The Aquis Pacific Point hotel and residential development site on the Surfers Paradise beachfront of the Gold Coast is for sale, on offer by Michael Simpson and Tom Shadbolt of Savills Hotels.
Designed by global architectural practice Woods Bagot, the original plans associated to the DA consisted of a 50-storey tower, including podium, with associated conference & meeting facilities, destination spa and wellness centre, a myriad of unique bar and restaurant experiences, executive lounge and stunning rooftop pool.
The current opportunity presented by Michael Simpson, Tom Shadbolt and Max Cooper of Savills Hotels, is for an alternative scheme incorporating a reduced height, reduced room count, larger room size and the inclusion of residences, subject to council approval.
Alternatively, given the existing zoning of the site as high-density residential, an opportunity exists to pursue an all residential scheme (STCA).
Managing director of Savills Hotels, Michael Simpson told The Hotel Conversation, “The positioning of the site enables the Property to take full advantage of all leisure and corporate demand drivers of the Gold Coast, with 360-degree views of the Pacific Ocean and Gold Coast Hinterland.”
“In addition to providing immediate access to Gold Coast’s beachfront, the Property will provide easy access to the epicentre of Surfers Paradise’s retail and entertainment activity hub, Main Beach’s Tedder Avenue restaurant strip, the Marina Mirage shopping and restaurant precinct, and the Star Casino.”
Tom Shadbolt continued to say that, “The Gold Coast is a highly sought-after hotel investment market with investment grade assets tightly held.”
“Continued growth in market performance KPI’s over the most recent four-year period has culminated in the Gold Coast market experiencing RevPar growth of 7% and 7.8% respectively for CY 2016 and CY 2015 and maintaining this RevPAR level over CY 2017, clearly demonstrating the strength of the market.”
“The signs going forward are very positive, with STR reporting the Gold Coast has experienced one of the best-ever starts to the year with RevPAR growth of 5.4% YTD.”
Max Cooper also added, “Strong leisure demand from domestic and growing international inbound tourism, which collectively grew by 12% YOY for CY 2017, is underpinning the buoyant market performance.”
He continued to say that a favourable Development Approval has already been secured for the Property. “Following market feedback, Aquis has re-engaged Woods Bagot to provide plans for a 282-room hotel and 62 luxury Residences which can be explored.”
The Expression of Interest campaign for the Aquis Pacific Point development opportunity closes next Wednesday, 30th May at 4pm.
To discuss the sale in further detail and request a full Information Memorandum, phone or email Michael Simpson and Tom Shadbolt of Savills Hotels via the below contact details.
This article was previously published on The Hotel Conversation
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