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.