Surfers ‘casino’ site put on the market
THE owner of an approved tower site in the heart Surfers Paradise, mooted as the possible venue for a second Gold Coast casino, is cashing in his chips.
The site, on the corner of Cavill and Orchid avenues, is being sold by veteran shopping centre owner Henry Yuen, who paid $23.9 million for it in 2004.
It is approved for a 66level tower, with six “mystery” floors at podium level.
The floors were described in a 2015 development application as a “tourist facility” and the Yuen camp would not confirm or deny they were intended for a casino.
A request by council officers for detailed layouts of the six floors was refused.
Mr Yuen, through family company Centa Surfers, is selling the property via an international expressions of interest campaign being run by Lian Lee and Sam Biggins, of Colliers International, and Chris Bouwer, of Cushman and Wakefield.
Mr Biggins said he expected the property to be chased by both Australian and international developers seeking a strategic site on which to create a landmark project.
The site houses a 4104sqm mixed-use retail centre which includes a five-level building which in part, until late 2015, was the long-time home of The Avenue nightclub. Mr Biggins said the property was 70 per cent let and was netting $2.34 million a year.
“We estimate that when fully let, that would climb to more than $3 million.”
Mr Biggins said the bulk of the vacant space was that previously occupied by The Avenue.
The property’s tenants include Baskin Robbins, Oakley and Off the Beach, along with offices, accommodation and entertainment venues.
The tower approved for the 2115sqm Yuen site would include 366 motel rooms, restaurants, five levels of basement, and a “tourist facility” on levels five to nine.
Colliers’ Mr Lee said the opportunity to restore the property to a fully-let situation would enable a buyer to delay the development.
The property has an 88metre frontage to Cavill and Orchid avenues, which both experience heavy pedestrian traffic.
Cushman and Wakefield’s Mr Bouwer said a partial redevelopment of the site was undertaken in 2013, with changes to setbacks allowing an extra two metres of trade along the entire footpath.
Mr Yuen’s Centra Surfers bought the property from its owner for 11 years, SHC Properties.
The investor has been in the Gold Coast market for many years and previously owned the Nerang Mall, bought for $14 million in 1995 and sold for $23.4 million three years ago.
Mr Yuen did not fare so well on Ashmore City, bought for $39.975 million in 2003 and sold for $1 million less in 2013.