The Gold Coast remained one of the fastest-growing regions across Australia, according to JLL executive vice-president of investment sales Adam Bury, and was forecast to hit 1.2 million residents by 2050.
Star and Far East Consortium acquired the site for $140 million in 2017, and the Star tipped $40 million of equity into the deal.Ĭorporate high-flyer Christopher Skase, who later died a fugitive from Australian law, was the original mastermind behind the building and development in the 1980s. The notable Gold Coast hotel is on 3.45ha of land, including a large amount of prized beach frontage. ▲ The property last changed hands in 2017 for $140 million. “Every astute investor with an interest in prime Australian real estate should consider this investment opportunity,” Colliers Australia head of hotels Karen Wales said. The joint venture is also developing Brisbane’s $3.6-billion Queens Wharf Resort and casino project. Star appointed Sam McVay and Dan McVay of McVay Real Estate, Adam Bury and Taylor O’Brien of JLL, and Karen Wales and Steven King of Colliers to manage an international expressions-of-interest campaign, which closes next month. The Gold Coast generally is being touted as one of the hottest hotel investment markets in Australia this year, according to real estate services company JLL. It comes after rumours last year that investors were circling the Sheraton Grand Mirage Resort at Main Beach, a Gold Coast pocket luring big investment in 2023 as the next uber-rich enclave. One of Australia’s most prominent resorts, co-owned by Star Entertainment Group and Far East Consortium, has been listed with an asking price of more than $200 million.
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