21 ORCHID AVENUE
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INFORMATION MEMORANDUM
For Sale on Behalf of Mortgagee
21 ORCHID AVENUE
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Contents
Executive Summary.............................................. 4 Location.................................................................... 6 The Property............................................................ 7 Town Planning....................................................... 7 Development Approval........................................ 8 Why Buy 21 Orchid Avenue.............................. 10 The Sales Process and Auction Details........... 14 Agent Contact Details......................................... 16
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Information Memorandum
Executive Summary
A RARE OPPORTUNITY TO INVEST IN A TIGHTLY HELD PROPERTY MARKET We summarise the key investment features of this centrally located Surfers Paradise property as follows: • Immediate opportunity to develop a Gold Coast Hotel • Substantial holding income potential after refurbishment of existing building • Prime location in Orchid Avenue • Premier Gold Coast lifestyle destination • Desirable precinct due to proximity of existing International Hotels • Proximity to famous Gold Coast beaches • Scope for alternative development….retail or commercial premises
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“THE G” LIGH RAIL SYSTEM
HT M
CHEVRON RENAISSANCE
HILTON
SOUL
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The existing building was utilised as a nightclub for several years CAVILL in the midst of the Gold Coast AVENUE entertainment hub. The premises has not been occupied for some time now and does require refurbishment and repair work. The offering of this building represents an opportunity to secure a strategic investment or a site for development in the heart of Surfers Paradise
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Information Memorandum
Location
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ADDRESS SITE AREA
21 Orchid Avenue Surfers Paradise Queensland, Australia 945 sqm*
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LOCAL AUTHORITY
Gold Coast City Council
REAL PROPERTY AVENUE 21 ORCHID Lot 2 SP235715 DESCRIPTION
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The Property Comprising a modern two level plus basement concrete building 21 Orchid Avenue has been previously used as an upmarket retail showroom and recently as a nightclub. The building is constructed from concrete foundations with suspended concrete flooring with brick and block exterior walls. • The Basement area is 550m2 and comprises a storage space, office area and cold room. • The Ground Floor area is 606m2 has previously been fitted out as a nightclub premises • The First Floor area is 649m2 and is presently bare space. • Total area: 1805m2 • Freehold Tenure
Town Planning Under Gold Coast City Planning Scheme the property is situated in the Centre Zone planning zone. This zone provides for multiple uses within the Scheme primarily covering Residential and Commercial uses. Central Surfers Paradise has generally in past years been the hub for major high rise towers containing residential units with some retail and commercial office space mix on the lower floors. Recent years have seen the construction of hotels and strata titled short term accommodation towers which have been built to provide tourist accommodation due to the rise in visitor numbers from interstate and overseas. 21 Orchid Avenue is ideally situated to be redeveloped into an hotel or strata titled short term accommodation building.
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Information Memorandum
Development Approval
The hotel development approval for this site has been designed by multi-award winning BDA Design. It incorporates all components that a well-considered resort-hotel requires, for both guest enjoyment and functional hotel operation. This project offers the opportunity to generate appropriate higher intensity development on this key site in the central precinct of Surfers Paradise. The development will contribute to central Surfers Paradise by providing high-quality hotel accommodation and a signature restaurant use, reinforcing the existing role of this part of Surfers Paradise as the city’s premier tourist destination. This proposed scheme is reflective of the target market for this premier location and seeks to maximise the site’s proximity to Cavill Avenue and the Gold Coast Beach
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Development Summary: Hotel Rooms
270
Approval Features: Ground Floor
Reception, back of house, porte couchere, basement car park access
Level 1
Back of house, staff amenities
Level 2
Restaurant, conference facilities
Level 3
Gymnasium, outdoor terrace, six hotel suites
Levels 4 to 25
12 hotel suites per floor
3 Level Basement
Roof terrace incorporating swimming pool and bar Incorporating 63 car spaces and various services and storage
Site Area
945 sqm*
Level 26
Total Gross Floor Area
17,585 sqm*
Note: detailed plans and consultants reports are available upon request. Please contact the Exclusive Agents. *Approximate
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Information Memorandum
•
Ground Floor: 606sqm*
•
First Floor: 649sqm*
•
Total Area: 1,805sqm*
Please see below a summary of the existing building: •
Concrete foundations with suspended concrete flooring and brick/ block external walls
•
Basement level comprises a storage space, office area and cold room
•
Ground floor comprises a previously used nightclub with partial fitout remaining
•
First floor comprises a bare floor space with open entry stairwell
•
The building includes ducted air conditioning to the ground floor
Why Buy 21 Orchid Avenue, Surfers Paradise
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Surfers Paradise is home to much more than Australia’s most iconic stretch of sand. The pictureperfect locale is also the Gold Coast’s major hub. From national music, culture and sporting events, to the world-famous nightlife and entertainment precinct, the most luxurious accommodation, and premium brand shopping, Surfers Paradise has it all. Importantly it is within easy reach of other favourite destinations including Queensland’s largest shopping centre, Pacific Fair, and the glittering Star Casino and Hotel – both at Broadbeach. The Gold Coast’s light rail system, the G:Link, connects Surfers Paradise to major coastal shopping and business precincts, medical services, schools, universities and is planned to extend to the airport. For more than a century, Surfers Paradise has been the preferred destination for both holiday makers and residents looking for the best casual lifestyle under the Queensland sun. 21 Orchid Avenue is therefore ideally positioned and the site holds a premium location in the heart of Surfers Paradise.
