Zagame's Paradise Resort in Surfers Paradise listed
The family-friendly Zagame's Paradise Resort in Surfers Paradise has been listed for sale, with current owners seeking $70 million.
Located on Ferny Avenue, the current vendors purchased the resort in late 2010 for over $38 million.
Over the past three years, the 358-guest room resort has undergone an extensive refurbishment to now include a water park, ice skating rink and room upgrades.
The resort sits on approximately 2.49 hectares. Its owners have grown the resort's net income from $1.5 million in 2010 to a forecasted $4.45 million this financial year.
The sale comes with development approval for stage one of a four-stage master plan.
Stage one approval includes plans for a 30-storey 447-bedroom residential development for a 6,710-square-metre portion of the site that has been cleared.
The master plan comprises of a four tower mixed use development of 2,476 bedrooms and 7,080 square metres of retail and commercial space.
“We believe that the property will be attractive to a wide group of potential buyers because it is unique in that it is the best income producing development site on the Gold Coast,” says Will McVay of McVay Real Estate.
McVay says he has received a great deal of interest from both domestic and international parties.
The property has been listed by Will McVay and Sam McVay of McVay Real Estate, with EOI closing April 8.