Gold Coast real estate: Owners list site once touted as home of second casino
The move is intended to capitalise on market momentum being created by tower projects worth more than $2bn planned nearby.DETAILS >>>
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THREE Chinese groups that own a whole city block on the northern edge of central Surfers Paradise that once was touted as the best home for a second Gold Coast casino are cashing in some of their chips.
They have put a 2416sq m section of what is known as the Vomitron amusement-ride site on the market.
The move is intended to capitalise on market momentum being created by tower projects worth more than $2bn planned nearby.
The sell-off comes after the groups failed in an earlier sales attempt to quit the whole site when one of the partners did not find an offer acceptable.
The 1.05ha holding, which has frontages to both Surfers Paradise Boulevard and Ferny Ave, is equally owned by billionaire Tony Fung’s Aquis group and Chinese companies CCCC International Holding and Tandellen.
They paid $36.5m for it in 2016 and at one point it was part of a four-tower masterplanned project.
That venture would have included the site of the former International Beach Resort overlooking the ocean on The Esplanade – land on which the 76-floor Ocean tower is being built.
The portion of the Vomitron site being sold via an expressions of interest campaign has frontages to Cypress Ave and the Gold Coast Highway.
CBRE’s Mark Witheriff, Daniel Doran and John Nucifora have been appointed to manage the campaign, which closes on October 7.
Mr Witheriff yesterday said the land, given the significant investment being made into the northern Surfers and Budds Beach area, offered developers a chance to participate in the area’s ongoing renewal.
Melbourne’s Tim Gurner is planning a joint venture $1.2bn project, China’s David Wang an $800m one, and Meriton founder Harry Triguboff a $600m venture.
“The Vomitron site opens the door to a less ambitious project, one of 80 to 100 apartments on a site that is shovel-ready,” said Mr Witheriff.
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