After rumours flying about the future of the Matthews Property Group (MPG) site in central Broadbeach, things seem to have settled down.  The background story, to the best of my knowledge, goes as follows:

1. Matthews Property Group purchased the NAB and CBA sites on Albert Ave in Broadbeach around July 2006.
2. At this time, it was believed that they could overcome the fact that the NAB had a lease on their half of the site until 2010
3. It was subsequently decided that the NAB would not relinquish their lease, and as such that portion of the contract was rescinded
4. MPG activated an option they had over the (then-) Raptis-owned Niecon Plaza in Broadbeach
5. MPG modified their plans, using some of the air rights gained from the addition of Niecon Plaza to the site to build a larger building on the Commonwealth Bank site

It is expected that plans will come out of Council around the middle of 2008 – which should coincide with the completion of MPG’s Ocean Pacific project in southern Broadbeach.

Details of the building on the CBA site are still unconfirmed (and will likely remain that way until Council have made their final ruling).  It is not known if MPG will take full advantage of the 35-storey height limit in that part of central Broadbeach.  There have also been unconfirmed rumours that the building will include a residential section and serviced apartment section.

Further details (and rumours) will be added as they come to light.

Tags: Albert Ave, Broadbeach, CBA Site, commercial property, Future Development, gold coast, Matthews Property Group, news, real estate, Rumours

This entry was posted on Wednesday, January 2nd, 2008 at 12:06 pm and is filed under Broadbeach, CBA Site, Future Development, Matthews Property Group, Rumours. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.