Howard Group Place Sites on Market
Local developer, Howard Group, whose previous work includes Sphere at Southport and the upmarket Vogue on Broadbeach, has placed a pair of development sites on the market.
The larger of the two, a 1.1 hectare 23-parcel property near Pacific Fair in Mermaid Beach was amalgamated at a cost of approximately $20m over the past five years. Originally slated for the proposed Broadbeach Lifestyle Centre, incoroporating four towers and a mixture of residential and commerical space, the site is positioned well to take advantage of the future Rapid Transit link.
The other site, located on the Esplanade in northern Surfers Paradise is slated for a luxury 23-storey residential building. ‘North Point’, set on nearly 1000sqm of land was to incorporate 20 3 bedroom apartments, plus a palatial penthouse.
Howard Group have cited a strengthening market as the reason for the sales, feeling that they stand a better chance of realising the value they have added to the sites at this stage.
Tags: Broadbeach Lifestyle Centre, Future Development, gold coast, Howard Group, Mermaid Beach, news, North Point, real estate, Surfers Paradise
November 13th, 2009 at 4:10 pm
Check your comments re Howard Group – a number of subbies working on Sphere have not been paid, unit sales are very slow and there are significant onsite management problems relating to slow rentals and rental guarantees made to unit owners. Not healthy and as a creditor I am concerned.
November 15th, 2009 at 10:41 am
Thanks for the comment Patrick. The final paragraph in the article above relates to comments publicly made by the developer – not the opinion of the writer.
There is no denying that publicly reported reasons for selling assets are not always the only reason for such sales.