Potter Group’s proposed 52-storey apartment building is receiving some opposition from the traders in the area surrounding Main Place where it is slated to be built.  Positioned opposite the Gold Coast Convention and Exhibition Centre, as well as a future Rapid Transit stop, the developer sees the central Broadbeach transport hub as an obvious choice for increasing height and density, however at 52 storeys, the tower would be the tallest in Broadbeach, eclipsing The Oracle’s Beach Tower at 50 storeys and exceeds Local Area Plan requirements.

A period of consultation with the public and Council will take place, which could lead to a reduction in the height and density of the development.

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 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.

Overseas owners of 80% of the commercial tenancies in Victoria Square on the Broadbeach Mall are making a new bid to sell their holdings, having received little interest in a 2007 campaign.

The decision comes following the successful sale of a number of the commercial spaces underneath the nearby Broadbeach on the Park building, and on the back of encouraging reports from developer Niecon that they are receiving strong interest in the commercial portion of their new project Oracle.

Following the recent launch of their beachfront building, Eclipse, Amalgamated Property Group are already planning their next Broadbeach highrise.

Plans have been put to Council for a 108-apartment, 20 storey tower to be built on what used to the the Volare restaurant on the Gold Coast Highway, opposite the Convention and Exhibition Centre.

Situated right on the proposed Rapid Transit System route, if all goes to plan, APG could launch the building as soon as the end of 2010.

Rockdune Pty Ltd – an investment company linked to the owners of a national seafood company – has purchased the Commonwealth Bank building at 16-18 Albert Ave in Broadbeach from a subsidiary of Matthews Property Group.  Matthews Property Group bought the site originally in 2006 for $14m.

The $11m purchase brings Rockdune’s total investment in the area to over $40m over the last 20 year.  In this time, they have acquired the adjoining commercial building at 12-14 Albert Avenue, as well as Niecon Tower and Niecon Plaza.

The result is a 5463sqm parcel in a prime location in central Broadbeach.  While there are existing plans for developments on the site, Rockdune have described the acquisition as a long-term hold and have no plans to redevelop in the near future.

It was only a matter of time, but following City Pacific’s collapse their waterfront headquarters on Miami Key in Broadbeach Waters are being liquidated by administrators.

The marketing campaign is due to begin shortly, however the sale will only make a small dent in the $100m or so debt the former financier owes the Commonwealth Bank.Сувенири

As expected, Thakral have continued to sell off their development assets, with the site of the proposed Alchemy building on Queensland Avenue in Broadbeach the latest to be put to the market.

The 1323sqm site, which is still home to the Antigua resort is approved for a 22 storey building with 32 luxury residential apartments, but given the recent downturn in the upper end of the market was never officially launched.

No price has been placed on the site, it is instead being sold by an expression of interest campaign.

After weeks of bitter legal battles, Balmain Trilogy has been awarded control of City Pacific’s First Mortgage Fund after the Federal Court handed down a ruling on the matter.

While the move will directly affect the unit-holders in the $630m Fund, it also raises questions about the future of City Pacific’s real estate holdings: most notably King Tide on Broadbeach Boulevard and the Pacific Beach beachfront site on Old Burleigh Road.

With the significant interest bill taken into account the two sites are estimated to owe the company in the vicinity of $220 million.  The Pacific Beach site has been on the market for several months and it has been widely speculated that King Tide will follow.  However, given the current state of the Gold Coast property market and the relatively small buyer pool for large development sites, any sale of either of these sites is likely to represent a significant loss.