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Commercial Property

Meriton Ocean Tower an Icon for the Next Era

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meriton ocean tower
Australia’s largest apartment developer Meriton says its latest development “Ocean, Gold Coast” will transform the Surfers Paradise Beachfront.

Rising 252 metres, Ocean will offer residents unobstructed, never-to-be built out views across the sea and beyond.

Ocean is set to be a beachfront landmark, bringing to life a new era in modern living, one where lifestyle, convenience and luxury meet.

On the doorstep of the Cypress Avenue light-rail station and just 20 minutes from Coolangatta Airport, Ocean will combine a vibrant lifestyle with modern amenities and easy connectivity, ensuring future residents will experience a quality of apartment living never before seen on the Gold Coast.

The 74-floor glass tower designed in collaboration with award-winning architects SJB will feature 262 bespoke apartments and 446 luxury 5-star hotel suites.

“We will be selling the high life, literally” Meriton founder and managing director Harry Triguboff said.

The veteran developer recently announced apartment buyers would have the opportunity to buy from level 45 up to level 74.

The lower floors would be devoted to hotel suites trading under Triguboff’s Meriton Suites brand.

meriton ocean tower

The 74-floor glass tower designed in collaboration with award-winning architects SJB will feature 262 bespoke apartments and 446 luxury 5-star hotel suites.

Ocean, which fronts premier beachfront street The Esplanade, will create a bold first impression from the moment residents and guests step into the expansive lobby with its soaring 4.5 metre ceilings.

Residents will pass through this space to their own private reception area, absorbing the opulent atmosphere as they go, and enter a high-speed smart lift, ensuring a quick return to their apartments.

The Ocean apartments will range from two-bedroom layouts with floor areas of up to 91sq m through to three-bedroom designs averaging 120sq m.

Ocean will also feature a rare collection of five top-floor penthouses that will have floor areas of up to 203 square metres.

The hero of the home is undoubtedly the contemporary kitchen in each Ocean apartment. The sleek and luxurious design make it as functional as it is beautiful, with every detail considered.

Features include premium SMEG stainless-steel appliances including concealed undermount rangehood, gas cooktop, oven, microwave, and a fully integrated dishwasher, Caesarstone benchtop and mirror splashback, contemporary pendant lights above all island benches add an extra element of sophistication.

The tower will have three levels of basement and will sit on a five-level podium with extensive lifestyle facilities exclusive to Ocean residents and their guests complementing this stunning area.

A beach club on level five is serviced by a bar and features lush landscaping, while level 33 features a 22-metre indoor pool with unobstructed ocean views, gymnasium, sauna and community rooms.

meriton ocean tower

The Ocean apartments will range from two-bedroom layouts with floor areas of up to 91sqm through to three-bedroom designs averaging 120sqm.

Triguboff said Ocean, on which construction started in May on the 3833sq m site, would be one of his most iconic projects.

“It will be my 19th tower on the Gold Coast and by far my most ambitious – you’re never too old to have ambition.

“In my judgment it’s going to be an absolute winner.

“There’s nothing like it on the Surfers Paradise beachfront – it’s got everything and every apartment will have unobstructed ocean or district views.

“I’d equate Ocean to a city within a city, with its own leisure facilities, beach club, supermarket, shops, restaurants, and a childcare centre.”

Triguboff said he expected Ocean to have the Surfers Paradise beachfront market virtually to itself.

“The banks have made it impossible for Australian developers to contemplate a beachfront project of any scale.

“In fact, we expect Chinese buyers to head the Ocean way and take a third of our apartments.”

No price has been put on the Ocean high life – prices are to be released ahead of the project’s launch next month.

Source: theurbandeveloper.com

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Commercial Property

Tenant Demand in Gold Coast Office Market Expected to Rise

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Tenant Demand in Gold Coast Office Market Expected to Rise

Investment activity in the Gold Coast office market was subdued in 2018 with few assets on offer, although Knight Frank expects the tide to change this year with around $90 million in assets hitting the market in 2019’s first quarter.

The office investment market on the Gold Coast, Australia’s sixth largest city, has traditionally been dominated by private investors and syndicators given the relatively smaller investment scale.

But as confidence builds with a higher level of tenant demand and the depth of the market, Knight Frank’s Mark Witheriff says the region is “likely to appear on the radar for a greater swathe of investors”.

Sustained population growth is forecast to average two per cent per annum over the 25 year period from 2016 to 2041, with the majority of growth to come from both internal and overseas migration attracted to lifestyle and educational opportunities, according to Knight Frank’s Gold Coast office market overview.

Local businesses dominate demand

While tenant demand in the Gold Coast office market has been dominated by local businesses, Knight Frank’s Tania Moore said there’s a growing core of larger corporates with branch or head offices located in the region.

“With the likes of National Disability Insurance Agency, Mantra Group (Accor) and Wyndham Vacation Resorts and Asia Pacific,” Moore said.

