Gold Coast highway-front site next to Pacific Fair could sell for $40m or more

A highway-front site beside Pacific Fair has been put on the market and is being sold with plans for a major four-tower development. FULL DETAILS >>>

A MAJOR highway-front site at the front door to the Pacific Fair shopping centre has been put on the market by its Singaporean owner.

Property sources suggest the 1.3ha site, which potentially could take multiple apartment towers, could sell for $40m or more.

It is being sold with concept plans for a staged, mixed-use lifestyle precinct with 735 apartments across four towers.

Ho Bee acquired the 1.13ha site, off the Gold Coast Hwy in Seaview Ave, for $22m in a series of deals in 2012.

A major highway-front site at the front door to the Pacific Fair shopping centre has been put on the market by its Singaporean owner following buyer approaches from far and wide. Property sources suggest the 1.3ha site, which potentially could take multiple apartment towers, could sell for $40 million or more. Picture: Supplied.

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Ho Bee bought the bulk of the holding from developer Mark Howard, who had planned a $300m lifestyle centre with 132 apartments, cafes, restaurants, a medical centre and office space.

Mr Howard’s companies were placed in receivership in April 2012.

CBRE and Colliers have been jointly appointed by Ho Bee, which developed the Rhapsody tower in Surfers Paradise, to steer an expressions of interest sales campaign in the land.

Mark Witheriff, the CBRE Gold Coast managing-director, yesterday said the Ho Bee decision to market the property came after inquiries from buyers from across Australia and from offshore.

He said the company’s vision for the site, which has three street frontages, was for a project similar to the James Street and Gasworks precincts in Brisbane.

“Such projects are supported by heightened demand from people to live, eat, work and play within their own neighbourhoods.

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“Given the scarcity of available land in Mermaid Beach, the sale offers developers a significant opportunity to create a destination precinct in one of the Gold Coast’s premium suburbs.”

Brendan Hogan, residential director at Colliers, said sites of such scale, and with wide-ranging potential, were increasingly rare.

“We expect the property will be highly sought after by both residential and commercial developers.”

Expressions of interest close on Wednesday September 1, 2021.