Paradise Centre and Novotel Surfers Paradise have been sold for $346.5 million, marking Queensland’s largest mixed-use hotel and retail transaction.
The deal follows a highly competitive international expression of interest campaign led by JLL and McVay Real Estate, attracting strong interest from global and domestic investors due to the asset’s irreplaceability.
“We expect to see similar depths of capital for sales of other Southeast Queensland assets that may be in market during 2026,” said Adam Bury, executive VP at JLL Hotels and Hospitality Group.
Paradise Centre comprises 23,000sqm of retail space anchored by Woolworths, with major entertainment and hospitality venues and retailers such as Zone Bowling, Starbucks and Grill’d, and remains a flagship destination for over 13 million annual visitors to the Gold Coast.
Sam McVay, MD of McVay Real Estate, said 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”.
Complementing the retail offering, Novotel Surfers Paradise is the Gold Coast’s largest hotel, offering conferencing facilities, a tennis court, pool and spa, with recent capital investment enhancing its food and beverage and retail offerings, and direct beachfront exposure.
Together, the mixed-use asset forms the cornerstone precinct of the Gold Coast. Spanning a 2.3ha landholding with over 220 metres of frontage to Cavill Avenue, it attracts 12–14 million visits annually.
Sam Hatcher, head of retail investments Australia and New Zealand at JLL, noted: “The asset’s strategic location, scale, and quality tenant mix were key drivers of investor interest, reinforcing the continued appeal of well-located retail assets.
“In the current building environment, delivering new projects of this calibre is increasingly difficult. The Paradise Centre and Novotel offering provides the purchaser immediate exposure to premium assets without taking on development risk.”
Nick Willis, executive director at JLL Retail Investments Australia and New Zealand, also said that mixed-use assets of this scale and quality rarely come to market in Australia.
“We’re seeing a growing weight of capital seeking diversified, income-producing assets that offer both stability and future optionality, and Paradise Centre and Novotel delivered on all fronts,” he added.
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