Circle On Cavill Mall Hits the Block with $80 Million Price Tag

Sydney-based funds manager EG has listed the Circle on Cavill retail centre in the heart of one of Australia’s busiest tourism destinations, Surfers Paradise.

Like many retail landlords, EG recently shifted the centre’s focus to dining, convenience retailing and customer experience.

The 12,364sq m centre underwent $13 million in capital works, including the installation of a community space, upgrades to tenant fit-outs, a children’s playground, landscaping and a giant television screen.

EG acquired the shopping centre, which sits at the base of Sunland’s twin tower Circle on Cavill development, for $40 million in 2011.

Anchored by Woolworths under a long-term lease, EG’s repositioning of the centre as more entertainment-focused has increased the visitations post-upgrade, EG divisional director Daniel Farley said.

“The physical works have greatly transformed the shopping experience to a day and night destination with diverse food and entertainment options.”

Related: Surfers Paradise Hilton, Crowne Hotels Hit the Market for $200m

McVay Real Estate agent Sam McVay is marketing the property alongside JLL’s Jacob Swan and Sam Hatcher.

“The Gold Coast market continues to go from strength to strength, with the success of the 2018 Gold Coast Commonwealth Games providing the region with even greater global visibility,” McVay said.

“The growth in offshore demand for the Surfers Paradise CBD market continues unabated.”

EG Funds is developing a major twin-tower, mixed-use project nearby on Orchid Avenue and Surfers Paradise Boulevard.

Billed as an “entertainment hub for south-east Asia”, the recently approved twin-tower skyscrapers will reach 56-storeys and 72-storeys above the Surfers Paradise entertainment district.