Following the recent addition of a ferris wheel to the roof, the interior of the (1989 built) Gold Coast Transit Centre in Surfers Paradise is about to undergo a $1.8m revamp.  The facelift will be targeting food retail and alfresco dining operators to set up in the centre and should be completed by November this year.

Since purchasing the building’s management rights from Q1 developer Sunland in 2007, Mantra has run into difficulties with owners and residents in the building.  Several caretaking and rental issues are presently subject to mediation and, after repeatedly locking horns with the building’s Body Corporate, the nationwide hotel and resort manager has elected to sell its interest in the building.

With just over one third of the $9m required for a proposed redevelopment of Surfers Paradise’s iconic Cavill Mall already allocated, the draft plan for the redevelopment has gone on display.

Designed to ‘de-clutter’ the space, the redevelompent makes provision for dynamic coloured LED lighting, raised busking platforms and more shade trees.  The need for the upgrade has been almost universally accepted already, as the space is beginning to look tired – especially compared to the freshly upgraded foreshore and new Soul commercial space.

Surfers Paradise Councillor Susie Douglas is hoping that the remaning funding will be allocated in this years’ budget.

With Council’s Economic Development and Tourism Committee allocating a further $1.54m to a proposed revamp to the Cavill Avenue Mall in Surfers Paradise, the revamp is now another step closer.  The timing couldn’t be better, with the Surfers Paradise Foreshore Redevelopment approaching completion.

Committe chair, and Surfers Paradise councillor Susie Douglas has stated that:

“The Committee recommended Council enter into negotiations with the Foreshore redevelopment managing contractor, Abi Group, to get the mall project underway as soon as possible.

“As part of a second stimulus package, Council set aside an initial $2 million and considerable work has now been done, including consultation with key external stakeholders, to develop a comprehensive management plan and delivery strategy for the project.”

While numbers have fallen since the days of the Gold Coast Indy, this years Gold Coast 600 still managed to draw large crowds and provide a big boost to the local economy.  Trackside accommodation was filled, and in general occupancy rates across Main Beach, Surfers Paradise and Broadbeach saw a big increase for the three-day motorsport event.  There was concern that the new V8-based format would fail to attract public interest, but on the whole, the event exceeded many predictions and expectations.

Ridong Gold Coast Developments, the comapny behind Pacific Beach – a $1bn luxury high rise development to be built on the Surfers Paradise beachfront – has brought in three overseas architects to assist with the building’s design.

The firms, Oppenheim Architecture and Design, Marks Barfield Architects and Llewelyn Davies Yeang from the US, UK & Malaysia respectively, are refining the DBI Design concept plans for the project.  Construction itself remains some way off however, with the developer in the process of refurbishing several of the buildings on the site with a view to renting them out in the short term, while plans are prepared and lodged with Council.

While construction of the Gold Coast’s Rapid Transit project isn’t due to commence until November of this year, and completion remains as far away as 2014, commentators and industry insiders are already discussing the positive impact the project will have on real estate values along the Parkwood to Broadbeach route.

Many agree that prices are unlikely to jump overnight, but a gradual increase of 10% or more is expected, with even greater gains for developers amalgamating sites close to the new transport hubs that the project will create.  Already, a developers are sitting on a number of sites near the Gold Coast Convention Centre, and the project’s initial Broadbeach terminus, with hopes of large future capital gains.

International hotel and time-share operator Wyndham Hotel Group have aquired 40 apartments in Azzura’s new Surfers Paradise apartment building.  The building, which will be rebranded, adds the property to the 20 that Wyndham currently own across Australia and the 7100 the group has under franchise or management agreement worldwide.

The move is a boon for the Gold Coast generally, as well as Azzura, which still had a number of the building’s 192 apartments for sale, following sluggish results since completion last year.

Since being frozen – along with the other assets in City Pacific’s First Mortgage Fund over two years ago, new fund manager, Balmain Trilogy have sold the 11,000sqm beachfront Pacific Beach site to a Chinese-back developer for $81.8m.

The developer, Ridong (Gold Coast) Development, has now settled on the purchase and are reported to already be working on plans for a twin tower development for the Surfers Paradise allotment.

New valuations of unimproved land value on the Gold Coast has shown a 5% (on average) decline.  Prestige and waterfront suburbs were hit hardest with Mermaid Beach, Surfers Paradise and Paradise point down 29%, 18% and 15% respectively.

It was not doom and gloom however, Coomera and Ormeau – outer land-rich suburbs recorded gains of 20% and 15% each.  Ten other, similarly categorised suburbs recorded single-digit growth, with the remainder of the Gold Coast static or falling in the last two years.