The GFC has claimed another Gold Coast scalp; that of developer Graeme Ingles.

Unsuccessful in attempts to sell off some of his holdings, St. George Bank have appointed recievers to handle the sale of three significant holdings.  These comprise of the Iridium and Insignia sites in Southport; slated for 43- and 44-level towers respectively, and a 61 hectare parcel of land at Arundel, slated for a championship golf course that has been promised to the residents of Tee Trees Estate since 2001.

It has been reported that, in addition to his commercial holdings, Mr. Ingles’ $15m Tallai mansion has been placed on the market as well.Идея за подарък

Council has signed off on a new 45-storey tower for Scarborough St in Southport.  The new building, Iridium, will be built by Ingles Group and will include over 330 apartments, as well as commercial, retail and cafe space.  The building will be built near the future light rail station, and next door to the existing Little Theatre.  As part of the renewal, the developer will assist with redevelopment of the theatre’s green room and box office.

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.

In another step forward for the Gold Coast Rapid Transit system and a boon for Southport Central’s commercial precinct, the expanding GCRT team has moved into new headquarters in the downtown Southport building.

The 1500sqm office space should accommodate the team of 80 as they prepare for the start of construction on the project, due in November this year.

Boasting grassed event lawns, a stage to screen outdoor films, modern public art, sprawling fig tree-lined boulevards and a 100m grand pier, the $42.5m first stage of the Southport Broadwater Parkland redevelopment has been welcomed very positively since opening on the weekend.

A battle looms however, with Southport councillor Dawn Critchlow calling for the addition of restaurants and shops in the new parklands – similar to Brisabane’s Southbank Parklands.

Southport MP and Tourism Minister Peter Lawlor has argued against the idea, claiming there is enough commerical space nearby without bringing any on to crown land and “cluttering” the park.

In another milestone for the $1bn Southport-Broadbeach Light Rail project, the State Government has committed to the project.

The current schedule has surveying work beginning late this year, with tracks due to be laid from 2011.  The first passengers are expected to climb on board in 2014.

Tenders will be put out into the private sector to secure an operator for the Light Rail system over the  next 18 months.

The tram line will run from the Griffith University Hospital in Southport, (which is currently under construction) through Southport and Surfers Paradise and terminate in Broadbeach.

After changing hands several times in the last 15 years, the 7176sqm site bordered by Marine Pde, Welch & Nind Streets in Southport is finally under construction.

The new development – H20 – will be built by Brisbane-based Philip Usher Constructions and will feature a pair of 23 storey mixed use apartment buildings.  Expected to include 357 residential apartments, as well as retails and commercial space in the two-storey podium, the project is slated for completion late next year.

In an move that reflects the current property market, the developer plans on holding off on sales until the building nears completion.

Following the announcement that the Federal Government had set aside $365 million in the recent budget to assist with the construction of the Gold Coast’s light rail project, Councillors are hopeful that the State Government is close to deciding upon a private partner to build the project.

With the project anticpated to create around 6000 jobs, Council are keen to get construction underway.The Light Rail Project also complements other economic stimulus measures already underway, including the Surfers Paradise Foreshore upgrade and Southport Parklands Redevelopment.ikoni

After a tumltuous year, which saw the original developer – Raptis Group – go into receivership, Southport Central is finally complete.

The three tower, $700m project is one of Australia’s largest mixed-use developments, and is being given a lot of credit for revitalising the suburb of Southport.

Settlements in the third and final tower will begin on Monday the 20th of April, however whilst the construction is finished, there remains close to 150 apartments (of a total 788) still for sale throughout the project.

As Victoria Towers is launched, Ingles Group are placing their ‘Insignia’ development site on the market once again.

The 5000+ sqm site, on the corner of Nerang and Rawlins Streets in Southport – last on the market almost five years ago – is slated for a 380 apartments and 4750sqm of commercial space in a 43 storey building.

Better known for land development and building homes, Ingles is seeking to divest of the site in order to concentrate on their core business.

Originally acquired in 2002 for $3.475m, the site sold in 2004 for $17m before the contract collapsed.    Currently expected to fetch in the vicinity of $15m or more, the sale will be a good test of the current market, which has seen a significant softening in the value of high-rise sites as a number of developers place high-rise projects on the market or on hold.