A trophy retail asset in the heart of Surfers Paradise – has sold for $31 million. The 100% interest was acquired by The Property Factory and Boston Global from long-term owner Denwol Group, following a competitive national Expressions of Interest campaign led by Stonebridge Property Group’s Philip Gartland and Carl Molony.
Cavill Lane occupies a strategic position in the epicentre of Surfers Paradise, directly opposite the light rail station and is approximately 200 metres to world renowned Surfers Paradise Beach. Spanning 4,344 sqm over two levels, the asset is a high-profile retail precinct comprising 28 tenancies, including a mix of food and beverage, entertainment, retail services, and convenience retailers. Major national and key tenants include Thirsty Camel, The Coffee Club, ANZ and Steampunk, underlining the asset’s strong covenant appeal. The property also features an income-generating underground car park with 113 bays, leased to Secure Parking.
The property is near fully leased with a 96% occupancy by area and boasts a robust income profile with a weighted average lease expiry of 5.6 years (by area) and weighted average annual rent increases of 3.5%.
Cavill Lane sits within an expansive catchment of over 330,000 residents within a 20-minute drive, with the population forecast to grow at 1.4% per annum through to 2041, supported by a wave of surrounding high-rise residential and hotel developments1. 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 31% year-on-year increase2.
Carl Molony said, “The sale of Cavill Lane highlights continued investor confidence in Surfers Paradise retail. With light rail access on its doorstep, an appealing tenancy mix, and future value-add potential, this asset represents a premium long-term investment.”
Philip Gartland added, “Cavill Lane attracted widespread national and off shore interest, underscoring the strong appetite for well-located, income-producing retail assets in major tourism and population hubs.”
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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