“With only 37,500sq m of supply added to the Gold Coast market over the past 10 years (9 per cent growth in the stock base) there is a relatively small pool of modern assets which can handle the higher employee densities required for major corporate branch offices, processing centres and call centres.”

The research found supply remains low but pre-committed new construction was beginning such as the recently acquired Acuity Business Park, snapped up by Alceon last month for $7 million from the Gold Coast City Council, which plans to kick off construction.

Knight Frank’s Jennelle Wilson says the supply of new office space across the core Gold Coast precincts stalled during 2018 with only 2,744sq m of refurbished space returning to the market.

“Supply is expected to remain small, sporadic and pre-commitment driven in the medium term.”

Total vacancy for the Gold Coast office market is 11.6 per cent, this after hitting 12 per cent mid last year.

“Despite the vacancy rate on the Gold Coast stalling at double figures, rental growth is well entrenched due to the relatively low number of quality options available, with prime effective rental growth of 5.9 per cent year-on-year recorded,” Wilson said.

 

Source: theurbandeveloper.com

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Commercial Property

Alceon Snaps Up Council Land for Business Park

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Alceon Snaps Up Council Land for Business Park

Boutique investment firm Alceon has secured a large parcel of land in Robina for $7 million from the Gold Coast City Council.

Alceon will now look to create a new business park on the 9,921sq m site located at Robina Town Centre Drive.

The Acuity Business Park will comprise three stand-alone office buildings featuring large floor plates, a ground-floor plaza, basement parking, shops, gyms and parks.

The Gold Coast City Council, which intended to use the area for a new regional council office, sold the site to Alceon who now will look to provide 15,000sq m of “quality commercial premises serviced by public transport and public amenity,” Alceon said.

Alceon Snaps Up Council Land Business Park

“Robina is considered an ideal location for the next commercial Business Park because of its high resident population which is predicted to more than double within the next ten years,” Alceon project director Paul Huston said.

“This is supplemented with low rental vacancy rates reflecting a vibrant growth corridor for corporate occupiers seeking a point of difference for their business and employees.”

The development of Acuity Business Park Robina follows successful construction of similar suburban office projects in Eight Miles Plains and Northshore Hamilton.

CBRE who is handling leasing at the park, said the time was right for grade-A offices on the Gold Coast, justified by Australia’s largest home builder Metricon has committed to 75 per cent of the first of the building at the business park.

Robina’s market vacancy currently sits at 11.6 per cent with CBRE forecasting the figure moving to sub 10 per cent by the end of 2019.

“Vacancy rates have continued to decline through eight of the last nine years across the market with Robina historically leading the way with single figure vacancy,” CBRE director of office leasing Nick Selbie said.

Construction will commence in March with the first building scheduled to be completed by July 2020.

In Victoria, Alceon is currently developing the Novotel St Kilda site with Melbourne developer Gurner and the Shand’s Barana Group into a larger luxury offering yielding up to $550 million.

Plans for the Saint Moritz development include 240 luxury residences spread across the three new buildings, including a 1,000sq m penthouse which was recently sold to ex-Domain boss Antony Catalano for a record breaking $30 million.

 

Source: theurbandeveloper.com

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Commercial Property

Prime Slice of the Gold Coast Hits the Market

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Prime Slice of the Gold Coast Hits the Market

A prime 9,637sq m slice of the Gold Coast has come to market, giving potential investors an opportunity for development or an idyllic residential holding.

The property, located at 162 Siganto Drive, is positioned in a prime growth area and only eight minutes from the newly built Westfield Shopping Centre in Coomera.

The proposed commercial mixed-use development site caters for a range of potential uses under the low impact industry zoning which will suit developers in the distribution industry, or those looking for professional office space or even indoor sports and recreation.

The surrounding area has benefited from strong residential growth which has supported the housing market, commercial businesses and new infrastructure.

Prime Slice of the Gold Coast

The site sits within a rapidly expanding growth corridor and is situated directly off the M1, approximately 40 minutes from Brisbane, 25 minutes from Burleigh Heads and 20 minutes to Southport CBD.

On the site currently sits a resort style luxury home and swimming pool.

Under the current medium density zoning we understand the potential for this site may suit age care or subdivision of town homes and potential many more uses (STCA).

The proposed DA maximises the shape and size of this site and plans showan NLA of approximately 3,135sq m and only around 32 per cent site coverage allowing developers to increase the GFA and turn this development site into a winning investment.

The great thing about this site is it is tucked away giving potential businesses lots of privacy, but also providing ease of access around the site as it opens up with potential waterfront views.

The M1 off ramps to Siganto Drive is a massive plus with the North and South entry points to Siganto Drive being the Oxenford/Hope Island exit and North Helensvale/Movie World M1 access ramps allowing for an effortless flow of vehicles.

With recent transactions in this area of Saltwater Creek Pub and a mortgagee sale of the proposed MI-HQ development site we can see that by these transactions occurring in the last few months that commercial property and development opportunities are in high demand.

 

 

Source: theurbandeveloper.com

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