• 35 storey residential high-rise building comprising 279 luxury apartments to be sold in one line
• Site being developed by Phillip Usher Constructions and scheduled for completion in Q1 2019
• Blue chip asset is being marketed locally and internationally to institutional and private investors
Cushman & Wakefield today announced its exclusive appointment to sell 120 Marine Parade, Southport, a 35 storey residential high-rise located on 4,472 square metres of land opposite the acclaimed Southport Broadwater Parklands and bordering the Gold Coast’s CBD. This catalyst project is under construction and scheduled for completion in Q1 2019. 120 Marine Parade is to be sold as a completed development in one line via a national and international expressions of interest campaign.
Identified by the Queensland State Government and Gold Coast City Council as a landmark development, 120 Marine Parade consists of 80 one-bedroom, 179 two-bedroom and 20 “Skyhome” three-bedroom apartments over 35 storeys. This trophy asset has been intelligently designed allowing multiple body corporates and flexibility for the investor to hold in one line, divest in whole or in part and/or incorporate a hotel component.
The sale on behalf of Phillip Usher Constructions is being exclusively managed by Cushman & Wakefield’s Gold Coast Commercial Managers Richard McCouaig and Chris Bouwer.
Commenting on the sale of the asset, Richard McCouaig states: “The tower is under construction with approximately 16 months to completion. Commencement of our marketing campaign has been strategically timed to allow the purchaser ample time to customise their investment strategy and maximise the profit available through multiple revenue streams.”
“Purchasing this type of asset is highly unique and rarely offered within Australia. Gold Coast tourism is surging with annual growth of 13.9% and, coupled with the low residential vacancy rates of 1.4%, this prime location overlooking the Broadwater provides for outstanding capital growth opportunities.”
“The investment fundamentals of 120 Marine Parade have been very well received by local funds, private individuals and international investors engaged through Cushman & Wakefield’s Australian and global capital markets platform.”
Chris Bouwer added: “Diminishing supply due to lack of funding has restricted many large-scale projects on the Gold Coast. This has resulted in an uplift in ‘off the plan’ sale values, further positioning this asset as excellent value. Gone are the days of seeing $6,000 to $7,000 per square metre of gross saleable apartment area, with Gold Coast values more commonly placed at $8,000 to $10,000 psm upwards to $20,000 psm for prime esplanade or beachfront high-rise developments.”
The Gold Coast is Australia’s premier tourist destination and with iconic projects, such as 120 Marine Parade Southport, the upcoming Commonwealth Games and $13.5 billion investment by the State Government and City Council, the area is well positioned for sustainable long term growth delivering secure investment returns
View the property listing here.