A 25-hectare waterfront site approved for a 11-tower village on a Gold Coast floodplain has been brought to market by vendor diversified local property JLF Corporation.
The Clear Island Waters site has preliminary approval for 1550 dwellings from Gold Coast City Council, which includes almost 10,000sq m for office, retail and a clubhouse, which would deliver a gross realisation of more than $2 billion.
The area is the last major development site to be approved in the Merrimac floodplain, which Savills sales executive James Stevenson said is “due to the extensive planning measures proposed by the proponent”.
“The development team worked closely with GCCC’s hydraulic division to provide a flood mitigation solution that creates a five-hectare refuge podium in the event of 1 in 1,000 year flood.”
The masterplan allows for towers ranging in height from four-to-19 storeys while still retaining more than 80 per cent of the site for parkland, paths and lakes.
The approval provides for a gross floor area of 172,658sqm.
Real estate investment bank Moelis Australia and Savills have been appointed to manage the expressions of interest campaign.
Stevenson said the site offers scope for a developer to create a dynamic ‘village’ in “one of the Gold Coast’s few million-dollar suburbs.”
“Seventy-eight per cent of the suburb is owner-occupiers,” he said.
“The Gold Coast is famous for its strip profile but data proves the majority of coastal property is owned by investors, with owner-occupiers preferring to avoid the holiday influx.
“We expect the future partner or purchaser will be a masterplanned community developer who appreciates the value uplift of integrated amenity catering to the needs of an active, wealthy demographic and their specific unmet needs,” Stevenson said.
Star Entertainment Group to fast-track development of fourth hotel tower at The Star Gold Coast
Australia’s Star Entertainment Group has revealed it will fast track development of a fourth tower of The Star Gold Coast as part of the property’s ongoing AU$850 million makeover.
Construction on the tower, set to stand 215 meters tall, will now start in 2020 with apartment pre-sales to begin as early as next month. It will also house a 5-star hotel, restaurants and bars, a day spa and night time entertainment venues.
“This latest hotel tower will further progress the internationally-competitive resort facilities we are offering to domestic and international tourists,” said Star Entertainment Group Managing Director and CEO Matt Bekier.
“If our masterplan is rolled out in full – and there is so much more we would like to deliver – The Star Gold Coast will be the equal of the finest integrated resorts in the world and complement our AU$3.6 billion project at Queen’s Wharf Brisbane.
“Under the right conditions and circumstances, we will operate both properties in tandem as beacons for south-east Queensland, drawing interstate and international visitors to turbo-charge the tourism industry.”
The new tower will be The Star Gold Coast’s second mixed-use hotel and apartment tower after the AU$400 million Dorsett, which broke ground in 2018 and is due for completion by 2022.
Star Entertainment Group recently unveiled its proposed AU$2 billion masterplan for the Gold Coast, including four more hotel towers and associated facilities on Broadbeach island, although that plan might be shelved should the Queensland State Government follow through with its plan to issue a second Gold Coast casino license.
The government last month called for global Registrations of Interest in developing a new casino on the Gold Coast, with the likes of Genting Group, Caesars International and Hard Rock International among the operators said to be interested.
Developer Reduces Gold Coast Skyscraper by 17-Storeys
Changing market conditions has prompted a Gold Coast developer to slash 46 apartments from its permit-approved Main Beach skyscraper.
Builder-cum-developer Heron Building Group has resubmitted an application to Gold Coast council to drastically amend the proposal, reducing the building size from 55-storeys to 38 and cutting the amount of apartments on offer.
Heron won approval for the original 55-storey design in 2016.
In its application, Heron said that development had been amended “due to construction costs and to reflect current market demand”.
Construction costs in south east Queensland are expected to rise by 2.5 per cent in 2019, consultancy Turner & Townsend reported in its latest construction market survey.
Heron has tapped architecture firm Cottee Parker to design the new scheme, which reduces the front setback by 3 metres but increases the building length by 5 metres.
The developer proposes to retain the car lift system and increase the amount of car parking spaces from 223 to 241. The new scheme has removed the 160 bike spaces set aside in the approved proposal.
New forecasts predict a peak-to-trough decline of 30 per cent in residential construction across the country, with residential commencements expected to bottom out at 161,000 dwellings in 2019-20.
The downturn has prompted developers across the nation to opt out of residential schemes.
Winten Property Group more than halved its Main Beach project, replacing a 250-apartment, 47-storey scheme with a 21-storey proposal.
While Gold Coast developer Sunland cut 19-storeys from its Labrador apartment project late last year.
Heron Building Group did not return calls for comment on Wednesday.
Crane Spotting: Gold Coast Cranes Rise as Brisbane Sees Decline
Brisbane suffered the biggest decline in cranes standing across its city, while coastal neighbour the Gold Coast recorded a 33 per cent increase, according to the latest Rider Levett Bucknall Crane Index.
Brisbane is home to a remaining 59 cranes, down from 72 counted six months ago.
Based on the idea that cranes in the sky reflect major project construction, the RLB index tracks the number of tower cranes in key Australian cities to indicate the strength of the construction sector.
Brisbane’s decline reflects the fall in building work done for the calendar year 2018.
The residential sector declined by 7.2 per cent, with declines recorded for both new houses and apartments, and the nonresidential sector fell by 4.2 per cent.
The overall decline of eight cranes in inner Brisbane was driven by the mixed-use sector.
Cranes were removed from Howard Smith Wharves, 949 Ann Street, Queens Wharf and South City Square based in inner Brisbane which accounted for eight dismantled cranes.
The residential count of cranes sits at 42.
Residential projects nearing completion include the Skyneedle Apartments with all three cranes removed, Student One’s 97 Elizabeth Street which had two cranes removed.
New projects where cranes commenced were recorded in Brisbane, Bulimba, Greenslopes, Hamilton, Kangaroo Point, New Farm, Newstead, South Brisbane, Toowong, Westend, Windsor and Yeronga.
Crane spotting on the Goldie
The Gold Coast continues its upward trajectory on the crane index, recording a 33 per cent rise.
Eighteen cranes were added and ten were removed bringing the coast’s total to 32.
The residential sector makes up 94 per cent of all Gold Coast cranes, with the highest number located in the Palm beach area.
New residential cranes were added to developments, including Bluewater in Bilinga, Vue Apartments and Elysian in Broadbeach.
Work continues at the Jewel Residences, two cranes were removed from the project, leaving two on site.
Other projects with continuing cranes include Anchorage Apartments in Hope Island, Otto in Mermaid, the Jefferson in Palm Beach, South Lakes Stage 3 in Reedy Creek, 23 Norman Street and 6 Meron Street in Southport.
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