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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

Four Towers Added to $2bn Broadbeach Masterplan

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Four Towers Added to $2bn Broadbeach Masterplan

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.

Source: theurbandeveloper.com

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Developments

Developer Launches 25-Storey Mermaid Beach Tower

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Developer Launches 25-Storey Mermaid Beach Tower

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.

 

Developer Launches 25-Storey Mermaid Beach Tower

Developer Launches 25-Storey Mermaid Beach Tower

“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.

Source: theurbandeveloper.com

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Developments

Ridong Unveils Plans for ‘World Class’ Gold Coast Tourism and Wellness Retreat

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Chinese developer Ridong, the original developer of the Gold Coast’s $1 billion Jewel project, has lodged plans for a “wellness and tourism retreat” in Tallebudgera Valley on the Gold Coast.

The $60 million proposal seeks approval for a six-star, 98-room key resort, 113 residential dwellings, a 16-hectare man-made lake and a contemporary European art and sculpture gallery modelled off Tasmania’s Museum of Old and Modern Art (MONA).

In plans submitted to the Gold Coast City Council in late September, Ridong has also proposed a 3-storey health and wellness centre with a day spa, a waterfront chapel for wedding services, two conference centres and three restaurants.

Chairman of the Ridong Group, Riyu Li, began acquiring parcels of land in Tallebudgera Valley in 2014.

The “wellness and tourism retreat” will cover sites owned by Li on Tallebudgera Connection Road and Tallebudgera Creek Road.

The Ridong Group sold its 45 per cent share in the Jewel towers in February.

gold coast tourism

Artist impressions of a chapel (top left), health and wellness centre (right) and art museum (bottom) in the Gold Coast hinterland.

In applying for the rezoning the rural 47.5-hectare rural site, Ridong has positioned the development as a “significant investment in the development of an integrated tourism resort” catering to a growing inbound tourism market interested in health and wellbeing.

Building heights will be largely low- to medium-rise, with the hotel component of the development reaching 5-storeys. The proposed development will cover less than 9 per cent of the nearly 50-hectare site.

The 4-storey, 14,885sq m contemporary art gallery will be privately operated and comprise a curated cultural exhibition space, a 100-seat theatre and automotive museum.

Ridong said that the gallery will act as a “world class” tourism attraction for the area as the Gold Coast “doesn’t currently have an art gallery of such proposed scale”.

Ridong has appointed architecture firm DBI for preliminary design duties.

The major development is currently in preliminary assessment with the Gold Coast City Council and is not expected to progress before 2019.

The Urban Developer reached out to Ridong but did not hear back by the time of publication.

Source: theurbandeveloper.com

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