Paradise Resort encompasses a 357 room resort hotel together with Development Approval for a 30 level, 232 room residential development.
The property is superbly located over an entire city block in Surfers Paradise on the Gold Coast – Australia’s premier leisure destination and also one of Australia’s fastest growing residential and commercial cities.
The major part of the site is occupied by the 357 room, award winning Paradise Resort.
The resort provides a substantial holding income – delivering revenues close to $20M in 2009 – and consistently trades above 80 per cent occupancy.
The Resort has gained iconic status in Australia due to its overwhelming success and popularity amongst families visiting the Gold Coast. However there is also strong demand from the inbound market.
The 2.49-hectare site can be redeveloped yielding four apartment towers. The site is offered with the approved plans for a 30-level apartment tower to be built on the 6,710 sqm cleared portion of this site and construction can commence immediately – without interfering with the existing resort operations. A further three towers are envisaged within the Master Plan for the site, which could realise a total development yield of approximately 2,500 bedrooms.
Rarely does an opportunity arise to acquire a hugely successful and profitable resort operation; coupled with a landholding and development opportunity of this magnitude in the heart of Australia’s tourist and population growth epicentre.