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Brisbane Developer Launches Another Broadbeach Tower To Market

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Brisbane Developer Launches Another Broadbeach Tower To Market

Located at 185 Old Burleigh Road, the development sits on an 825sq m site which Spyre Group purchased in 2016 for $6.35 million. The Gold Coast Council has approved the 21-story tower for development.

Ray White’s Daniel Janho, who negotiated the 2016 deal said that Spyre’s development coincided with a major resurgence in activity in the Broadbeach hub — including the redevelopments of The Star casino and Pacific Fair shopping center.

The building, “Elysian”, comprises 65 apartments over 21-stories designed by Kent Pinel from architecture studio Bureau Proberts.

A number of residential towers are currently under construction, or recently completed, in the Broadbeach area including Little Projects’ recently launched Signature tower, the $115 million “Opus” tower by Morris Property Group and Pryde Group’s $150 million The Beach apartments.

Spyre Group director Andrew Malouf said the proposed tower at Broadbeach has been designed with the owner-occupier in mind.

“As this is our first development for the Gold Coast, we’ve been particularly focused on creating something special [and] we think it will be very well received by the market,” Malouf said.

Spyre Group managing director Daniel Laruccia said the Gold Coast’s apartment market has matured for high-end owner-occupiers in the past five years.

“There’s been a real tangible change in the dynamics of the Gold Coast market in that time and we believe it will underpin stability over the longer term, particularly in beachfront suburbs,” Laruccia said.

“The net effect of major infrastructure spending in the city has been a really subtle change in the fabric of the Coast and its appeal is now founded on the diversity the city offers from restaurants to retail and leisure activities.

“Baby boomers are driving the lifestyle trend in Brisbane at the moment, with many of them downsizing from homes to apartments. The same is happening on the Gold Coast, driven by increases in the price of homes in sought-after areas close to the water.”

The project will launch the market on 2 December and construction is expected to start in the second quarter of 2018.

Originally Published: www.theurbandeveloper.com
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Developments

Real Estate Gold: Surfers Paradise Block Hits the Market

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Real Estate Gold: Surfers Paradise Block Hits the Market
An entire city block in the heart of Surfers Paradise is being offered to the market for the first time in over 40 years.

3 Cypress Avenue covers over 1-hectare adjacent to a Gold Coast light rail station – a state-of-the-art infrastructure system. It enjoys a direct pathway to the beach, as well as stunning views of the coastline.

The site is being marketed by CBRE’s Jonathan O’Brien and Mike Walsh and Knight Frank’s James Branch and Mark Witheriff.

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CBRE’s Jonathan O’Brien said the development site is a very strategic holding with flexibility for a huge range of uses (STCA).

“The site has the advantage of mixed-use zoning with no height restrictions. We envisage a potential masterplan approach with any number of development options including residential, retail, commercial and a hotel,” O’Brien said.

“This is an outstanding opportunity to acquire a central beachside development site on this scale without any material impediments to development and a pro-development local council. We expect to receive interest from a range of national and international developers.”

Knight Frank’s James Branch said that the size of 10,418 square metres is impossible to replicate so close to the Surfers Paradise CBD precinct.

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“The flexibility in design and use, as well as the sites proximity to the very active heart of Surfers Paradise and very importantly its immediate access to the new Gold Coast Light Rail system, makes the site an inimitable prospect,” Branch said.

“With the extremely limited ability to create a site of this scale in central Surfers Paradise and with these attributes, the opportunities are seemingly limitless.”

“The Gold Coast, with Surfers Paradise at its heart, has long since been the tourism heart of Australia. Now with the Commonwealth Games, increasing infrastructure spending and the ever-increasing global presence of the Gold Coast, this market sector is set to continue to grow.”

Knight Frank’s Mark Witheriff said that he expected the Gold Coast tourism sector to continue to strengthen and underpin the potential use of part or all of the site for hotel-style accommodation.

“This is supported by the most recent tourism statistics showing that visitors to the Gold Coast has increased to 12.9 million per annum, spending in excess of $5 billion, and 1.1 million international passengers through the Gold Coast airport in the same 12 month period,” Witheriff said.

