Former hospital carpark site at Southport has settled for $9 million
A vacant site formerly used as a carpark for Southport Private Hospital has transacted for $9 million following a campaign conducted by Colliers.
The property, located at 28-40 Spendelove Avenue, comprises a site area of 6,067sqm and benefits from its position within the Precinct 1 (Central Business District) zoning of the Southport Priority Development Area (PDA), which provides the purchaser with an extensive range of potential uses.
Located opposite the Southport Private Hospital, the site was sold by Colliers Steven King, Brendan Hogan and Troy Linnane.
It has been acquired by Sinclair Projects Pty Ltd at a purchase price representing $1,483 per square metre of the total site area.
“The significant scale of this site within the Southport PDA delivers the buyer with a prime opportunity to create a multi-staged development that has the potential to become a landmark for the area,” said Steven King, Gold Coast Director in Charge at Colliers.
“The combination of exceptional location, sustained demand across all property sectors and ongoing private and public infrastructure investment in the region creates a unique opportunity for the new owner to leverage the site’s proximity to health and educational facilities as well as infrastructure and amenities.”
The site has been undeveloped for decades, although it has primarily been used as an open-air car park for Southport Private Hospital, which was previously known as Allamanda Private Hospital.
“The strategic nature of this holding attracted a slew of inquiries from various parties locally and nationally,” said Mr Hogan, the Director of Development Site Sales at Colliers.
“The flexibility of the PDA zoning provides the purchaser a range of potential uses from office, retail and residential and the ability to capitalise on the strong fundamentals that currently support each of these sectors.”
“Supported by sustained population growth, the Gold Coast property market thrives on new developments and sites such as Spendelove Avenue provide a prime opportunity to capitalise on this momentum,” said Mr Linnane, the Director of Development Sites at Colliers.
“Located within close proximity to light rail, the new Queen Street Village mixed-use precinct and the broader Southport CBD, the demand we experienced for this property is a firm acknowledgement of the strategic development opportunity this site represents.”
Southport’s rising profile as an investment destination is supported by key infrastructure projects across the region, including the nearby Gold Coast Health & Knowledge Precinct, a $5 billion initiative that promises to establish a major health and innovation hub.
Coupled with strong private-sector activity and government investment, these initiatives are repositioning Southport as one of Australia’s most dynamic urban markets, underpinned by sustained growth and investor confidence.