Vomitron site sell speeds up

THREE big Chinese groups that spent $36.5m for a complete block in Surfers Paradise six years ago have embarked on stage two of a bit-by-bit exit.

The move comes on the heels of Brisbane-based Chinese developers paying $8.53m for almost a quarter of what is known as the Vomitron amusement-ride site.

The whole block, once flagged as the best site for a second Gold Coast casino, spans 1.05ha.

Billionaire Tony Fung’s Aquis group and Chinese companies CCCC International Holding and Tandellen previously have tried to exit by selling the whole site, but last year changed tack and decided to break it up.

The 2416sq m portion of the holding they have sold fronts Ferny and Cypress avenues and was put on the market in October.

The latest sell-off is of 4715sq m with frontages to Surfers Paradise Blvd and Cypress and Palm avenues.

It can be bought as two pieces – one of 1958sq m and the other 2557sq m.

CBRE’S Mark Witheriff said the land was expected to appeal to developers wanting to incorporate a mixture of investment and premium offerings as the market struggled with a 4 per cent vacancy rate.

“This portion of Surfers Paradise is undergoing a significant renewal, with some of Australia’s largest development groups having undertaken projects or are looking to start developments in the coming months.”

The land is being sold via expressions of interest in a campaign being run by Mr Witheriff and CBRE Gold Coast team members John Nucifora and Daniel Doran.

Mr Nucifora said sites with direct light-rail access would continue to be sought after as the next stage of the train service was completed.