The Queensland Government is changing its stance on the redevelopment potential of the 3 hectares of beachside land currently occupied by the Broadbeach State Primary School.

While the previous line was that no redevelopment could take place unless student numbers were consistently in decline, Education Queensland has conducted an asset managment study which outlined the sale of part of the site as a possible option.

Under the plan, which could include a highrise up to 50 storeys in height, part of the new building would be used by the school, with the remainder forming residential units and possibly some commercial space.  The idea is new to Australia, but in practise in numerous cities overseas.

Following a tough 2008/09 financial year, which saw Sunland announce their first annual loss at $145m, the last 12 months have seen the local developer recover, posting an $18.3m profit for the last financial year.

Rather than pay a dividend to shareholders, the company is looking to the long-term and has elected to continue buying back shares, with plans to purchase another 20% of its own stock in the near future.

Work is underway on the first of 2,300 homes that will form Mirvac’s Gainsborough Greens development. Set on 490 hectares, the Pimpama development will comprise seven villages, including some of the Gold Coast’s last new golf-front land to be released.

Incorporating recreational facilities, as well as retail space the development is expected to take approximately a decade to complete, with a 30-home display village due for completion in late 2011.

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.

As construction continues on their new Carrara home ground, the Gold Coast’s AFL franchise has been named: The Suns.  By the time the Suns enter the 2011 season, the Gold Coast will be represented in the NRL, AFL, NBL and FFA – re-emerging as a prominent sporting city.

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 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.

International hotel and time-share operator Wyndham Hotel Group have aquired 40 apartments in Azzura’s new Surfers Paradise apartment building.  The building, which will be rebranded, adds the property to the 20 that Wyndham currently own across Australia and the 7100 the group has under franchise or management agreement worldwide.

The move is a boon for the Gold Coast generally, as well as Azzura, which still had a number of the building’s 192 apartments for sale, following sluggish results since completion last year.