Taiwanese billionaire Lin Chen-hai’s Forest Endeavour has bought the iconic Paradise Centre and Novotel Surfers Paradise on the Gold Coast forA$346.5 million. Source: JLL
A Taiwanese billionaire has stunned the market after snapping up a $346.5m beachfront precinct in one of Australia’s biggest deals.
Lin Chen-hai – listed by Forbes among Taiwan’s 20 richest people – bought the 2.3-hectare beachfront site directly opposite the ocean in one of the busiest parts of the Gold Coast.
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The massive precinct spans 2.3 hectares of prime land. Source: JLL
It has Caville Ave frontage. Source: JLL
The deal covers one of the busiest parts of the Gold Coast. Source: JLL
Commercial agency Jones Lang LaSalle (JLL) confirmed the sale includes the city’s largest hotel, Novotel Surfers Paradise, and the major retail and entertainment hub Paradise Centre on Cavill Avenue.
JLL executive vice president investment sales Australasia Adam Bury said the deal represents the largest mixed-use hotel and retail transaction in Queensland’s history.
It comes after months of speculation over the Taiwanese billionaire’s intentions in Queensland’s most active tourism market with Forest Endeavour and the Lin family linked to early talks as far back as early December – negotiating with owners Challenger Life Company and Abu Dhabi Investment Corporation.
Mr Bury said the beachfront position was “the cornerstone of the world-renowned Gold Coast precinct”.
“The property is a unique mixed-use development that integrates accommodation, retail, dining, wellness and entertainment, creating a precinct that capitalises on the region’s robust visitor economy.”
Mr Lin was linked to talks over the property late last year. Source: JLL
Paradise Centre is directly across from Surfers Paradise beach and has millions of people frequent the area all throughout the year. Source: JLL
Novotel Surfers Paradise is the Gold Coast biggest hotel. Source: JLL
He said they were seeing a “growing weight of capital looking to deploy into the retail and hotel sectors”.
“The landmark mixed-use precinct was sold through a competitive on-market process, following an expression of interest process that saw significant participation from a range of capital sources.”
The Paradise Centre retail component was linked to former Centro assets, before coming under CLC and ADIC. The precinct was later consolidated with the adjoining Novotel Surfers Paradise following the 2016 purchase of the Hotel Grand Chancellor for about $80 million, forming the integrated holding that’s now fetched $346.5 million.
Market observers believe the deal reinforces continued offshore demand for Australian coastal property, with tightly held mixed-use assets remaining in strong global demand.