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Developments

Surge of developers, investors riding boutique wave on southern Gold Coast

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A SWELL has been quietly building in the Gold Coast’s property market over the past 18 months with a surge in development and investment.

But it’s rising from the southern end of the Glitter Strip and not from the more well-established beachside precincts of Southport, Surfers Paradise and Broadbeach.

And in a major shift for the Coast, much of its momentum is coming from smaller boutique high-rise apartment developments for owner-occupiers rather than investor-focused supertowers.

Another key driving force is a massive infrastructure spending list — including the proposed $600 million extension of the light rail to Burleigh Heads and game-changing $500 million upgrade to the Gold Coast Airport precinct.

“Certainly, there seems to be more activity generally in those beachside precincts south of Broadbeach,” said Colliers International Gold Coast director Darrell Irwin. “And the surge in development is flowing into the commercial, retail and investment markets.”

Among the hot spots are Burleigh Heads, Palm Beach, Bilinga and Coolangatta.

Mr Irwin said besides the mooted major infrastructure works, the reluctance of banks to fund bigger residential developments had resulted in the shift of focus to the southern Gold Coast and smaller apartment projects.

“If you drive around Southport’s Priority Development Area (PDA) there’s 20 or 30 different sites where you could do 100 storeys,” he said.

“In theory, it may seem all well and good to have a PDA where developers can pretty much do what they like.

“But actually it has been counter-productive because developers are concerned about all the potential competition and the banks don’t want to fund projects of such a scale in Southport. So, it’s a bit of a double whammy.

“Also, owner-occupiers want to live near the beach and have the lifestyle and amenity — including all the trendy cafes and restaurants — that the southern end of the Gold Coast offers rather than live at Southport.

“And the banks are far more comfortable with the smaller boutique projects aimed at owner-occupiers, so they’re easier to fund and easier for developers to get in and out of more quickly.

“It’s the combination of all these factors that is the reason why the southern end of the Coast is really firing.”

Projects ranging from townhouses to mid-rise apartment towers of seven to 26 storeys by savvy locally-based developers — including Sunland, Morris Property Group, the Neumann family, Lacey Group and Cru Collective — are already underway.

And according to Mr Irwin, a growing number of interstate developers are now circling development opportunities along the Coast’s southern strip.

Originally Published: www.couriermail.com.au

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Developments

Coast farm set to become 1190 new homes

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Coast farm set to become 1190 new homes
A section outlined in red shows a 149-hectare Palmview property which is proposed to be developed to accommodate up to 1190 homes.Contributed

A NEW stage of a major Coast development will turn farmland into more than 1100 new homes with space for a new state school and other community facilities.

The 149-hectare block adjoins the eastern edge of the Harmony development at Palmview.

It is owned by the McCafferty family and is being developed as a part of the Palmview Master Planned Area by national property developer Peet Limited.

The rest of the area includes Avid Property Group’s Harmony development, a section of land owned by the Crosby family and the Sunshine Coast Council-owned Lower Maroochy River Environmental Reserve.

Palmview was designated in last year’s South East Queensland Regional Plan as one of three major expansion areas on the Coast to accommodate population growth in the next 25 years.

An application lodged by development firm Peet for preliminary stages of the 149-hectare project has been deemed by the council as substantially consistent with its requirements.

It includes building up to 1190 homes to accommodate up to 2751 people.

Allowances for sports and recreational parks as well as 13.3 hectares for a state school have also been made.

However, there were some aspects including road networks, the mix of lots, car parking management and open space which the council said needed addressing.

Conditions have been added to the application to address those concerns ahead of it going before councillors for approval consideration at Thursday’s public meeting.

Originally Published: sunshinecoastdaily.com.au

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Developments

Gold Coast is getting a massive new rooftop restaurant and bar in time for the Commonwealth Games

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Gold Coast is getting a massive new rooftop restaurant and bar in time for the Commonwealth Games
The Star Gold Coast will welcome a new rooftop restaurant and bar led by acclaimed Gold Coast restaurateur Simon Gloftis and entertainment expert Billy Cross ahead of this year’s Commonwealth Games. Set to open in March, the yet to be named venue will sit atop The Darling, the property’s new luxury suite hotel.

