Gold Coast, Qld, Australia

One of the most high profile new retail and office developments on Australia’s famous tourist destination the Gold Coast has been put on the market for sale in an international campaign.

The freehold interest in the retail and office component of the Circle on Cavill development in the heart of Surfers Paradise is expected to generate significant interest from Australian and foreign investors alike.

Completed in 2007, Circle on Cavill is a mixed use development located on the iconic Gold Coast lifestyle and retail strip, Cavill Avenue and was winner of the 2007 UDIA Suncorp Queensland award for excellence (urban renewal).

The greater development includes two residential towers adjacent to the prestigious retail and office complex which comprises ground floor retail and prestigious office space, open air restaurants and cafes.  

Colliers International has been appointed by Sunleisure Property Holdings Pty Ltd to market the property, led by National Director – Retail Agency Nathan Clark, Managing Director – Investment Sales John Marasco and Queensland Commercial Agency Director John Walklate.

Mr Clark said the campaign is expected to generate significant interest given the high profile location and quality of the development.

“This is a highly successful and very unique retail development in a burgeoning market.  I expect the international interest to be significant given the fundamentals of tenancy profile, location and opportunity,” Mr Clark said.

The development has a net passing income of approximately $5,331,366 p.a. with high profile retail tenants including IGA Supermarket, Strike Bowling Bar, MNG, Billabong and Zimmerman, while the office component is leased to Sunland Group and Colliers International’s own Gold Coast office.

The development has also become a pivotal entertainment precinct with a landscaped plaza utilized for major events.

Mr Clark said while the tourist traffic from Surfers Paradise was significant in itself, the addition of the residential towers provide traffic flow and provide a captive market for the centre.

“A building of this calibre is highly sought after, offering investors the opportunity to secure a premier property with strong passing income with the opportunity for significant upside,” he said.

 “Discerning purchasers will see the unique opportunity to acquire a secure income stream, driven from nationally recognised retailers.  There are also exciting opportunities to reposition the existing retail mix, adding value and capitalizing on income potential.”

The sale is to be procured through an Expression of Interest campaign, closing at 4pm, Thursday 1st May 2008.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Nathan Clark

National Director – Retail

Tel:  02 9017 6938

Mob: 0 437 242 450

Nathan.Clark@colliers.com  

Phoebe Miller

National Communications Manager

Tel:  02 9257 0276

Mob: 0402 547 484

Phoebe.Miller@colliers.com 

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