This article is from the Australian Property Journal archive
AS the last beachfront site on The Spit enters the market, the development opportunity is expected to underpin Queensland’s recovery and pull in interest both nationally and abroad.
The 1.62-hectare site, which sits south of the Sheraton Grand Mirage Resort and offers 152 metres of prime beach frontage, is set to be developed as part of The Spit Master Plan, which was approved in February, 2020.
“The master plan reimagines this site as a resort-style complex with a public plaza flowing from Seaworld Drive to the ocean and the public carpark moving south into Hollingdale Park,” said Steven Miles, deputy premier and minister for state development.
CBRE Gold Coast will manage the sale via an a competitive bidding process, targeting investors with proven capabilities of enhancing the area and adding to The Spit’s pipeline of jobs and investment.
“The competitive process will ensure we get the best possible development proposed for the site,” said Meaghan Scanlon, member for Gaven.
“A through process will be followed to ensure the proposed project is appropriate for the site, creates jobs and respects the natural values of the area.”
The property will be offered on a long-term lease, with the location anticipated to receive proposals for mixed-use tourism, hospitality and short-stay accommodation projects.
“This site will be highly sought after as, in our opinion, it is the best beachfront resort accommodation site that has come to the market in the past two decades,” said Wayne Bunz, national director of CBRE Hotels.
Bunz also claimed that investors interest in the site and Queensland in general will be heightened as both NSW and Victoria continue to be plagued by lockdowns, amid the ongoing health crisis.
Proposals will also be required to adhere to The Spit’s planning regulations, with developments needing to integrate into the landscape and respect the area’s natural values.
“The scope of projects across the different precincts on The Spit offer something for locals and visitors alike whether these be deep-water marina berths, picnic and recreational facilities, residential and tourist accommodation, or the Oceanway walkway,” said Miles.
In May, Gordon Corporation successfully won out the bidding process for another site on The Spit, with the group set to develop a $93.6 million luxury apartment development, the Village Centre South project.
“Through the implementation of the master plan, we’re delivering something really special that will confirm The Spit as one of the glittering jewels in Gold Coast’s crown,” concluded Miles.
Expressions of interest are currently open and are set to close on 20 October, 2021.
