New multi-billion dollar theme park for the Gold Coast?

By Greg Bell

The Gold Coast is well known for its array of theme parks. They bring in tourists from far and wide, which certainly helps promote the burgeoning retail leasing industry.

According to a report from the Griffith Institute for Tourism Research, in just the six months to the end of December 2014, the major theme parks garnered more than 3.8 million visitors, totalling almost $200million in revenue.

This undoubtedly has positive flow-on effects for the rest of the Gold Coast, as tourists inevitably make use of other services that the area offers, which is why it makes sense to buy commercial property on the Gold Coast.

If that hasn't gotten you convinced, then maybe this will. The richest man in China, Wang Jianlin, has indicated that his conglomerate, the Wanda Group, is in negotiations with the state government to purchase land in Coomera to construct a new multi-billion dollar theme park.

A new theme park on the cards?

Wanda Group General Manager Xie Hong spoke exclusively with the Gold Coast Bulletin and stressed that one of the company's principal concentrations regarding international investment was theme parks, and the Gold Coast provided the perfect location to do it.

"Wanda in Australia has already acquired the biggest cinema company in the country [Hoyts] and theme parks are one of the things Wanda wants to invest in in the future," Mr Xie said.

The Wanda Group has already been a significant player in the Gold Coast commercial property market – they're behind the Jewel project in Surfers Paradise that is projected to cost a cool $1billion, in addition to partly funding Jetstar's direct flights between Wuhan and the Gold Coast.

Mr Xie implied that it was these flights that opened the door for further investment on the Gold Coast. They had been planning a succession of large projects in Australia, which includes Sydney and Melbourne, but for the moment the Gold Coast is their priority.

"Now that we have entered the Gold Coast market with direct flights we are planning to increase our offerings," he said.

Speaking with the Gold Coast Bulletin, Coomera MP Michael Crandon offered his support for the plans, as he noted there is an abundance of land in the area that is ripe for a major development. He also stated that the more major projects that can be attracted to the Gold Coast, the better.

"I would bet the other theme parks in the area will want this because it will bring more people into the area," he said.

Business confidence in tourism is positive

The report from the Griffith Institute of Research found that as it stood at the end of 2014, Gold Coast business sentiment towards tourism was very high, with 27 per cent of those surveyed stating they were highly positive, 57 per cent were positive and 15 per cent were neutral.

This followed the revelation that international visitation to the area had increased 7 per cent from the previous year, expenditure by tourists had surged 11 per cent and hotel revenue inflated 9 per cent, more than double the national average.

Of course, this survey came before the Wanda Group's announcement, which could further improve the sentiment towards the tourism market and commercial property for sale on the Gold Coast.

Buy commercial property on the Gold Coast

If you would like to take advantage of the expanding tourism market in the Gold Coast that already many investors are profiting from, you should get in touch with the team at Ray White.

After determining your needs and desires, we can assist you in navigating the market to help you achieve your real estate ambitions.

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