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.

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 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.

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.

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

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.