RARE CHANCE TO SECURE GEM ON CAVILL AVE

After a 30-year association with jewellery and duty-free businesses a golden opportunity has arisen to buy a property in one of the country’s best-known streets

A SURFERS Paradise building in which a near 30-year association with the jewellery and duty-free businesses is about to end is being sold free of tenants.

The 45 Cavill Ave property from 1992 was home to BT Gems and latterly to Opal Gallery, whose lease ends on Friday.

The three-level building was purpose built for BT, which paid $5.074 million for it in 1992.

It is being sold by its fourth owner since then, major Surfers Paradise investor William Lai’s Winwin 888.

Other owners have included a company linked to one-time fugitive businessman Lux Daswani and another owned by prolific townhouse developer Les Nichols.

The building has a street-front retail area of 393sq m and two levels of offices accessed by a private lift and spanning 762sq m.

First National Commercial’s Jamie Bourke, who is running an expressions of interest campaign for the building, said the property offers a buyer a golden opportunity in one of the country’s best-known streets.

“They could use the entire property for a nightclub and bar or for retail or tourist purposes,” he said.

“It also could become a company headquarters on the top floors, with the retail space generating rent income.”

Mr Bourke said the mixed-use zoning and the unlimited height allowed on the 549sq m site also offers a buyer redevelopment potential.

Sixty-one-year-old seller Mr Lai, a Clear Island Waters resident, in 2018 was behind the $35.8 million purchase of the Easy T shopping centre and Easy T Medical Centre at Robina.

In Surfers Paradise he and fellow investors own a collection of shops fronting the Gold Coast Highway, the Piazza centre (formerly The Galleria), and the 64 Ferny Ave office tower.

The 45 Cavill Ave building was bought by Mr Lai’s Winwin 888 for $3.8 million in 2013.

The peak price for the property, $6.7 million, was achieved by Mr Nichols in 2006.

Expressions of interest in 45 Cavill Ave close on October 21. 45 Cavill Ave, Surfers Paradise is being sold free of tenants.