Closure not on menu at Collective
THE team behind a popular Gold Coast eatery has hit back at rumours it is set to close for good after the building it has occupied for five years sold in a multimilliondollar deal.
The Bulletin understands 1128 Gold Coast Highway at Palm Beach – home to The Collective – has been purchased by developer S & S Projects led by businessman Paul Gedoun.
Mr Gedoun has become one of the city’s most prolific developers in the past 18 months and is behind three major Coolangatta towers – the under-construction $74m Flow Residences, the mixed-used Esprit tower which is before council, and the luxury $46m Awaken Residences which is replacing the now-closed Cafe DBar.
Mr Gedoun told the Bulletin the company bought the site earlier this year. The deal reached unconditional status in February and is due to settle in November.
He did not disclose the sale price but it is understood the site sold for $4m.
Mr Gedoun said plans for the site were yet to be determined but talks with the current tenant – who is locked into a 25-year lease – were ongoing.
“It is very early stages but we are looking at options for the site and we would like to deliver something spectacular that will complement and support the increasingly vibrant residential, restaurant and dining precinct that Palm Beach is becoming renowned for,” Mr Gedoun said.
“I am delighted to be a part of the transformation of one of Australia’s most active residential beachfront precincts. It is no secret how Palm Beach is one of the most transformative precincts on the Gold Coast and we’re looking forward to being a part of it.”
As rumours swirled online, management of The Collective, which opened its
doors in 2016, were forced to address mounting speculation the much-loved venue would close.
Co-owner Craig Shearer told the Bulletin there was one “key detail” missing from the rumours – that the sale was exclusive to the building and not the business.
“Us, as the business operators, haven’t sold anything and we don’t intend to,” Mr Shearer said.
He confirmed Mr Gedoun
had not engaged with them relating to talks of a sale but the two parties were due to meet in coming days.
“If they’re looking to develop the site then they would need to be considering how to work in The Collective to the design,” he said.
“I’m looking forward to that chat. They would understand as well as anyone else what an intricate part The Collective plays to the value of the community and real estate.”