Landmark Broadbeach site with approval for 50-storey ‘Main Place’ development up for grabs as investor confidence grows

FOR SALE: Prime land in the heart of Broadbeach that holds an approval for a precedent-setting CBD development dubbed “Main Place”.

MAIN PLACE, BROADBEACH - CONCEPT IMAGE OF APPROVED DEVELOPMENT

A BROADBEACH trophy site earmarked for a project whose transformative power rivals that of the suburb’s twin-tower Oracle precinct, is up for grabs.

The 3275sq m site, at 2709-2732 Gold Coast Hwy, forms two-thirds of Main Place, an ageing retail and office precinct opposite the Gold Coast convention centre.

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It is approved for a 50-storey tower with shops, offices, a hotel and apartments.

In a sign of growing confidence, it is the third landmark Gold Coast site to be released for sale in recent months.

It joins Southport’s Star of the Sea holding, for which Chinese interests plan a multi-tower mixed-use precinct, and a 42ha parcel at Mermaid Waters with mixed-use approval.

Main Place is two blocks from The Oracle, developed by the Nikiforides family, whose curvilinear towers have transformed the Broadbeach streetscape and delivered a new shopping and dining area.

The Main Place tower will have a 1794sq m ground-level retail precinct, 2226sq m of commercial space, 173-room hotel across six levels, and 40 levels hosting 320 apartments.

There will be extensive amenities and there is approval for a basement to hold 585 cars, and 350 bikes.

The nine-title holding was assembled by veteran Gold Coast developer John Potter, a former head of Villa World, at a cost of $39 million between 2004 and 2008.

The developer’s Potter Group has apartment projects in progress at Doncaster in Melbourne and Killara in Sydney, and is close to completing a major industrial precinct at Larapinta near Brisbane where only two sites remain for sale.

The Main Place site, which offers a significant holding income, is being put to market by Tony Velissario, of Tony V Real Estate, in an expression-of-interest campaign to be launched in coming weeks.

Mr Potter said impetus to assemble the site was recognition that land for mixed-use high-rise projects in Broadbeach was finite.

“There are no areas available for mixed-use development except Main Place,” Mr Potter said.

“My vision for the site was further validated by development of the convention centre.

“Such facilities, wherever established around the world, attract people with high disposable incomes and change the nature of a suburb.

“Another motivating factor was the decision to develop a light-rail system with a terminus at Broadbeach. Transport nodes can add 40-50 per cent to property values due to the convenience factor.”

Mr Potter said that, while he had been able to assemble the site and obtain approvals, realisation of the vision was beyond his pocket and he was offering the site to the market.

“Simply put, it is too big for me and sale of the assembled holding was always how I saw the project playing out.

“There has been significant interest in the property and, while talks are on foot with a number of prospective purchasers, we plan to offer it in a campaign that will take in overseas markets.”