Ex-Macquarie boss buys Surfers Paradise retail, entertainment complex
Boston Global Group, established by ex-Macquarie chief Bill Moss and co-run with daughter Natalie Cooney, has teamed with The Property Factory, an asset manager led by Mark and Caren Slot, to buy a central Surfers Paradise retail and entertainment complex.
The Sydney partners are outlaying $31 million for Cavill Lane – a two level stratum/volumetric titled asset beneath a 5-star Hilton Hotel, owned by Jerry Schwartz.
Denwol Group, led by ex-Sydney Football Club director, Phillip Wolanski, was the seller, after holding nine years.
Stonebridge’s Philip Gartland and Carl Molony were the agents.
The deal comes a month since we reported Shangri-La Group, led by Malaysia’s richest person, 101 year old Robert Kuok, sold Surfers Paradise’s Vibe Hotel Gold Coast and Surfers Pavilion shopping centre, for c$45m.
Trophy Surfers Paradise asset
Twenty eight tenancies contain 4344 square metres at Cavill Lane; ANZ, The Coffee Club and Thirsty Camel are high profile occupiers.
The 113-bay basement car park – with a replacement cost of $149,000 per bay, according to the agents – is leased to Secure Parking.
The weighted average lease expiry by area is 5.6 years; the tenancy mix includes food and beverage, entertainment, convenience and traditional retail.
Four per cent is vacant.
Most occupiers are on contracts with fixed 3.5pc rent rises.
Rising catchment, visits
Cavill Lane’s c33,000 catchment is set to rise 1.4pc per annum until at least 2041, according to Mr Gartland.
“Cavill Lane occupies a strategic position in the epicentre of Surfers Paradise, directly opposite the light rail station,” he added.
“The Gold Coast is also one of Australia’s most visited destinations and within a strong trading restaurant precinct, drawing more than 12.2 million visitors in the year to December, 2023 – a 31pc yearly increase,” he said.
“The appeal of the asset is further bolstered by the momentum of infrastructure investment ahead of the 2032 Brisbane Olympics, with both Brisbane and the Gold Coast set to benefit from transport upgrades, urban renewal, and heightened global visibility in the years leading up to the games”.
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