APG have begun marketing their new development to be built on the old Volare restaurant site on the Gold Coast Highway in northern Broadbeach. Details are still incomplete, but the project is expected to comprise 1+ study and 2 bedroom apartments with pricing indications from $439,000.
Following the successfull sell-out of The Parc at Tugun, and with only a few townhouses remaining for sale at the (still uncompleted) Cassia development in Merrimac, Sunland are preparing to launch their next townhouse project, in The Glades precinct in Robina. The move underscores the resilience of the middle property market, and highlights the local developer’s shift from highrise back to housing developments.
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.
Ridong Gold Coast Developments, the comapny behind Pacific Beach – a $1bn luxury high rise development to be built on the Surfers Paradise beachfront – has brought in three overseas architects to assist with the building’s design.
The firms, Oppenheim Architecture and Design, Marks Barfield Architects and Llewelyn Davies Yeang from the US, UK & Malaysia respectively, are refining the DBI Design concept plans for the project. Construction itself remains some way off however, with the developer in the process of refurbishing several of the buildings on the site with a view to renting them out in the short term, while plans are prepared and lodged with Council.
Westfield, the driving force behind the $1bn Coomera Town Centre project has indicated that it’s development application will be lodged with Council after mid-2011. Myer, one of the key tenants has already announced that it would like to be operating by 2013.
Designed as a transport hub, as well as shopping destination, the 150+ store centre will be built near Coomera Train Station on a 35 hectare parcel of land on Foxwell Road. If the DA is lodged next year, construction could be underway as soon as 2012.
Having finalised the purchase of a 1.15ha block of land between Christine Ave & Lake Orr, Council are preparing to build the Varsity Lakes Sportshouse. The community facility will be made up of a two-storey building as well as a boatshed, viewing deck and other amenities.
Site preparation is slated for September with the building and much of the landscaping completed by March 2011.
In the wake of last years’ $90m economic stimulus package, Council’s Economic Development & Tourism Committee is considering further measures to support the local economy, in particular the construction industry.
17 projects, worth up to $314m are under consideration for fast-tracking – with availability of funding a major factor determining which will get the green light. The projects include the Evandale Cultural Precinct and Cavill Mall redevelopment as well as various road, bikeway and greenspace options.
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 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.
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.
