Gold Coast Spit master plan: State Government puts 120-year leases on market for sites at The Spit
The great Spit sell-off is underway - as leases for some of the city’s most prized real estate hitting the market.
Gold Coast
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THE great Spit sell-off is underway, with the State Government putting the leases to land immediately south of Mariners Cove, and an adjoining seabed lease, on the market.
The move comes on the heels of the government last week identifying the property as one of three it intended to sell for commercial development.
The vacant 9858sq m holding is being offered with a 120-year lease and the 1.88ha seabed area as a marina development opportunity.
The sale is being described as a chance for an experienced developer to create a world-class, waterfront-marina precinct – one that ‘reinforces The Spit’s reputation as an iconic Gold Coast destination’.
Steve Clark, a Gold Coast-based member of the CBRE metropolitan investment team, is marketing the property with CBRE Hotels’ Wayne Bunz.
Mr Clark would not comment on the sell-off yesterday or on what type of buyer would be targeted.
State Development Minister Cameron Dick said it was time to proceed with revamping The Spit despite the Gold Coast City Council attempting to delay any talks with developers in favour of further public consultation.
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“I have received council’s request for more time to undertake consultation on planning amendments to support The Spit Master Plan,” he said.
“I will carefully consider council’s request, and I will also look at what support we can provide to council’s planning process.”
“However, my view is that we need to get on with delivering The Spit Master Plan.
“We have worked for years to get the vision right, now is the time to deliver”
The council was given a ministerial direction to make planning amendments within six months and develop a process to fit the state’s request for a three-storey height limit.
Councillors unanimously voted that a six-month time frame was “unlikely” and asked CEO Dale Dickson to write to State Development Minister Cameron Dick indicating eight months was more achievable.
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Last week the government said it had identified three areas for commercial lease, including the first sell-off site, which is north of the Southport Yacht Club.
The other properties are between the Sea World carpark and Palazzo Versace and south of the Sheraton Mirage hotel.
The planned sales are an upshot of the May 2019 Spit Master Plan.
The owner of Mariners Cove, the Sunland Group, has its property on the market, with a deal believed imminent.
The buyer of that property might be a contender for the adjoining government land, as might the unsuccessful Mariners Cove contenders.
The government site has a three-storey height limit and marketing material suggests it could be suitable for a mixed-use residential, retail, commercial and short-term accommodation development.
A property expert yesterday said cementing a deal on the land could take ‘quite some time’.
“The March 5 deadline for expressions of interest is a bit sharp.
“It doesn’t leave much time for would-be buyers to research the site’s limitations, including height, and to determine what might work on it.”
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