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Developers eye Surfers Paradise apartment development site, once proposed for luxury Markwell tower

Surfers Paradise

The approved plans for Markwell, located at 2983-2991 Surfers Paradise Boulevard, have been designed by BDA Architecture and include 552sqm of retail space.

Gold Coast apartment seekers, who are getting frustrated as developments continue to sell out prior to launch, are expected to have more of an opportunity when the construction of Markwell finally gets underway.

The Surfers Paradise Boulevard site, where the 47-level, 210 apartment Markwell was given development approval for in 2015 by its owners Citimark Properties, is set to be sold, with developers already showing interest on the dress circle address just 200 metres from the beach.

The approved plans for Markwell, located at 2983-2991 Surfers Paradise Boulevard, have been designed by BDA Architecture and include 552sqm of retail space.

There will be a mix of two-bedroom, two-bathroom and three-bedroom, two-bathroom apartments, the latter targeting the downsizer.

It’s a rarity for such a prime piece of real estate to come with development approval, GV Property Group Director Antonio Mercuri, who is handling the marketing with CBRE.

“While the demand is at an all-time high, there’s a scarcity of sites available, and even less on-market with DA approval, making parcels of land like this one an incredible and rare opportunity,” Mercuri said.

Mercuri said now is the time to invest in the Gold Coast, with a strong market outlook market post the pandemic peak.

“We’ve seen a significant influx of interest and sales in the Gold Coast market in recent months.

“With international travel still limited and many interstate Australians looking for a sea change after a challenging couple of years, the Gold Coast market has never been stronger.”

Surfers Paradise

CBRE Gold Coast Managing Director Mark Witheriff said it’s exciting to see a site of this calibre on-market at a time of tremendous confidence in the Gold Coast market.

“Markwell provides an opportunity to develop in the enormously popular Surfers Paradise hub, which usually attracts some 5.1 million visitors from around Australia and across the globe and has a growing resident population.”

Located on the corner of Markwell Avenue and Surfers Paradise Boulevard, the site is primely positioned in close proximity to the Q1 precinct and the new light rail. The site was last transacted in June 2015 for $11 million to Citimark Properties and now has a potential gross realisation value of circa $200 million.

Citimark Properties are offloading the site as they shift their focus to their other projects across their portfolio, which includes a soon-to-be-launched Chevron Island development, Mirador.

“Six years on, we look forward to seeing Markwell come to life, led by its new owners,” John Bowman, development director at Citimark, said.

 

Article Source: www.urban.com.au

Developments

Inside the latest luxury Palm Beach apartment development, Ocean House

Ocean House

Drawing inspiration from its natural surrounds, Ocean House residences are designed in an earthy colour palette, with ample storage and high-end finishes.

The luxury Palm Beach apartment market continues to gather steam, and with that is a solid pipeline of luxury apartment developments.

The latest to launch is Ocean House, a boutique collection of just eight full-floor apartments by the Sydney-based developer Macquarie York.

The approved development has been designed by the local architecture firm BDA Architects, who say the striking building is sculpted from inspiration from the surrounding natural environment of the movement of water and sand.

“Expressive architecture portrays a sense of subtropical architecture” BDA advise in their design statement, with architectural elements of sun hoods, moveable screens, large balconies and deep roof eaves.

Ocean House

Ocean House 1101 Gold Coast Highway, Palm Beach QLD 4221 

The apartments, priced from $2.9 million, each span 200 sqm and have three bedrooms, as well as a media/multi-purpose room.

There will be shared resident amenity in a resort-style pool, dedicated barbecue and dining areas, and landscaping throughout.

“Ocean House will embody the finest luxury touches, alongside thoughtful additions that are made for practical liveability” Macquarie York founder Roy Skaf said.

The apartments, at 1101 Gold Coast Highway, will back onto Palm Beach Surf Club, placing residents with prime access to the heart of Palm Beach’s ambient café and dining culture. The apartments will have views over the water and the hinterland.

“Palm Beach is quickly becoming one of the most sought-after suburbs on the Gold Coast, and for good reason,” Skaf said.

“It’s home to the coast’s most pristine beachfront, packed with a sensational café and restaurant scene, and remains close to key Gold Coast attractions all while retaining that idyllic relaxed coastal energy.”

Drawing inspiration from its natural surrounds, Ocean House residences are designed in an earthy colour palette, with ample storage and high-end finishes.

“The superior quality of these homes coupled with their incredible location has been deliberately designed with owner-occupiers and holiday makers in mind,” Skaf added.

Ocean House is Macquarie York’s second apartment project on the Gold Coast, having achieved a near sell-out of its debut project, the $77 million Allure development on Chevron Island.

 

Article Source: www.urban.com.au

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Developments

Lacey Group appoint Hutchinson’s to build sold-out Gold Coast apartment developments The Monroe and Del Ray

The Monroe

The Monroe all-but sold out in May after just two weeks, while Del Ray didn’t even hit the open market, selling all of its 72 apartments prior to its launch

The family-owned Gold Coast developer, Lacey Group, are advancing their plans for their two luxury Gold Coast apartment developments, after securing two quick-time sell-outs.

Having just appointed the leading Queensland construction company Hutchinsons, Lacey Group, headed by director Adam Lacey, are fast-tracking construction for their $35 million The Monroe at Palm Beach, and the $63 million Del Ray apartments at Kirra.

The Monroe all-but sold out in May after just two weeks, while Del Ray didn’t even hit the open market, selling all of its 72 apartments prior to its launch.

“We are thrilled with the consecutive sales success of the Monroe and the Del Ray, both of which have been incredibly well received,” Adam Lacey, Director of Lacey Group, said.

