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Entire Gold Coast Block Hits the Market

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An entire city block in Surfers Paradise is up for sale for the first time in 40 years.

The sizable 1.05-hectare site has street frontages to Surfers Paradise Blvd and Ferny Ave, and is located about one block from the beach.

The site at 3 Cypress Avenue is owned by Tony Fung’s Aquis group and Chinese companies CCCC International Holding and Tandellen.

The partners, who paid Japan’s Orix group $36.5 million for site two years ago, own it through Aquis Hotel Investment Holdings.

The site is on the market with CBRE’s Jonathan O’Brien and Mike Walsh, and Knight Frank’s James Branch and Mark Witheriff.

Related reading: Billionaire Hong Kong Developer Lists Gold Coast Penthouse

“This is an outstanding opportunity to acquire a central beachside development site on this scale without any material impediments to development and a pro-development local council,” O’Brien said.

“We expect to receive interest from a range of national and international developers.”

The listing comes at a promising time for the Gold Coast tourism market, with the Commonwealth Games and recent figures showing an increase in visitors to the Gold Coast to 12.9 million per year with spending in excess of $5 billion. More than one million international passengers through the Gold Coast airport in a 12-month period.

Related reading: Gold Coast Luxury Towers Hit the Market

Agents were not able to provide price expectations due to what they said was the unusual and unique quality of the site.

Expressions of Interest for the site close 24 April, 2018.

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Article originally posted at: https://theurbandeveloper.com/articles/entire-gold-coast-block-hits-the-market