A shopping centre and hotel in the heart of the Gold Coast tourist strip has hit the market for the first time in more than a decade.
JLL and McVay Real Estate will manage the sale of Paradise Centre and Novotel Surfers Paradise, a landmark mixed-use asset which is expected to generate strong interest from both domestic and international investors.
JLL Head of Retail Investments Australia & New Zealand Sam Hatcher said the centre and hotel, positioned opposite the famed Surfers Paradise Beach, had over 220m of direct frontage to Cavill Avenue.
Mr Hatcher said the location generated 12-14 million visitors per annum, in line with some of the country’s top performing shopping centres.
“Over the past decade, the Gold Coast has solidified its position as a core investment market, underpinned by robust fundamentals including nation-leading interstate migration, record tourism growth, and strategic infrastructure development,” he said.
“This has only been strengthened by the upcoming 2032 Olympic Games.
“The region consistently outperforms other Australian tourism destinations and is now seen as a major global city and is attracting significant local and offshore investment as a result.”
McVay Real Estate Managing Director Sam McVay said tenants at the centre perfectly aligned to suit a strong tourism customer base alongside a rapidly growing trade area.
He said the property comprises 23,000sqm of retail space and was anchored by Woolworths, alongside iconic entertainment and hospitality venues including the world’s largest Timezone, The Sporting Globe, and Surfers Paradise Tavern.
“It also features a strong line-up of national retailers such as Zone Bowling, Starbucks, Grill’d and Australia’s first Wendy’s concept store from the US.”
Mr McVay said the current owners had invested more than $40 million into the property to significantly upgrade the food and beverage and retail offering onto the beachfront exposure.
JLL Hotels and Hospitality Group Executive Vice President Adam Bury said the Novotel Surfers Paradise was the Gold Coast’s largest hotel at 408 keys, including two multi-level penthouse rooms.
Mr Bury said the rooms were a generous 34sqm on average and benefited from direct and uninterrupted beach and hinterland views.
“Gold Coast RevPAR has jumped 36 percent since pre-COVID and there is little new supply coming online, especially that would compete with the Novotel Surfers Paradise,” he said.
“Recent sales, such as the Vibe Gold Coast and Sheraton Grand Mirage, highlight the depth of domestic and international capital looking at the market.”
