A new $480 million waterfront Ritz-Carlton precinct, poised to become one of Australia’s most luxurious hotel and retail destinations, is set to break ground early next year on the Gold Coast. The development will include 17 retail spaces, and top global luxury brands are being sought to fill these tenancies, with completion expected in 2027.
The project will be located at the Main Beach Superyacht Marina, which spans 4 hectares at 60-70 Sea World Drive, Main Beach. Once completed, it will offer approximately 6,500 sqm of high-end retail space. Colliers International has been tasked with leasing the spaces, and Queensland’s senior executive for retail leasing, Chloe Lonergan, reported overwhelming interest from both local and international luxury brands, particularly in the retail and restaurant sectors.
“We’re seeking premium tenants who want to be part of what will be Australia’s most elite and luxurious hotel, and the first in the country to feature a superyacht marina,” Lonergan stated.
Additionally, this development will boast the Gold Coast’s first over-water hospitality venue, covering an impressive 1,200 sqm. Guests will have multiple transportation options, including arriving by boat, helicopter, or car, to experience the full Ritz-Carlton vacation, shopping, and dining offerings.
Aligned with the Ritz-Carlton’s reputation, Colliers is also focused on attracting top-tier dining options. An Expressions of Interest campaign is underway to secure the best food and beverage tenants from around the globe.
Developed by the Pelligra and Giannarelli Group, the hotel will offer 153 lavish rooms, alongside amenities such as a rooftop pool, day spa, and various dining and bar experiences. Dion Giannarelli, director of Giannarelli Group, said that the development would commence late in the first quarter of 2025, aiming to establish “Australia’s premier luxury resort.”
Colliers’ Queensland retail leasing executive, Lara Mitchell, highlighted that the Ritz-Carlton Gold Coast would deliver a seamless and upscale experience for both guests and visitors. With the upcoming Brisbane 2032 Olympics, there is increasing interest from luxury brands keen to establish themselves in the area.
According to PropTrack economist Anne Flaherty, the Ritz-Carlton brand is synonymous with luxury and is the most recognized hotel chain globally. “People immediately associate Ritz with opulence, and this location at Main Beach, which is already known for its beauty, amplifies that,” she said. Flaherty also noted that many retirees are flocking to the Gold Coast, particularly to the Main Beach area.
Australia’s Booming Luxury Retail Market
Colliers International reports that much of the growth in Australia’s luxury retail sector is concentrated in key tourist hubs like the Gold Coast. Michael Tuck, Colliers’ head of retail leasing for Australia, observed that the demand for premium retail spaces is exceptionally high both domestically and internationally. “There’s a shortage of quality luxury retail locations, which makes this an outstanding opportunity to secure a prime spot in one of Australia’s most sought-after locations,” Tuck noted.
The luxury retail sector has rebounded strongly post-pandemic, thanks in large part to a resurgence in international tourism. Flaherty explained that visitors from Asia, particularly after the reopening of China’s borders, are contributing significantly to the recovery of this sector. The Gold Coast, in particular, is a popular destination for these tourists, many of whom are big spenders in the luxury market.
Flaherty also pointed out that Main Beach is among the most exclusive areas on the Gold Coast, attracting wealthy individuals who are less affected by the broader economic issues that are impacting discretionary spending across the country.
A recent CBRE Luxury Retail Australia report supported this, showing that the luxury retail market in Australia has been resilient, with consistent growth over the past five years. In 2022, IBISWorld reported that Australia’s luxury retail trade hit a record $6.2 billion. Prime retail spots in cities and popular tourist destinations are expected to continue seeing high demand from luxury brands, which may drive up leasing competition and rental rates.