Developer Launches 25-Storey Mermaid Beach Tower
Developer Launches 25-Storey Mermaid Beach Tower. Western Australian developer Pindan has launched its first Gold Coast project to market at Mermaid Beach.
Developer Pindan has been an active player on Australia’s east coast over the past five years, with its funds management arm, Pindan Capital, overseeing $1.7 billion of development projects.
Its latest venture, a $110 million residential tower known as Mahala, will boast 94 spacious two and three bedroom apartments with two car bays, across 25-storeys.
The Cottee Parker designed residential tower, located on Peerless Avenue, will overlook Hedges Avenue, known colloquially as “millionaires row”.
The new tower will feature resort-style amenities including a terrace pool, residents lounge, private dining room along with a secure grocery and parcel delivery facility.
A rooftop solar farm system will allow residents to benefit from cheaper energy costs and lower strata fees.
“Mahala offers features you would expect in a private beachside home, a beautiful entry, and even a secure drop-off facility for residents who like to have their groceries, wine or other shopping items delivered,” Pindan director Nick Allingame said.
The tower sit just south of Sunland’s $200m, 45-storey tower which is currently on the market.
Colliers International residential director Andrew Roubicek said there had been well over 500 enquiries from prospective purchasers living locally as well as from Brisbane and interstate.
“Locals who are looking to make Mahala their home are saying the fact the vast majority of apartments are being sold with two carparks is a big drawcard, along with the prime location close to Hedges Avenue,” Roubicek said.
Pindan received planning approval in late July, with early construction work now commencing on site.
Largest sales activity fall in Queensland recorded across Gold Coast: CoreLogic
Gold Coast sales activity has fallen 17% over the year to February 2019, according to the latest CoreLogic Regional Report.
The report suggests it was the largest fall recorded across all five regions in Queensland.
Of the 15,475 dwellings that transacted, 43% were houses, while 57% were units.
Gold Coast home values are down slightly when compared to March 2018, with house values falling -2.8%, while unit values are down -0.4% over the year.
The advertised rental rates across the region increased by $20/week for houses and $10/week for units over the year, an increase of 3.7% and 2.4% respectively.
The average home is taking an additional 14 days to sell for houses and 13 days for units when compared to February 2018, while the average vendor discount has increased to -6.4% for houses, and -6.3% for units over the same period.
The CoreLogic Regional Report reveals challenging property market performance across Australia’s regions, with falling sales activity in the 12 months to February 2019.
Star Launches Skyscraper at $2bn Broadbeach Masterplan
ASX-listed Star Entertainment Group has fast-tracked residential sales in Broadbeach, bringing forward construction of the second mixed-use tower at its Broadbeach Island masterplan.
The $500 million skyscraper will deliver 457 apartments over 63-storeys to market, with construction expected to commence in mid-2020.
The fast-tracked release will add to growing confidence in the Gold Coast high-rise residential market, which experienced an uptick in sales over the March quarter.
The Star Queensland managing director Geoff Hogg said the consortium has expedited sales due to demand for real estate on Broadbeach Island. The first residential tower, which kicked off construction last year, has clocked 92 per cent in sales to date.
“The sales success of the first tower and it being under construction gives a lot of people confidence about our masterplan and what we’re doing,” Hogg told The Urban Developer.
“Obviously the market has changed a lot, but until you start selling you’re never quite sure how the market has shifted and where it will come from.
“[But] off the back of tower one we’re confident there’s market demand there and we will know a little more about those trends in the near future.”
The $400 million, 53-storey first tower will deliver a 316-key Dorsett Hotel — the first of its kind in Australia — and 423 residential apartments.
Hogg’s confidence in the Gold Coast extends to the investor market, which he said was still strong.
“Because the pre-sales for one-bedroom apartments went so well, we feel like there may be 50 per cent — or even slightly higher — of sales to investors,” Hogg said.
“Obviously it’s hard for us to gauge until we find out who wants to participate in the letting pool.”
