Vibe Hotel and Surfers Pavilion: Surfers Paradise landmarks on the market
One of Surfers Paradise’s best-known hotels and a hospitality hotspot are being put on the market, with a two-stage development mooted to replace them. FIND OUT MORE
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One of Surfers Paradise’s best-known hotels and a hospitality hotspot are being put on the market in what is being tipped as “one of the most exciting hospitality offerings of 2024”.
The 4700 sqm site, which is home to the Vibe Hotel Gold Coast and Surfers Pavilion will be sold by international firm JLL which is looking for investors or developers to snap up the site.
JLL Hotels executive vice president Adam Bury said the sale would include the hotel, the pavilion and its 35 poker machines, and its marina.
“This is genuinely one of the most exciting opportunities we have seen come to market in the past couple of years,” he said.
“The land-rich offering and combination of in-place hotel, pub and gaming, is unique within the market.
“Currently managed by TFE, the hotel will be available with vacant possession on sale, ensuring that the optionality presented to incoming investors is unrivalled.”
JLL expects both hospitality investors and active Gold Coast developers to consider the purchase.
The sale is being handled by JLL’s Mr Bury, Tim Jones and Tom Gleeson.
The 22-storey hotel tower, which fronts the Gold Coast Highway and the Nerang River has 199 rooms and was originally built as the Chevron Hotel, before transitioning into the Concorde Hotel in 1996.
The Pavilion, initially built in the late 2000s as the Gold Coast Titans clubhouse Titanium, is currently leased to Artesian Hospitality.
It is understood Artesian have a long-term lease on the property.
Mr Bury said demand was growing for Gold Coast property holdings.
“In 2023, we saw incredibly strong demand from investors for the Sheraton Grand Mirage in what was a landmark transaction for the Gold Coast, and the wider South East Queensland region,” he said.
“With the qualities, attributes and pricing point being presented, combined with the continued growth in the Gold Coast economy and its attractiveness to residents, businesses and tourists, we expect to see exceptionally strong interest in the property from local, interstate and international purchasers”.
Mr Jones said the site would be “attractive” to developers.
“We’ve been particularly active with waterfront development sites over the past twelve months across the Gold Coast,” he said.
“The Vibe Hotel Gold Coast and Surfers Pavilion will be attractive to developers noting the in-place income and with the existing improvements split into two notable and distinct uses, a two-stage development is very much viable.”
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Originally published as Vibe Hotel and Surfers Pavilion: Surfers Paradise landmarks on the market
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