Four Towers Added to $2bn Broadbeach Masterplan
The Queensland government has approved four more towers for the Destination Gold Coast Consortium’s Broadbeach masterplan.
The Destination Gold Coast Consortium — a joint venture between Star Entertainment Group and Hong Kong-based partners Far East Consortium and Chow Tai Fook Enterprises will now undertake a 10-year construction phase to complete the master plan.
The newly added towers will create 3,000 new hotel rooms and will range in height between 52-74 storeys.
On completion, Star Gold Coast will be home to more than 50 bars and restaurants and employ 6,000 people in total.
“The masterplan in its entirety would see The Star Gold Coast boast more tourism accommodation than any other resort in Australia,” Star Entertainment Group chief executive Matt Bekier said.
“The 3,000 hotel rooms and apartments would also exceed what the world-renowned Marina Bay Sands in Singapore offers, and be on a scale to compare with the largest integrated resorts in Las Vegas.”
The first phase of the overall masterplan’s five new towers was approved in December 2016 and is currently under construction.
Construction recently began on the site’s third hotel tower, a $400 million project containing 316 guest rooms.
The 53-storey tower will be home Australia’s first Dorsett hotel as well as Star Residences, set to open in 2022.
“In addition to The Star Grand, The Darling and The Dorsett hotel tower, our expanded masterplan provides the opportunity for another four towers and world-class facilities,” Bekier said.
An estimated 1,800 jobs will be created to build each of the four remaining towers, totalling 7,200 construction jobs.
A further 3,000 people will be employed operationally across the four new towers.
“This state government stamp of approval gives The Star and its partners the opportunity to lift The Star’s profile with international tourists to even greater heights,” Premier Annastacia Palaszczuk said.
All seven towers are estimated to be complete by 2028, with the Consortium outlining plans to build one new tower at its Broadbeach island site every two years.
Star is also undertaking the Queen’s Wharf Brisbane transformation combining their tourism assets within Queensland to $9 billion.
Gold Coast Developer Wins Approval for $140m Project
Gold Coast-based Aniko Group has received development approval for its $140 million “resort-style” residential precinct in Hope Island.
Aniko Group, led by George Mastrocostas, plans to deliver 210 apartments for the 1 Grant Avenue address, which spans an 8,390sq m waterfront site.
The developer reached a compromise over original plans for the apartment project after taking Gold Coast City Council to court.
Mastrocostas said his team worked collaboratively with Gold Coast City Council to achieve development approval, with plans for the project to capitalise on demand for affordable residences in “sought-after areas”.
Aniko Group acquired the Hope Island site for $4 million in December 2017.
Mastrocostas says Hope Island has become popular with buyers as the northern Gold Coast region benefits from infrastructure spending, including the $470 million Westfield Coomera Town Centre and the planned $400 million expansion of the Gold Coast Marine Precinct.
“The development is just a stone’s throw from the brand new $65 million Hope Island Marketplace which opened in December last year,” he said.
The Hope Island development follows Aniko’s latest residential project, a $55 million 14-level tower at 372-374 Marine Parade Labrador, Three72 Marine.
Aniko Group also lodged a development application with the Ipswich City Council late last year for a 229-lot residential community spanning a 24.6ha site in the Ripley Valley Priority Development Area.
Quest starts construction of first Gold Coast Apartment Hotel
Quest Apartment Hotels has begun construction of its first Gold Coast property, Quest Robina, with long-term development partner, Pellicano.
The eight-storey project is a mixed-used development that will feature 80 serviced apartments, 37 square meters of ground-floor retail, a two-level basement carpark, and 24 residential apartments.
Quest Apartment Hotels General Manager – Growth, James Shields said the operator was excited to begin construction of its first Gold Coast property.
“Our long-term partnership with Pellicano has facilitated our move into Robina, Gold Coast. We see Robina as a key commercial centre for the Gold Coast economy – evidenced by low office vacancy, iconic commercial towers and a range of drivers across the health, sporting and retail sectors to support future growth.
“Business trips to the Gold Coast have experienced an average growth of above 6.5 per cent over the last six years which represents 10 per cent of the overnight domestic travel market. This provides a wonderful opportunity for Quest Robina to provide quality accommodation to meet this demand,” Mr Shields said.
(L-R) Gold Coast Councillor Hermann Vorster, Quest Apartment Hotels General Manager – Growth James Shields and Pellicano Development Operations Manager for Queensland Michael Kent.
The Robina project marks one of four by Quest and Pellicano set for completion in 2020, with additional projects located in the Victorian towns of Ballarat and Geelong and the Melbourne suburb of Preston. Once complete, the four projects will deliver 328 Quest serviced apartments, 2,500 square meters of retail space and a conference centre including theatrette.
Pellicano Managing Director, Nando Pellicano said the Robina project adheres to the company’s three fundamental elements of a successful development.
“50 years of development have taught us that the key drivers of an in-demand product remain constant despite market fluctuation; quality design, in-demand location and uncomplicated access to premium residential and lifestyle amenities,” Mr Pellicano said.
“This project’s convenient location and ease of access to lifestyle amenities paired with Quest’s solid reputation for delivering quality accommodation ensures our confidence in the success of this project.
“Quest’s accommodation offering represents a unique opportunity to add value to the residential element of this development by offering hotel-like services for the occupants of the building.”
Gold Coast City Councillor, Hermann Vorster said the project would be the perfect fit for the area and a centrepiece development for the emerging stadium precinct.
“The development will capitalise on Robina’s reputation as an emerging sporting, health and commercial centre and is ideally placed on great public transport.
“Best of all it will generate more local jobs and give Robina an opportunity to share the benefits of Council’s push for the Gold Coast to remain Australia’s tourism capital,” Cr Vorster said.
Quest has undergone rapid expansion in recent years and is now the largest and fastest-growing apartment hotel operator in Australasia. Eight new Quest properties are scheduled to open across Australia, New Zealand and the United Kingdom over the next two years including Burwood East (VIC), Joondalup (WA), Orange, North Sydney (NSW), Quest Tauranga Central, Quest on Tuam, Quest Mount Eden (NZ) and Liverpool (UK).
Developers Sought for Gold Coast Waterfront Approved $2bn ‘Urban Village’
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.
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