“With an extremely limited supply of any new short term accommodation being supplied, there is an ever-increasing pressure to adequately supply this market sector. We can’t identify a more suitable site for the new accommodation to cater for this market.

“Again the location of the light rail station on the doorstep of the site provides perfect access for tourists to easily access the coastal strip and eventually to the Gold Coast airport.”

Expressions of Interest for the site close on Tuesday, 24 April 2018.

Originally Published: theurbandeveloper.com

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Developments

Gold Coast Council Approves $550m Regeneration of Old Hospital Site

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Gold Coast Council Approves $550m Regeneration of Old Hospital Site
The site of the former Gold Coast Hospital in Southport will be transformed into a $550 million masterplanned residential hub, with council giving their tick of approval for the first stage of “Queen Street Village”.

Stage one includes the Palladium – a 19-storey building which features 17 levels of residential apartments ranging from one to three bedrooms and a retail piazza on the ground level.

Stale hospital rooms will be replaced with apartment views of Surfers Paradise as Brisbane-based developer, Property Solutions has proposed a seven-tower development on the 3.2-hectare site.

QSV PV

The proposed seven towers will range in height from 16 to 25 storeys and the site will include a residential care, a retirement facility, theatre, health care services, food and drink outlets along with a showroom and offices.

Property Solutions sales and marketing director Craig Wright says the initial research identified the large site as the ideal place for the Village with proximity to Southport CBD and the local population expected to grow 3.5 per cent per annum over the next 20 years.

The $550 million village will be developed over the next six to eight years on the site bound by Queen Street, Nerang Street and Little High Street in Southport.

Other Property Solutions developments include James Street at Fortitude Valley, The Barracks at Paddington, SW1 at Southbank and the urban redevelopment of Nundah Village.

Originally Published: theurbandeveloper.com

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Developments

Star Launch New Gold Coast Hotel

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Star Launch New Gold Coast Hotel
Star Entertainment Group will officially open their new hotel at the Star Gold Coast later this month ahead of the Commonwealth Games.

The new 17-storey hotel, “The Darling”, features 57 rooms ranging in size from 70sq m to 328sq m. The group is currently undertaking a $345 million refurbishment of The Star Gold Coast in Broadbeach.

The launch comes as the ASX-listed Star Entertainment recorded a first-half statutory net profit loss of 76.8 per cent to $32.9 million weighed down by $32 million of significant items and debt restructuring costs.

The group announced that it recorded normalised net profit of $120 million, up 12.4 per cent from the corresponding period, with chief executive Matt Bekier saying the performance of the Star’s Queensland properties had been “pleasing” in the first months of 2018.

The STar

The Star Entertainment Group managing director Geoff Hogg said the Star team was preparing to finally unveil the hotel after three years.

“The Darling positions The Star Gold Coast at the premium end of the market and ensures the Gold Coast has an even more compelling value proposition as we seek to compete on a global scale for domestic and international visitors,” Hogg said.

Designed by Steelman Partners, the hotel was delivered by DBI Design and Probuild.

The Darling connects to the recently refurbished five-star hotel, The Star Grand.

Pending successful pre-sales, the planned addition of the first mixed-use residential apartment and hotel tower on Broadbeach Island – the 53-storey tower The Star Residences – could be the first of up to five within a future master plan as part of a joint venture with Hong Kong-based partners Chow Tai Fook and Far East Consortium.

Together, the refurbishment of the existing property and the development of both The Darling and the proposed hotel and residential tower would involve a combined investment of up to $850 million.

The Gold Coast is the second Star hotel to adopt The Darling brand joining The Darling at The Star Sydney.

Last month the Gold Coast Airport revealed plans for a $50 million Rydges-branded hotel as part of the airport’s Preliminary Draft Major Development Plan. It would include a four-star Rydges hotel in the precinct, featuring up to 200 rooms, conference facilities and a roof-top bar, swimming pool and restaurant.

Originally Published: theurbandeveloper.com

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