Queensland’s Paradise Centre mall, one of the flagship shopping and tourism destinations in the Gold Coast, has been listed for sale.
The shopping centre was put up for sale alongside Novotel Surfers Paradise hotel. The two properties form the cornerstone precinct of the Gold Coast, with over 220 metres of direct frontage to Cavill Avenue generating 12-14 million visitors per annum.
JLL and McVay Real Estate have been exclusively appointed to manage the divestment.
With 23,000sqm of retail space, Paradise Centre is anchored by Woolworths, alongside iconic entertainment and hospitality venues including the world’s largest Timezone, The Sporting Globe, and Surfers Paradise Tavern.
The mall’s retailer line-up also includes Zone Bowling, Starbucks, Grill’d and Australia’s first Wendy’s concept store from the US.
The shopping centre has long been a flagship destination for the over 13 million tourists that visit the Gold Coast annually. The owners recently invested over $40 million into the property to significantly upgrade the F&B and retail offering onto the beach front exposure.
“Paradise Centre is Australia’s pre-eminent entertainment and dining destination,” commented Sam McVay, MD of McVay Real Estate. “The curation and productivity of tenants at the centre is exceptional and is perfectly aligned to suit a strong tourism customer base alongside a rapidly growing trade area.”
The Novotel Surfers Paradise is the Gold Coast’s largest hotel at 408 keys, including two multi-level penthouse rooms.
“The offering of the Paradise Centre and Novotel provides investors an opportunity to gain immediate exposure without having to take on the development risk,” added Nick Willis, executive director at JLL Retail Investments ANZ.
The shopping centre and the hotel are available for sale in-one-line or individually via an international expressions of interest campaign, which will close on October 3.
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