Paradise Centre and Novotel Surfers Paradise, a landmark mixed-use precinct in the heart of Surfers Paradise, have sold for a combined purchase price of $346.5 million, representing the largest mixed-use hotel and retail transaction in the history of Queensland, Australia, according to JLL.
The asset was sold after a highly competitive international expression-of-interest campaign handled by JLL’s Sam Hatcher, Nick Willis, Adam Bury and Peter Harper in conjunction with McVay Real Estate’s Sam McVay and Dan McVay. The campaign attracted strong interest from global and domestic capital sources due to the asset’s irreplaceability in the densifying heart of Surfers Paradise.
Prominently positioned opposite Surfers Paradise Beach, Paradise Centre and Novotel form the cornerstone precinct of the Gold Coast. The mixed-use asset spans a 2.3-hectare (5.7 acres) consolidated land holding with more than 220 meters (722 feet) of direct frontage to Cavill Avenue, attracting 1
