Colliers launch expressions of interest campaign for ‘shovel ready’ development in the Southport CBD
A major landholding within the master-planned Queen Street Village precinct at Southport has been placed on the market, presenting one of the biggest development opportunities in the Gold Coast’s central CBD in a number of years.
The landholding, comprising three adjoining sites totalling 5401 sqm, is being presented collectively to the market by Colliers through an expressions of interest campaign under the instructions of the mortgage exercising power of sale.
Colliers has called for expressions of interest in lots seven, eight and nine, which are located at the corner of Nerang Street and Queen Street, and already have preliminary planning approvals in place.
The sites, located just one-kilometre from the Southport Broadwater and the Broadwater Parklands, are within the Southport Priority Development Area which allows for multiple uses without height restrictions.
Lot seven spans 1,787 sqm, with preliminary approval for a 12-storey apartment building comprising 52 units, along with a string of residential amenities, such as a rooftop terrace.
Lot eight, with a land area of 2,414 sqm, holds preliminary approval for a student accommodation facility comprising 480 beds, while lot nine comes with a land area of 1,200 sqm, located along Nerang St, with approval for a 14-storey hotel building, providing 160 suites and a rooftop terrace.
The sale is being jointly co-ordinated by a trio of Collier’s senior Gold Coast team, with Steven King, the Gold Coast Director in Charge at Colliers and Colliers Directors, Development Sites, Troy Linnane and Brendan Hogan, taking the reins.
Steven King spoke to the emerging suburb, pinning it as one of the Gold Coast’s most active development zones, with the site presenting a significant opportunity in the heart of the city’s designated CBD.
“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,” King said.
“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.”
The Queen Street Village holding is strategically located adjacent to the Nerang Street Light Rail Station, providing direct access to the Gold Coast’s key employment nodes such as the Gold Coast University Hospital and the Griffith University to the north.
It also provides access to the tourism and lifestyle hubs of Surfers Paradise and Broadbeach, including The Star Casino and Pacific Fair Shopping Centre, which are to the south.
“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.”
Hogan said the Southport holding presents a prime ‘shovel ready’ opportunity to capitalise on robust market conditions in the Gold Coast residential and tourism market.
“Record low residential vacancy rates, together with strong population growth, major investment in infrastructure and a rebounding tourism sector have put the Gold Coast on a strong trajectory to continue its post-pandemic boom well into the coming decade,” said Mr Hogan.
“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.”
Precinct One defines the central Southport area as one of regionally significant commerce that will deliver a hub of innovative business, economic activity, entertainment, and leisure, with high levels of public transport connectivity to the rest of the city.
This zoning allows development of a diverse mix of residential and non-residential CBD uses such as offices, showrooms and health care services.
Colliers will provide qualified parties access to further information, including current approvals, upon request.
The expressions of interest campaign will close on Thursday 27 th October 2022 at 4pm.
The site is also positioned within the emerging Queen Street Village development, with the first stage recently opened, delivering a Supa IGA supermarket, Dendy Cinemas and a range of specialty retail tenancies.
Further developments proposed as part of the Queen Street Village master plan include two residential apartment towers that will deliver a total of 216 units and a vertical retirement village.