With recievers expected to make a decision on the new ownership structure of Ray White Broadbeach and Mermaid Beach towards the end of this month, Ray White Group have decided to close Ray White Broadbeach Waters – a struggling offshoot established by former Broadbeach franchisee Gary Gannon prior to the recievership.

While the door has been left open for a Broadbeach Waters office in the future, at this stage it appears both financially unviable and in too direct a level of competition with the flagship Broadbeach franchise to maintain.

Another high-profile Gold Coast development has been taken over by receivers, with The Oracle project in Broadbeach the latest casualty. The twin-tower development – the largest in Broadbeach, with over 500 apartments and three levels of retail and commercial space – is now under the management of KordaMentha, at the bests of the National Australia Bank.

Fully completed, with tenants moving into the retail and commercial precinct downstairs, an estimated 400 apartments in the project sold, with around 200 still to settle. KordaMentha will be spending the next few months finishing settling the remaining contracts and planning resales of these, and the existing unsold stock.

Following a tumultuous year, which has included a legal battle over price fixing allegations involving both himself and high-profile agent Michael Kollosche, Ray White Broadbeach & Mermaid Beach principal Garry Gannon has called in the recievers on the two companies.

With debts of up to $5m, despite a turnover of close to $400m over the past year, the future of the agency and its 90 staff remains uncertain, as Sam White  – deputy chairman of the Ray White group – has taken a lead role in the franchises during the period of voluntary receivership.

With Council’s Economic Development and Tourism Committee allocating a further $1.54m to a proposed revamp to the Cavill Avenue Mall in Surfers Paradise, the revamp is now another step closer.  The timing couldn’t be better, with the Surfers Paradise Foreshore Redevelopment approaching completion.

Committe chair, and Surfers Paradise councillor Susie Douglas has stated that:

“The Committee recommended Council enter into negotiations with the Foreshore redevelopment managing contractor, Abi Group, to get the mall project underway as soon as possible.

“As part of a second stimulus package, Council set aside an initial $2 million and considerable work has now been done, including consultation with key external stakeholders, to develop a comprehensive management plan and delivery strategy for the project.”

With strong population growth, and on the back of the recent 2018 Commonwealth Games bid, the Gold Coast City Council has launched a feasibility study into the creation of a major annual cultural festival.   While results won’t be back until late this year, Mayor Ron Clarke feels that “Culture and the arts play a significant part in making the Gold Coast a more desirable place to live and to visit, and a major festival could also deliver a boost to the city’s economy” – regardless of the success of the Games bid.

Nifsan, the developer behind the $1bn Emerald Lakes development in Carrara is pushing hard to have some of the waterside portions of the suburb renamed to “Carrara Waters”.  Member for Gaven, Dr Alex Douglas, is seeking further consulation on the matter before deciding to back to the change – thus far, community responses have been mixed.

Construction has commenced at the new Biggera Waters Harbourside Market development at 610 Oxley Drive.  The $20m commercial project is will comprise 13 tenancies and is being billed as “a sophisticated version of the traditional European marketplace”.  It is slated to open later this year.

Despite approval rates in excess of 340 homes per month in 2006 & 2007, figures from the ABS have revealed that housing approvals on the Gold Coast fell to just 187 per month in 2010.  Apartments, which peaked in the same period at around 290 per month are down to 81 per month.

This reduction will likely see continuing loss of construction jobs on the Gold Coast.  Fortunately, there are several major projects, including a major refurbishment of both Jupiter’s Casino and Pacific Fair – as well as Potter Group’s Main Place project slated to get underway over the next 18 months

As part of the splitting of Tabcorp’s casino and wagering businesses, Jupiters Casino will be recieving a $175 million upgrade to increase its attraction to international and high-roller markets.  The renovation will include an upgrade of the pool and facilities, as well as the addition of new restaurants and a new nightclub.

Despite some public opposition, Council’s planning committee has signed off on Potter Group’s 52-storey redevelopment of Broadbeach’s Main Place.  The current plans include 173 resort hotel suites, 320 apartments, nearly 1800sqm of shops and restaurants and 2346sq m of commercial floorspace – however local councillor Eddy Saroff is lobbying to have the hotel portion of the building reduced in size.

The extent of this reduction could threaten the viability of the project, the construction of which is expected to add nearly 800 jobs and over $700m to the local economy.