The Queensland Government has released their 2011 land valuations for the Gold Coast. Overall, the land values in the city grew by 3%. Of the 55 suburbs, 20 saw zero or negative growth and with the exception of Bundall, all seven suburbs to fall in value were beachfront.  Broadbeach saw the biggest drop, down 8%, while Surfers Paradise and Mermaid Beach fell 4% each.

Conversely, the greatest gains were made in the western suburbs. Mudegeeraba came in on top with a 19% gain, followed by 18% in Tallai, 14% in Oxenford and 11% each in Helensvale and Nerang. Elanora also saw significant gains, up 15%.

You can view a full breakdown of values here on the Department of Environment & Resource Management website.

It remains to be seen what effect these valuations will have on Council rates.иконииконописikoniбългарски икони

The Sheraton Mirage‘s new owners, Pearls Australasia are making good on their plans to restore the restore the resort to its former glory.  The first stage of this process will involve full refurbishment of all 296 rooms in the 24-year old hotel.  The process will take place over the next three years and paves the way for as-yet-undisclosed future stages in what Pearls founder and chairman Nirmal Singh Bhanghoo has called a “dramatic overhaul”.

Pearls bought the Christopher Skase-developed property from Raptis Group recievers last year for $62.5m.

In the wake of submissions following November’s approval of Potter Group‘s proposed Main Place development in Broadbeach,  the Planning Committee have reccomended a number of amendments be approved by Council. The 3275sqm site would still feature a 3-storey retail podium, topped with six levels of hotel space on half the site, as well as a 52-storey building housing 320 apartments.

Importantly, the amendments maintain that the development must achieve a Green Building Council of Australia five-star, Green Star standard for the offices and apartments and five-star National Australian Built Environment Rating System (NABERS) rating for the hotel.

When discussing the amendments, Committee Chair, Councillor Ted Shepherd said:

“We want to ensure that Main Place offers its future occupants, and the city, a high standard in sustainability. Added to its proximity to the light rail will make this an attractive place to live, stay, shop and play.”

With the completion of The Oracle building earlier this year and with Hilton and Soul approaching the end of construction, Council view the commencement of work on the site as a priority to the local construction industry and economy as a whole.

Artist's Impression of Main Place Development

Despite announcing last October that a start date for redevelopment of the shopping centre was imminent, owner AMP Capital have admitted that the process is no further along.  A spokeman for the company told the Gold Coast Bulletin

“At this stage, there is no definite start date for onsite construction at Pacific Fair as we continue with planning, design and a range of negotiations. As with many in property development, the global financial crisis did impact our plans for our shopping centre portfolio, and we spent this time preparing for Pacific Fair’s development as well as a number of others.”

It is believed that negotiations between Gold Coast City Council and AMP Capital surrounding infrastructure charges are one factor behind the delay.

In 2009, when the TPG Underwater Cable between Sydney and Guam was completed, provision was made for the Gold Coast to be connected directly to the cable at a point off-shore from Burleigh Heads.  Recently, the Economic Development and Tourism Committee recommended Council undertake a feasibility study for connection to the fibre-optic link.

Direct connection would mean Gold Coast users could bypass the existing underground fibre-optic link to Sydney; this could reduce the cost of global data transmission for businesses, improve communication reliability and efficiency.  The move would also strengthen the Gold Coast’s attempts to be seen as a regional IT hub and to fast-track delivery of the National Broadband Network for the city.

Following the recent addition of a ferris wheel to the roof, the interior of the (1989 built) Gold Coast Transit Centre in Surfers Paradise is about to undergo a $1.8m revamp.  The facelift will be targeting food retail and alfresco dining operators to set up in the centre and should be completed by November this year.

Following the handover to receivers, and several months of uncertainty, Ray White Broadbeach has been purchased by Larry Malan, principal of competing local agency Location Location.  Mr. Malan has made it clear that he is determined to return the franchise to its former flagship status.

When asked about his decision he said that by integrating Location Location – which was heavily focused on beachside apartment sales – into the Ray White franchise he has able to increase his control over the Broadbeach unit market and complement it with a very strong position in the surrounding suburbs’ housing and prestige markets.

The power of the Ray White brand name is already paying dividends in terms of gaining corporate and receivership business too:  “As Location Location, even though we were capable of doing the work, we had to spend a lot of time convincing corporate sellers why they should use us, whereas with Ray White they are already familiar with the brand, and know the benefits that come with it.”

It’s also proving a huge boon for attracting staff, and Mr. Malan has reported that a number of high profile local agents have recent approached him with an eye to joining his team.

The sale brings to an end the uncertainty surrounding one of the Gold Coast’s highest profile agencies, and should assist in returning confidence to a recovering market

Since purchasing the building’s management rights from Q1 developer Sunland in 2007, Mantra has run into difficulties with owners and residents in the building.  Several caretaking and rental issues are presently subject to mediation and, after repeatedly locking horns with the building’s Body Corporate, the nationwide hotel and resort manager has elected to sell its interest in the building.

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

With just over one third of the $9m required for a proposed redevelopment of Surfers Paradise’s iconic Cavill Mall already allocated, the draft plan for the redevelopment has gone on display.

Designed to ‘de-clutter’ the space, the redevelompent makes provision for dynamic coloured LED lighting, raised busking platforms and more shade trees.  The need for the upgrade has been almost universally accepted already, as the space is beginning to look tired – especially compared to the freshly upgraded foreshore and new Soul commercial space.

Surfers Paradise Councillor Susie Douglas is hoping that the remaning funding will be allocated in this years’ budget.