Aquis Australia has today contracted to acquire a prime beachfront development site at the northern end of Surfers Paradise on Queensland’s Gold Coast.
The site, located at 3464–3466 Main Beach Parade, is one of the last major beachfront development sites in the area and was created through the amalgamation of apartments in the Pacific Point apartment building and two adjoining properties.
The amalgamated site covers approximately 1,700 sqm with approximately 70 metres of beach frontage. The site was acquired for in excess of $23 million.
Aquis Australia is a company wholly-owned by Hong Kong investment banker Tony Fung. Mr Fung also controls the ASX-listed Aquis Entertainment that owns and operates Casino Canberra and is currently progressing plans a for a large-scale real estate and entertainment project at Yorkeys Knob, north of Cairns.
It is the third major acquisition by Mr Fung in Surfers Paradise over the last 12 months after last year contracting to acquire the International Beach Resort on the Esplanade and last week completing the purchase of another nearby major development site for $40 million as part of an international consortium.
Mr Fung said the Main Beach Parade site had significant potential for future development.
“Beachfront development sites are increasingly rare or come with major hurdles to development,” he said. “Following amalgamation this site provides a relatively clear path to completion.”
“We are strong believers in the long term growth of the Gold Coast and believe Surfers Paradise will be the focal point for that growth,” Mr Fung said.
Following completion Aquis will progress plans for the development of the site.
Last week, a consortium comprising Aquis Australia, CCCC International Holding Limited (CCCI) and Tandellan Group completed the acquisition of a prime development site in central Surfers Paradise.
The 10,500 sqm site comprises an entire block bordered by the Gold Coast Highway, Palm Avenue, Cypress Avenue and Surfers Paradise Boulevard.
CCCI is one of the largest listed companies in Hong Kong and has significant interests in Australia. Last year it acquired construction group John Holland. Tandellan Group is a Shanghai-based property group with a 20-year history of large-scale developments in China. This is the first time the company has invested in Australia.
Mr Fung said the partners were considering a range of development options for the site.
“It is the last, large-scale undeveloped site in Surfers Paradise and presents a tremendous opportunity to create something special that will compete for attention on the world stage,” he said.
“The Gold Coast is experiencing a period of rapid growth that we expect will continue for a number of years due to its mature tourism and hospitality industry and stunning natural beauty.”