Aquis puts casino site on market

AQUIS Group has confirmed its massive Surfers Paradise casino site is on the market.

Market sources say 3 Cypress Ave is likely to attract offers well above $40 million.

At 1.05ha, the site takes up a full block, has frontages to Surfers Paradise Blvd and Ferny Ave, and is equally owned by Aquis group and Chinese companies CCCC International Holding and Tandellen.

The partners, who paid Japan’s Orix group $36.5 million for the site two years ago.

Aquis was touted as contenders for the Gold Coast’s second casino licence after the State Government killed off ASF Group project at The Spit.

The site is being marketed by CBRE’s Jonathan O’Brien and Mike Walsh and Knight Frank’s James Branch and Mark Witheriff.

“The site has the advantage of mixed-use zoning with no height restrictions,” Mr O’Brien said.

Mr Branch said the huge site’s proximity to the Surfers Paradise CBD made it a very rare opportunity.

“With the extremely limited ability to create a site of this scale in central Surfers Paradise, the opportunities are seemingly limitless,” he said.

Mr Witheriff said he expected the site could be used as a hotel.

“This is supported by the most recent tourism statistics showing that visitors to the Gold Coast has increased to 12.9 million per annum, spending in excess of $5 billion,” Mr Witheriff said.

“There is an ever-increasing pressure to adequately supply this market sector.

“The location of the light rail station on the doorstep of the site provides perfect access for tourists to easily access the coastal strip.”

Expressions of Interest for the site close on April 24.