Tiki on the market
TIKI Village, a resort in the heart of Surfers Paradise, has been put on the market in the wake of a bumper season that has included heavy schoolies’ bookings.
The sell-off takes in the 40-yearold resort’s hotel but not two empty riverfront buildings that previously have been home to restaurants and nightclubs.
Kollosche Commercial’s Adam Grbcic yesterday said any buyer of the eight-level building could continue to run it as a hotel or redevelop the high-density site, which carried no height limit.
Mr Grbcic said the move to sell the hotel came as there was a high demand in southeast Queensland for hospitality and leisure assets.
“Also, the Olympics are on the horizon and the city council and Queensland Government are implementing strategies to revitalise Surfers Paradise to ensure that it remains the tourism capital of Australia.
“They are doing so by activating the river, connecting Surfers Paradise to the HOTA precinct, upgrading transport, and planning upgrades to streetscapes and infrastructure.”
Tiki owner 58 Cavill, a company linked to Sydney-based Wenda Wu, bought Tiki Village, a former timeshare resort, for $30.5 million back in 2018.
Plans were unveiled to revitalise the resort and turn its 72 units into 141 dual-key hotel rooms but the work, while approved, has not been undertaken. A subdivision of the Tiki Village site is intended to put the hotel on a 2502sq m title.
That will leave the riverfront portion as a 2100sq m property fronted by a 1472sq m seabed lease.
Mr Grbcic said that there were negotiations with top-tier operators to take over the Tiki riverfront venues.
“The connectivity between the commercial portion and the hotel would allow that portion to service the hotel in a food and beverage sense.”
Tiki Village was built by the late Dan Roberts at the start of the 1980s and designed by architect Desmond Brooks, his first project when he started the DBI group.
The riverfront Tiki holding is being marketed by Mr Grbcic and Tony Grbcic via an expressions of interest campaign which closes on November 25.