This article is from the Australian Property Journal archive
IN one of the most significant development opportunities in the Southport CBD in recent years, a major landholding in the master-planned Queen Street Village has hit the market.
With preliminary planning approvals already in place, the 5,401sqm landholding comprises three adjoining sites, Lots 7, 8 and 9 at the corner of Nerang Street and Queen Street in the emerging Queen Street Village mixed-use development.
Steven King, Troy Linnane and Brendan Hogan from Colliers’ senior Gold Coast team are managing the collective sale of the properties, via an expressions of interest campaign under the instructions of the mortgage exercising power of sale.
“Southport is emerging as one of the Gold Coast’s most active development zones and this site presents a significant opportunity in the heart of the city’s designated CBD,” said King.
Sitting just 1km from the Southport Broadwater and the Broadwater Parklands, the lots are within the Southport Priority Development Area, which allows for multiple uses without height restrictions.
“It’s one of the largest sites to come on the Gold Coast market in many years and offers development interests the option of moving quickly and bringing to market the existing development proposals or to create a new landmark legacy within the Queen Street Village master plan,” added King.
“We anticipate the scale of the site and the advanced stage of approvals currently in place will garner considerable national interest at a time of severe undersupply in the Gold Coast residential market.”
Lot 7 spans 1,787sqm and has a preliminary approval for a 12-storey apartment building including 52 units and residents’ amenities like a rooftop terrace.
Lot 8 includes a land area of 2,414sqm, with preliminary approval in place for a 480-bed student accommodation facility.
While the 1,200sqm Lot 9 on Nerang Street, includes a development permit for a 14-storey hotel building with 160 suites and a rooftop terrace.
The preliminary planning approvals in place for the lots will remain in place until March of 2026.
The landholding is well placed, sitting strategically adjacent to Nerang Street Light Rail Station, for easy access to key employment nodes including as Gold Coast University Hospital and Griffith University.
“The corner location offers a high level of exposure to both Nerang and Queen Streets for any proposed development,” said Linnane.
“The three lots also benefit from multimillion-dollar expenditure in development works that have already been completed to date for the Queens Street Village development, and they also carry applicable infrastructure credits.”
The three sites in the holding currently boast a combined $1.2 million in infrastructure credit allocated to them.
“A potential buyer could conceivably move into development of this site quite quickly, but because of its location within the Southport Priority Development Area Precinct 1, it presents an opportunity to explore multiple alternate uses,” said Hogan.
The expressions of interest campaign for the Queen Street Village landholding is scheduled to close on 27 October 2022.
