Stonebridge Property Group’s Carl Molony, Philip Gartland and Kevin Tong, on behalf of the Denwol Group, have been exclusively appointed to market for sale Cavill Lane, a trophy and high yielding Surfers Paradise retail investment, via an Expression of Interest Campaign closing Thursday 14th November 2024 at 4pm (AEDT).
Cavill Lane is strategically positioned in the heart of Surfers Paradise, one of Australia's most iconic tourist destinations. The property spans 4,344 sqm* of premium retail floorspace with two street frontages within a vibrant dining, entertainment, and accommodation precinct. Situated directly beneath and adjacent to the luxury 5-star Hilton Hotel, Cavill Lane comprises a two-level volumetric title/stratum retail asset with valuable basement car parking for 113 spaces* included on title.
The asset features 28* tenants, including a complementary mix of food and beverage, retail services, entertainment, and convenience retailers. Notable tenants include ANZ, The Coffee Club and Thirsty Camel bottle shop, which contribute to the property's strong retail offering. Entertainment operators including Ice Bar, Sandbox Virtual Reality and the world renowned illusionist, Matt Hollywood.
Cavill Lane is exceptionally well-connected, located directly opposite the Surfers Paradise light rail station, which services over 32,000 daily passengers1 and is only 200 metres* from the world-famous Surfers Paradise Beach. 2 street frontages positioned between Surfers Paradise Boulevard and Orchid Avenue offering high visibility and foot traffic, in the heart of one of Australia’s leading tourist destinations and parallel to the busting Cavill Avenue.
Additionally, the asset is a 35-minute* drive from Gold Coast International Airport and 1 hour 15 minute* drive from Brisbane’s CBD.
Carl Molony commented,
“Cavill Lane offers significant income growth potential, with annual rent reviews ranging from 3.00% to 4.00%. The asset benefits from strong investment fundamentals, including a long WALE of 5.6 years* by area, underpinned by 10 new leasing deals commencing from 2024 with an average lease term of 8 years. No single tenancy represents more than 12%* of the gross income, providing outstanding risk diversification.”
Philip Gartland added,
“The property’s 113 underground car spaces included on title are particularly valuable and rare for this location, with a current estimated replacement value exceeding $149,000* per space. Additionally, Cavill Lane features scope to add-value through lease repositioning as well as potential strata subdivision, subject to Council approval, providing future investment flexibility.”
Cavill Lane serves a growing population within a 20-minute drive time, currently at 330,000 people, and projected to reach 421,000 by 2041, with a growth rate of 1.4% per annum2. This is driven by significant high-rise residential and hotel developments in the area.
The Gold Coast, with Surfers Paradise at its heart, continues to be a key focus for domestic and international investors, underpinned by strong economic growth. The Gold Coast attracted over 12.2 million visitors in the year ending December 2023 (+31% year-on-year)3. Additionally, the 2032 Brisbane Olympic and Paralympic Games are driving major infrastructure projects, including the Gold Coast Light Rail extension, the M1 Pacific Highway expansion, and the Faster Rail Project between the Gold Coast and Brisbane, enhancing the region’s connectivity and investment appeal.
For further information, contact Carl Molony, +61 439 032 028 or Philip Gartland, +61 403 582 324.
* Approx.
1 Keolis Downer 2024
2 LocationIQ
3 Experience Gold Coast 2024
About Stonebridge
Stonebridge Property Group is a tier one commercial real estate agency specialising in the sale, leasing and management of retail property and mixed-use development sites. Operating across Australia and New Zealand across all price points, Stonebridge has completed over $5 billion in transactions.
For further information, please contact Stonebridge on +61 2 9254 9900 or visit www.stonebridge.com.au.
