As construction continues on their new Carrara home ground, the Gold Coast’s AFL franchise has been named: The Suns.  By the time the Suns enter the 2011 season, the Gold Coast will be represented in the NRL, AFL, NBL and FFA – re-emerging as a prominent sporting city.

While construction of the Gold Coast’s Rapid Transit project isn’t due to commence until November of this year, and completion remains as far away as 2014, commentators and industry insiders are already discussing the positive impact the project will have on real estate values along the Parkwood to Broadbeach route.

Many agree that prices are unlikely to jump overnight, but a gradual increase of 10% or more is expected, with even greater gains for developers amalgamating sites close to the new transport hubs that the project will create.  Already, a developers are sitting on a number of sites near the Gold Coast Convention Centre, and the project’s initial Broadbeach terminus, with hopes of large future capital gains.

With the first of two towers due for completion in August, Mantra has purchased the management rights for Niecon’s iconic Oracle project in Broadbeach.  The two towers will be managed under the group’s luxury Peppers brand – and will become the Gold Coast’s first five star hotel since the completion of Palazzo Versace in 2000.  As part of the deal, the Oracle name will be foregone, and the building will be known as Peppers Broadbeach.

A draft master plan has been submitted for a cultural precinct at Evandale.  The precinct would include a performance theatre, art gallery, drama theatre, discovery centre, and and events terrace similar in size to Brisbane’s King George Square.  The plan also includes approximately 1200 car parking spaces, including 800 underground.  A refined master plan is expected to be brought before Council in September.

International hotel and time-share operator Wyndham Hotel Group have aquired 40 apartments in Azzura’s new Surfers Paradise apartment building.  The building, which will be rebranded, adds the property to the 20 that Wyndham currently own across Australia and the 7100 the group has under franchise or management agreement worldwide.

The move is a boon for the Gold Coast generally, as well as Azzura, which still had a number of the building’s 192 apartments for sale, following sluggish results since completion last year.

Council have released their latest budget, continuing into the 2nd year of the Bold Future city plan.

Highlights include:

• Funding of $26.5 million to continue the delivery of Council’s 2009-11 $90 million economic stimulus package.
• $13.3 million to continue the four-year $111.6 million community infrastructure program.
• An allocation of $53.6 million as part of a total commitment of $120 million for the rapid transit system.
• A major program for road network improvements, including major roadworks of $35.3 million, road reseals of $17.5 million and bikeways of $4.3 million.
• A major program for parks and recreation including major open space development of $5.5 million, tree planting of $1.0 million, park asset renewal of $3.3 million and major sporting areas of $3.1 million.
• A major redevelopment of the Surfers Paradise foreshore, at a cost of $13.4 million, which will revitalise the heart of Surfers Paradise.
• $31.9 million capital investment into waste management services and facilities designed  to ensure long term sustainability. This includes: $8.6 million for remedial and closure works at Suntown Landfill, $2.5 million for recycling and drop-off centre at Molendinar, $2 million for new waste transfer station at Reedy Creek, and $1.5 million for upgrade of Helensvale WTS.
• $7.7 million in community support through grants, subsidies, donations, concessions and rebates.

For greater details, refer to the Gold Coast City Council website.

The Gold Coast City Council have received close to 4600 development applications over the past 12 months – including a 20% increase in the number of major Material Change of Use (MCU) code applications over the period.  Council claim that of these 95% were processed within legislative timeframes – as were 85% of MCU impact assessments.

Over past 12 months, 4450 applications were declined.

In another step forward for the Gold Coast Rapid Transit system and a boon for Southport Central’s commercial precinct, the expanding GCRT team has moved into new headquarters in the downtown Southport building.

The 1500sqm office space should accommodate the team of 80 as they prepare for the start of construction on the project, due in November this year.

After an extensive search, Japan-backed local developer Nifsan have chosen Adelaide development company Urban Construct as to assist with the next stage of the $1bn Emerald Lakes project.

The $250m mixed-use waterfront precinct will include around 300 apartments, as well as extensive commercial space.  The move also underlines Nifsan’s commitment to the completion of the project and represents Urban Construct’s first foray outside of their home state.

Following recent financial difficulties, developer Fish Group has decided to sell off Hope Island’s Marina Quays Town Centre site.

Paul Smerdon, the company’s development manager commented to the Gold Coast Bulletin on the sale, “It appears there is demand for that particular asset (and) it’s no secret we don’t have the financial ability to build the town centre at the moment.”

The 6.8 hectare parcel for sale consists of five smaller sites in one line, and was originally slated for a Woolworths supermarket, medical centre, private school and numerous retail outlets and commercial offices.  Fish Group are hopeful that  a larger, more experienced developer will take the site off their hands, and allow them to continue their restructuring.