The Star-led Gold Coast Consortium is a joint venture with Far East Consortium and the Hong Kong-based Chow Tai Fook Enterprises. Each partner has a third equity share in both mixed-use towers.
The $2 billion-plus Broadbeach island is home to two existing hotels — the 600-room The Darling, which was opened ahead of the Commonwealth Games, and the recently refurbished Star Grand.
An operator for the 210-key hotel in the second tower will be named in the coming weeks, which Hogg says will be a new hotel brand not available on the Gold Coast.
“It will be a very exciting addition and the fourth hotel available on the island.”
In addition to the construction of the Dorsett Hotel tower and The Star Residences Gold Coast apartment tower, the Star Gold Coast masterplan includes The Darling and has approval for four more towers making it the largest integrated resort in the country.
The Star, Far East Consortium, Chow Tai Fook joint venture has more than $6 billion in development under way including Brisbane’s Queen’s Wharf and West Side Place in Melbourne.
The group is still working through an approval process for a $500 million Ritz-Carlton hotel in the Pyrmont-Darling Harbour precinct.
Government Signs Off On Sunland’s Gold Coast Marina
The state government has overturned regulation blocking extensions to Sunland’s $82 million masterplan community at Benowa’s Royal Pines Marina on the Gold Coast.
The Royal Pines Marina, which was once a bustling Gold Coast landmark of the 1980s and 1990s, has undergone a multi-million-dollar transformation over the past decade to become vibrant waterfront residential, retail and leisure destination.
Developer Sunland completed its apartment development, Marina Concourse, in November, comprising a collection of north-facing, waterfront apartments overlooking the Royal Pines Marina, PGA Championship golf course, and the Nerang River.
The state government now has overturned regulation, enacted in the late ’80s, which was hampering amenity extensions to the 110-apartment development.
Signing off on changes to resort’s development scheme, the Palaszczuk government has enabled the way for construction of the proposed additions.
Minister for state development Cameron Dick said the changes to the approved scheme, under the Integrated Resort Development Act 1987, would now allow a proposal for new uses within the Marina precinct.
“These proposed uses reflect the changing needs of the resort and its residents and will allow commercial uses for the area that are not significantly different to existing uses.”
“When the Act was written in the 1980s, the existing planning, titling and body corporate management legislation could not facilitate a large-scale mixed-use resort development like Royal Pines Resort.”
A child care centre, food and drink outlets, commercial services or a recreational facility will now be put forward for development.
The resort’s body corporate management put forward the proposal after consultations with residents of which 100 per cent were in agreement.
The proposal will still need to be in accordance with development control by-laws for the Resort which are overseen by the resort’s body corporate.
“By approving of these amendments, we have changed the future of Royal Pines Resort for the better,” Dick said.
Sunland group managing director Sahba Abedian told The Urban Developer he welcomed the State Government’s amendment to the Royal Pines Resort development scheme.
“The amendment will enable us to deliver the final touches to our vibrant mixed-use precinct adjoining the Royal Pines Marina to provide broader amenity and benefits to the local community.”
“At the marina level, these are complemented by the new Marina Village retail precinct, home to the newly opened State of Sahaja yoga studio, Superfish Swim School, Alliance Abroad, Century 21 Central GC, and Sunland’s Gold Coast offices.
“In mid-2019 these tenants will be joined by Double Barrel Kitchen and Bar.”
“Under the amended scheme, Sunland is now also able to deliver a community childcare facility and early talks are already underway with a potential operator.”
Late last year, Sunland Group lodged a development application with the Gold Coast City Council for a 16-level boutique apartment project in Labrador.
The site has existing approval to deliver a 35-story tower with 217 apartments, although Sunland’s revised proposal would deliver half that with its plans for a 16-story residential tower designed to capture the attention of the owner occupier market.
Construction is also under way at the group’s $250 million high-rise development on Hedges Avenue in Mermaid Beach.
The 97-apartment development will be the first high-rise on the
Gold Coast in over a decade.
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