Gold Coast development: Southport tipped to boom on $5bn infrastructure building plans

Southport is set to transform dramatically over the next decade with the Gold Coast’s official CBD underpinned by more than $5bn in projects, a new report has revealed.

Southport is set to transform dramatically over the next decade with the Gold Coast’s official CBD underpinned by more than $5bn in projects, a new report has revealed.

The latest Colliers Gold Coast market overview analyses the state of property sales and development in the central business district and what coming years hold.

It declared Southport was a “sleeping giant” on the back of Colliers alone recording more than $44m of sales between January and May.

Southport has been described as a “sleeping giant” (AAP Image/Dave Hunt)

Despite the failure of billions of dollars worth of proposed towers in the past decade, the report revealed there were a large number of projects in the pipeline that would change its face.

“The Southport CBD has firmly established itself as the Gold Coast’s city centre with the highest concentration of employment and population,” the report reads.

“With city-changing projects expected to become a reality, commercial redevelopment opportunities are emerging in the precinct, which is a crucial location for the city’s expanded transport network.”

Colliers Gold Coast director Steven King.

Colliers’ Gold Coast director-in-charge Steven King said there had been an uptick in interest from buyers and investors in the past year.

“Over the past six months we’ve experienced a surge in demand from investors, developers and end-users for properties in Southport CBD, which is fast becoming the go-to precinct for many of them,” he said.

“The feedback we are getting from these buyers is that they recognise the untapped potential of the CBD precinct.

“Southport is definitely the sleeping giant of the Gold Coast market as the prime focus in recent years has been squarely on Surfers Paradise, Broadbeach and further south to Burleigh.”

Mr King said a series of projects were bolstering confidence in the area.

The area has recorded a large number of sales in the past year Picture: NIGEL HALLETT

“The planned rejuvenation of Chinatown and the refurbishment activity currently under way at Australia Fair have added to the growing appeal of the Southport CBD,” he said.

“The office market has been particularly strong, with the Southport market ranking among the city’s top markets for the take-up of space.

“That’s comes at a time when the Gold Coast continues to outshine the national office market with vacancy rates falling against a backdrop of rising vacancies nationally.”

The latest report marks a significant turnaround from June 2022 when Colliers and CBRE reports revealed office vacancy rates were at their lowest level since the global financial crisis.

However, numerous city blocks in Southport remain dormant a decade after the area was given Priority Development Area (PDA) status in the hopes of kickstarting billions of dollars in major projects and jobs.

Instead, some developers gained council approval for development applications to lift the value of the site, before selling.

It means the CBD has become littered with closed or for-lease shops, and billions of dollars worth of towers have failed to materialise.

Council is reviewing the PDA but the results will not be known until 2024.