about this and to have these projects go ahead.”

While waiting for the deal to be stitched up, ratepayers have been forced to fork out more than $3.9 million in maintenance fees and upgrades to the structure and Neal Shannon Park on its roof since mid-2018.

It cost another $8.3 million between 2016-18. The car park was found to have concrete cancer, requiring significant remedial work.

The council controversially voted to sell the car park in July 2018 after a marathon debate.

At the time, Care Park state manager Peter Roberts insisted there were “no plans” to develop the site and it would continue to operate as a car park. He even flagged a significant reduction in parking fees.

How the Bulletin revealed concern about the carpark’s proposed sale.

How the Bulletin reported on the carpark’s sale.

“We will change the majority of pricings — they will be 20-70 per cent cheaper than what council are currently offering,” Mr Roberts said.

Business and political figures expected the site to eventually be redeveloped to include a mixed-use tower incorporating a hotel, residential units and retail offerings.

Community group Save Surfers Paradise launched legal action to halt the project. It withdrew its action against the council in August 2019.

The Bruce Bishop carpark has been at the centre of a long-running battle. Picture: Jerad Williams

The council was cleared of any wrongdoing by the Crime and Corruption Commission (CCC) in the lead up to the sale after complaints from opponents of the sale.

Gold Coast Central Chamber of Commerce president Martin Hall, who opposed the sale, this week called on the council to reconsider its position on the car park.

“Now is an opportunity to look at the sale, particularly on the back of how much council is spending on it,” he said.

The Bruce Bishop carpark remains open today. Picture: Jerad Williams

“Given the amount of money involved, people need clarity about what is happening, particularly through the lens of COVID.

“Money is being spent on this when it should be spent on the local economy.”

Area councillor Darren Taylor said the site would form part of the council’s Surfers Paradise masterplan if not sold.

“I am working on the masterplan in the next 12 months and depending on whether the sale ends up going through then it will form part of the decisions going forward,” he said.