Queensland records largest mixed-use hotel and retail transaction - Institutional Real Estate, Inc.

Paradise Centre and Novotel Surfers Paradise have transacted for $346.5 million in a landmark mixed-use deal that sets a new Queensland benchmark for combined hotel and retail asset sales. The transaction represents a significant capital deployment into the Gold Coast's most strategically positioned precinct, where the asset's physical constraints and beachfront location create substantial barriers to replication.

The consolidated property spans 2.3 hectares with over 220 meters of direct frontage to Cavill Avenue, one of Australia's premier retail and hospitality corridors. Located directly opposite Surfers Paradise Beach, the mixed-use precinct anchors the densifying heart of the Gold Coast—a market experiencing sustained institutional capital inflows. The asset's positioning, size, and operational profile as a combined hotel-retail complex make it difficult to replicate, justifying the institutional bidding intensity.

The sale process, managed by JLL through an international expression-of-interest campaign, attracted competition from both global and domestic institutional investors. The breadth of interest reflects wider appetite for large-scale, well-located mixed-use hospitality and retail assets in Australia's coastal markets, particularly those with long-term leasing yields and foot-traffic stability. The brokerage team included JLL's Sam Hatcher, Nick Willis, Adam Bury, and Peter Harper, alongside McVay Real Estate's Sam McVay and Dan McVay.

This transaction demonstrates continued institutional capital targeting high-quality, irreplaceable Queensland assets, particularly in mixed-use configurations where hotel operations and retail tenancy provide diversified income streams and operational leverage in one of Australia's most recognizable tourism destinations.