Former Cav’s steakhouse site in Labrador goes to auction in bid to spike interest

A veteran developer is hoping an auction will fire up interest in A former Gold Coast steakhouse site.

VETERAN developer Arthur Lowe is hoping an auction will fire up interest in his former Cav’s Steakhouse site at Labrador.

Mr Lowe, who turns 92 in March, put the tower site on the market in September but failed to draw an acceptable offer.

He paid Cav’s owner Richard Cavill $7.5 million for the 24-34 Frank St site in 2019.

The plan was to proceed with an approved 13-level tower, Arleen Residences, that would have included a new Cav’s at its retail base.

Arleen Residences and its proposed retail area, which was to include a new Cav's

Mr Lowe elected to can the project and Cav’s today is operating from a modern Runaway Bay building.

Brad Merkur, of Ray White Commercial, said Mr Lowe had decided that an auction might spark new interest in the property.

“The bottom line is that it’s surplus to his requirements and he wants it sold.”

The 4426sq m site, which was cleared a year ago, has three street frontages.

Mr Merkur said the holding afforded a buyer various options and was large enough to take two towers.

“There’s an unsatisfied demand from developers for sites and the Lowe one, by virtue of being in a ready-to-go state, could be keenly sought.

“That’s especially so because proposed planning changes could allow the number of apartments on the site to be doubled.”

Mr Lowe is best known on the Gold Coast for his time as owner of the Horizon Shores marina and for developing the Koala Town estate at Coomera.

The Cav’s site is to be auctioned on February 24 and is being marketed by Mr Merkur and colleague Harry Devine.