Gold Coast Spit Masterplan: $205m of commercial development to unlock billions in spending

More than $205 million of commercial development is set to be created across The Spit as part of its long-awaited revamp and could be the catalyst for billions to be spent.

MORE than $205 million of commercial development is set to be created across The Spit as part of its long-awaited revamp and could be the catalyst for billions to be spent.

A briefing document developed for the State Government by Colliers International Brisbane and obtained by the Bulletin reveals the projects to be built across four state-controlled sites would be just the beginning.

FIRST LOOK AT MULTIMILLION-DOLLAR CENTRAL PARK REVAMP

Gold Coast Spit masterplan artist impressions

LOCALS REACT TO SPIT DEVELOPMENT PLANS

“The construction cost across these development sites is estimated to be in excess of $205 million,” the Colliers report said.

“To put this in context, the total value of the Metricon Stadium development was $144 million at the time of construction.

“Development of these sites will also act as a catalyst for upgrades of privately controlled sites such as Marina Mirage, Sea World, The Sheraton Grand Mirage and Mariners Cove.”

Infrastructure Minister Cameron Dick said the masterplan would create jobs for the Coast.

“Consensus on the future of the Spit means certainty for the private sector to invest,” he said.

GAME-CHANGING SPIT PLAN REVEALED

The ferry route which will run through the Broadwater

WHEN NEW SPIT DEVELOPMENT WILL BEGIN

“The community have said they want to see the Spit preserved north of Sea World, but they also recognise development potential to its south.

“I’m really excited to see what the private sector brings forward as we finalise the Spit masterplan.”

The government sites include:

• Site A (27,000 sqm) — immediately south of the Sea World theme park car park

• Site B/C (10,996 sqm plus a substantial wet lease area) is set aside for the Aboriginal cultural centre site next to Carters Basin

• Site D (6,317 sqm plus a substantial wet lease area) — immediately north of the State’s regional office

• Site E (9,156 sqm) — immediately south of Sheraton Grand Mirage resort

THE SPIT THAT COULD HAVE BEEN

Site A.

Site A is expected to featured restaurants and bars, with around $95m in facilities expected to be built.

Site B will become home to an Aboriginal heritage centre while neighbouring site C will become a fresh seafood sale outlet and dining area, with around $24m in works planned. A building will also house short-term accommodation.

Site B/C

More than $21m will be spent on site C which will feature a new marina, for boats and superyachts.

A low-scale 16,000 sqm resort will be created on site E next to the Sheraton Mirage at a cost of around $65m.

Site E: The proposed resort.

Village Roadshow parks CEO Clarke Kirby said the Sea World and its assets were not threatened by further developments on its doorstep and were keen to join in.

“We aren’t concerned at all, we hope to be part of the commercial development,” Mr Kirby said.

The proposed Cruise Ship Terminal site.

“The master plan preserves our car park and its overflow which guarantees our growth and further jobs,” he said.

But not everyone is impressed — Soheil Abedian, the founder of development giant Sunland, which owns the Mariner’s Cove site, says he has no plans to revamp the land as part of the masterplan.

Proposed development at Mariner’s Cove

Mr Abedian said he did not believe a commercial project on the site would be feasible or gain the backing of major banks.

“As for whether Sunland will develop this site right now the answer is no,” he said.

“With a height limit of three storeys and the land value of that site, it would be commercial suicide for anyone to invest a single cent,” he said.

“No bank in Australia would give any money to any developer to do something like that.

“I hope I am wrong but after 38 years on the Gold Coast I believe I have some insight into the future of development.”

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The Gold Coast light rail will be extended north to Sea World, with at least two new stations built.

Mayor Tom Tate welcomed plans for the new link.

“I’m pleased a comprehensive master plan for this strategic piece of land within our city is finally being delivered,” he said.

“Seeing a future light rail spur as part of the mix underscores what we have always known — that light rail is vital in our city’s broader transport spine.”