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Just look at the convenience and local attractions: • Cavill Mall, Central Surfers Paradise – 150 metres* • Patrolled swimming beach – 300 metres* • Star Hotel and Casino – 3.9 km* • The “Jewel” development – 2.4 km* • G:Link light rail station – 300 metres* • Gold Coast International Airport – 22 km* • Pacific Fair Shopping Centre – 5.4 km* THIS SITE IS A VERY DESIRABLE PROPERTY THAT ECHOES THE MAXIM OF “LOCATION, LOCATION, LOCATION”
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Information Memorandum
Gold Coast Economy
Currently valued at more than $33 billion, the Gold Coast economy is thriving. It has grown from its tourism and construction base into a more diverse and knowledge-based economic environment. The golden city has a large economic catchment, healthy population growth rate and is welcoming more visitors every year. It also continues to reap the benefits from its high profile role as 2018 Commonwealth Games host, and this will continue well into the future.
30 BILLION
$
GOLD COAST ECONOMY
POPULATION NEARING
600,000
ECONOMIC CATCHMENT OF MORE THAN MILLION PEOPLE
3.6
POPULATION GROWTH
4% ANNUALLY
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TOURISM STATISTICS
9 % 7.5 $4.28B % INCREASE IN
INTERNATIONAL VISITORS INCREASE IN DOMESTIC VISITORS ANNUAL EXPENDITURE
Major Infrastructure Billions of dollars have recently been invested in tourism, transport and social infrastructure projects. There are more projects proposed and some are already rising from the ground. This level of investment in the Gold Coast is longstanding, and is forecast to continue. GOLD COAST AIRPORT EXPANSION $300 million With traveller numbers projected to reach 16 million annually by 2031, a $300 million airport expansion project is planned. An $86 million airside upgrade was completed in time for the Commonwealth Games. Sources: https://www.goldcoastairport.com.au/latest-news/airportcompletes-86m-airside-upgrade https://wearegc.com.au/articles/airport-expands-horizons/
PACIFIC FAIR SHOPPING CENTRE $670 million The $670 million redevelopment of the iconic retail centre has established it as one of the premium retail, entertainment and leisure precincts in Australia GOLD COAST LIGHT RAIL $500 million The Southport to Helensvale G:Link expansion added 7.3 km to the service, connecting Broadbeach with the Northern Gold Coast. The proposed Stage 3 expansion will see the service extend south from Broadbeach to Burleigh Heads. Sources: https://www.tmr.qld.gov.au/Projects/Name/G/Gold-Coast-Light-Rail-Stage-3A
COMMONWEALTH GAMES $13.5* billion The event provided unprecedented global exposure – the estimated television audience was 1.5* billion – and major infrastructure delivered for the games is valued at more than $13.5* billion. STAR HOTEL AND CASINO $850 million A new luxury suite hotel, The Darling, has opened and plans are in place for the addition of a multi-use residential apartment and hotel tower on Broadbeach Island. The $850 million of planned investment will introduce a whole new level of sophistication, service and style. Sources: https://www.star.com.au/goldcoast/about-us/transformation
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Information Memorandum
Sales Process
The freehold property at 21 Orchid Avenue, Surfers Paradise is offered For Sale by Auction.
Inspections of the property can be arranged by contacting the Selling Agents.
AUCTION DATE: 29 NOVEMBER 2018 AUCTION TIME: 11 AM AUCTION VENUE: 30 TEDDER AVENUE, MAIN BEACH, GOLD COAST 4217 For further information please contact the Exclusive Marketing Agents: Queensland Sotheby’s International Realty.
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21 ORCHID AVENUE
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INFORMATION MEMORANDUM
RICHARD BEAN Director – Queensland Sotheby’s International Special Projects P:
+61 7 5560 8888
M:
+61 410 876077
E:
richard.bean@qldsir.com
VIVIAN YU - 余兆華 Queensland Sotheby’s International Realty Projects & Developments P:
+61 7 5560 8888
M:
+61 477 185 589
E: vivian.yu@qldsir.com
This Information Memorandum is provided by Pla’d Investments P/L trading as Sotheby’s International Realty Queensland or one of its associated/subsidiary companies. This document contains information which is confidential and may be privileged and has been produced solely for the purpose of providing information to potential purchasers. Any use of its contents is strictly prohibited and you must not copy, send or disclose it, or rely on its contents in any way whatsoever. The information contained herein has been obtained from sources believed reliable, Sotheby’s International Realty Queensland have not verified it and make no guarantee, warranty or representation, express or implied as to the accuracy or completeness of this information. The responsibility to independently confirm the accuracy and completeness of the information rests with the person who is the recipient of this document. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. Furthermore we make no representation as to the condition or suitability of the property or the improvements contained thereon and interested parties should make their own enquiries to verify and satisfy themselves of all aspects of such information, including without limitation, any income, rentals, dimensions, areas, zoning and permits. Reasonable care has been taken to ensure that this documentation (if sent by electronic communication and any attachments or hyperlinks contained within it) is free from computer viruses. No responsibility is accepted by Sotheby’s International Realty Queensland or its associated/subsidiary companies or it’s employees and the recipient should carry out any appropriate virus checks. Produced by www.totoandco.com.au