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.

A 15-lot, 1.7 hectare site by Pacific Fair has had its proposed redevelopment plans recommended for approval.  The site, now housing light industrial, borders Tallebudgera Creek and currently known as the ‘Broadbeach South Regional Station Village’ is expected to house three mixed use towers, between 18 and 28 storeys.

Aside from the amenity of Pacific Fair, the site will also be very closely tied to a future station for the Gold Coast’s light rail system.  At this stage, the development has preliminary approval only, as a portion of the Broadbeach Local Area Plan is being replaced.  A detailed development application is still to follow.