Gold Coast transit centre tender campaign a major test for prime assets in 2022

The Gold Coast Transit Centre and adjoining Bruce Bishop Carpark, one of the biggest single landholdings in central Surfers Paradise, have been placed on the market by the City of Gold Coast in a campaign led by Colliers.

The landmark property, comprising 1.8ha, has been listed for sale by tender and is poised to set the pace for Interstate and international interest in Gold Coast property this year.

Colliers Gold Coast’s director-in-charge Steven King and associates James Crawford and Brendan Hogan have been appointed to manage the sale process.

The Transit Centre and Bruce Bishop car park has come onto the market amid a flurry of high-profile asset sales on the Gold Coast over the past year, including Pacific Fair and Niecon Plaza, both of which were transacted by Colliers.

“The Transit Centre site is a rare offering in the current market, and we’re expecting it to generate strong interest from potential buyers,” said Mr King.

“The property has enormous development potential with unlimited height restrictions, while also offering holding income with major upside potential through its existing commercial uses.

“In the hands of a visionary owner, this property has the potential to redefine central Surfers Paradise.”

The site has a mixed-use zoning with potential for a staged development that could include residential apartments, hotel, office, retail and build-to-rent opportunities.

The Gold Coast Transit Centre is located across the road from the premium 50 Cavill Avenue office building and is within walking distance to the beach, light rail, and Cavill Mall.

“The scale of the site and its prime location adjacent to every amenity central Surfers Paradise has to offer, makes this one of the best sites to come onto the market in a generation,” said James Crawford.

“We’re expecting the property to garner interest from major development groups, high net worth individuals and investors.”

The Gold Coast Transit Centre is a prime infrastructure and commercial holding that provides a three-street frontage to Ferny Avenue, Beach Road and Alison Street.

Bruce Bishop Carpark has capacity for 1,507 vehicles across seven levels, while the Transit Centre is a bustling hub for inter-city and inter-state bus transfers.

The property also comprises 27 retail and commercial tenancies including Brooklyn Depot, Paradox Coffee Roasters and Salts Meat Cheese.

The tender campaign by Colliers International will close on April 12.