Co-managed by Gloftis and Cross in partnership with The Star Gold Coast, the 110-seated restaurant will dramatically open out onto an infinity pool which will offer awesome views of the surrounding skyline and no doubt be a destination for high-profile guests during the games. The team behind it are promising a superior dining and beverage experience, making full use of the sun-soaked surrounds.

Though the restaurant will also feature a private dining area, the bar is considerably larger with enough space to entertain 300-500 guests. Local DJs will be coming on board to set the tone while the bar operates with an extensive beverage and cocktail list which can also be enjoyed from private booths and a VIP bar.

“Having already unveiled eight new food and beverage venues as part of the redevelopment, including award-winning Kiyomi, Cucina Vivo and Garden Kitchen & Bar, the new restaurant and bar will further elevate our offering and cement our reputation as a leader on the dining scene”, offered The Star Entertainment Group Managing Director Queensland Geoff Hogg. “We cannot wait to reveal the name and further design and menu details of what will be a hero feature of The Star Gold Coast. We are committed to delivering a whole new dining experience for our property and for the city”.

More details on the new rooftop venue will be revealed later this year.

Originally Published: food.theaureview.com

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Developments

Find out what’s tipped to define the Gold Coast market in 2018

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Find out what’s tipped to define the Gold Coast market in 2018

THE GOLD Coast is known for its glitzy property appeal but a more solid foundation is tipped to define the market in 2018.

Property experts say infrastructure in the northern and central suburbs will contribute to an already booming market, buoyed by the buzz of the Commonwealth Games.

The Coomera Town Centre under construction. Pictures: Westfield. Source: Supplied

The Coomera Town Centre under construction. Pictures: Westfield. Source: Supplied

Artist impression of the Westfield Coomera Town Centre. Supplied by Westfield Source: Supplied

Artist impression of the Westfield Coomera Town Centre. Supplied by Westfield Source: Supplied

“I think the continued large amount of private enterprise infrastructure like the Westfield Coomera Town Centre, Sunland development at Mermaid Waters and The Star Gold Coast with its part-hotel, part-residential works will expand those areas,” newly appointed REIQ Gold Coast zone chairman Andrew Henderson said.

CoreLogic’s latest data to October 2017 revealed the median house price on the Gold Coast jumped 7.7 per cent in 2017, almost twice as fast as the national average.

Mr Henderson predicted prices wouldcontinue to increase, thanks to a seller’s market in the central suburbs.

REIQ Gold Coast zone chair Andrew Henderson. Picture: Jerad Williams Source: News Corp Australia

REIQ Gold Coast zone chair Andrew Henderson. Picture: Jerad Williams Source: News Corp Australia

“Most of the housing development is in the northern corridor, leaving the vast majority of the Gold Coast with existing stock to purchase in the central areas,” he said.

He said a wave of beachfront apartment developments was expected to be snapped up by locals wanting a sea change, and by savvy investors.

The CoreLogic report showed a 12-month increase of 3.7 per cent for median unit sales on the Coast.

“In terms of looking ahead, interstate migration is quite strong, jobs are very strong, there’s a significant amount of spotlight on the Commonwealth Games and then the infrastructure is a massive drawcard to keep bringing people in.”

It comes as $40 million worth of property is set to go under the hammer in a single day next week, at Ray White Surfers Paradise auction bonanza The Event.

Auctioneer Andrew Bell at work at The Event in 2017. Picture Glenn Hampson Source: News Corp Australia

Auctioneer Andrew Bell at work at The Event in 2017. Picture Glenn Hampson Source: News Corp Australia

RWSP CEO Andrew Bell predicted an influx of southern buyers, heralding the current climate as “the return of the holiday-maker”.

“We have truly been swamped, and there is no better word than swamped, with buyer inquiry,” Mr Bell said.

“The record numbers of people holidaying here on the Gold Coast has seen record levels of buying interest, and sales have been happening left, right and centre. If you had to use one word to sum up inquiry post-Christmas, it is Sydney,” Mr Bell said.

Originally published: www.news.com.au

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