Tiki Village resort will tempt buyers

DEVELOPERS are expected to run the rule over Surfers Paradise timeshare resort Tiki Village in advance of a tender campaign due to start later this month.

The 4598sq m site at 58 Cavill Ave, including the 70room resort and five retail tenancies, is being sold by Classic Holdings-linked Tiki Village International.

The property fronts the Nerang River and is zoned for unlimited height with the potential to build 720 apartments subject to council approval.

CBRE’s Mason Kidman, who is marketing the property with colleague Lachlan Harris, said he expects significant interest from national and international developers.

“This is the best non-beachfront development site on the Gold Coast,” he said.

“The site offers walking distance to the beach, light rail, shopping, restaurants and the Surfers Paradise entertainment precinct.”

The sale includes a 1472sq m seabed lease, two single-level buildings housing five tenancies including the Howl at the Moon and Cocoon bar-restaurants, and the eight-level Tiki building.

Mr Kidman said the seabed lease provided an option for building a marina. The timeshare apartments are being sold as vacant possession by the owners, who have appointed five directors to handle the disposal of the asset.

Mr Harris said the potential income from the apartments and the revenue from the commercial tenants provided a strong drawcard.

“This provides the opportunity for an incoming owner to receive a strong holding income while formalising plans to redevelop or add value to this asset,” he said.