The Monroe

he entry of Del Ray at Kirra. Image supplied 

“Palm Beach and Kirra are arguably two of the hottest beachfront markets on the coast right now, so it’s an exciting time to be pioneering the next generation of luxury living on its shores.”

Demolition works on both sites has now been completed, with full scale construction scheduled to take off in October.

On the construction partnership, Lacey said Hutchies have a brilliant reputation on the coast for delivering a dynamic portfolio of projects,

“We have full confidence that they will do justice to each project’s remarkable design.”

The Del Ray, designed by Plus Architecture, will encompass 72 two and three-bedroom apartments and townhouses, as well as a rooftop infinity pool and terrace, with sweeping views over the ocean, and an exclusive resident’s lounge.

Located at 7-11 Miles St, the project is within close proximity to the highly anticipated re-development of the Kirra Beach Hotel, set to offer the bustling Kirra Beach suburb a new entertainment hub and dining pavilion.

The Monroe will sit further south on Palm Beach’s Jefferson Lane dress circle. The project at 124-126 Jefferson Lane will see 33 two and three-bedroom apartments created, as well as a townhome and a luxury penthouse. That too will have a 250 sqm rooftop terrace with a swimming pool, fire pit area and views.

The Monroe

The Monroe’s luxury rooftop pool. Image supplied 

A large portion of purchases within The Monroe came from previous Lacey Group buyers.

Before the recent sell-outs at The Del Ray and The Monroe, Lacey Group had success with Jefferson, also at Palm Beach, and Southbreak in Kirra.

 

Article Source: www.urban.com.au

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Developments

Developer Spree Hits $150m on Beachfront Strip

Beachfront

It is the Gold Coast’s hottest half kilometre of absolute beachfront with a sand grab by developers hitting a $150-million high-water mark and still rising.

Even as The Urban Developer was compiling this report another sale was sealed along the Northcliffe Terrace-to-Garfield Terrace stretch between Surfers Paradise and Broadbeach.

The latest transaction is the second windfall for construction industry veteran Mick and Denise Power along the oceanfront strip that is on the cusp of a new era of high-rise development.

In a freshly-inked deal, the couple have secured a buyer for The Premiere, an eight-level apartment block on an 865sq m site with 20m of beach frontage at 71 Garfield Terrace.

It is understood the multi-million-dollar deal negotiated by CBRE’s Mark Witheriff and Rem Rafter was in the “high teens”.

That puts it among other recent Northcliffe Terrace-Garfield Terrace site sales that have set new benchmarks for absolute beachfront land with rates nudging $20,000 per square metre and beyond.

Beachfront

▲ Older-style apartment blocks that have dotted the Northcliffe Terrace-Garfield Terrace beachfront for up to 50 years are in the sights of developers. Image: 71 Garfield Terrace 

In July, the Powers pocketed $30 million from the sale of an adjoining 1500sq m beachfront holding at 75-79 Garfield Terrace.

It was acquired by Sydney developer Weiya Holdings, which in 2019 paid $18 million for the landmark Old Burleigh Theatre Arcade site on the southern Gold Coast.

Another Sydney developer, Stoyan Kiceec, has recently sealed a deal sight unseen for the six-storey 1970s Anglesea Court on a 1037sq m site at 9-11 Garfield Terrace.

Changing hands in a mortgagee-in-possession sale, its purchase price was a $3-million premium on the $16 million paid only last year before receivers took control of its short-lived former owner.

Kiceec told The Urban Developer it was an opportunistic acquisition that had unexpectedly set the scene for his X-site Group’s development debut in the heart of the Glitter Strip.

“We weren’t even looking up that way and found out late in the piece about the availability of the property,” he said. “The location was the thing that piqued my interest.

“So, we had to act pretty quickly. We probably did two or three weeks’ worth of due diligence in a day-and-a-half … and, ultimately, we were lucky enough to get it.

“Now, we’ve just got to wait for the borders to unlock so we can get up there and have a look.”

Beachfront

▲ Devine Development Group is planning to build a 38-storey golden tower at 7-9 Northcliffe Terrace. Image: DKO Architecture 

Kiceec said he had already binned the site’s existing development approval that allowed for a 16-level, 115-suite hotel.

“We’ve scrapped that completely … it didn’t take long to work out a hotel approval was not the way to go,” he said.

“We’re now working on a 23-storey boutique residential tower design with 37 high-end apartments and two floors of amenity.

“A lot of other developments are trying to squeeze in as many apartments as possible. Further up the road there’s a site of 800 to 900sq m with approval for 50 apartments and I get claustrophobic just looking at it.

“We could have done the same thing and hit 50 or 60 apartments but we’re looking for a specific point in the market and that’s just not the right feel.”

Ray White’s Mark Creevey, who negotiated the deal with colleagues Tony Williams and Matthew Fritzsche, said 188 inquiries were fielded and 23 formal offers put on the table.

He said with the only other nearby absolute beachfront holdings being along Hedges Avenue—the Gold Coast’s “millionaires row”—the Northcliffe Terrace-Garfield Terrace strip had attracted renewed focus from developers diving into the city’s booming luxury apartment market.

“There’s still quite a lot of older-style buildings from the 1970s and 1980s along that beachfront stretch and over the next few years it will go through a complete gentrification and urban renewal,” Creevey said.

The Gold Coast property sector has emerged as one of the strongest markets in the country during the pandemic with apartment sales surging 97 per cent in the first quarter of 2021.

“The impact of Covid on peoples’ psyche has created a desire for property on the Gold Coast and all the indications are that it will be a sustained strengthening in the market,” Creevey said.

“That, in turn, is giving developers the confidence to buy these sites and build projects.”

Beachfront

▲ Sammut Group and Alceon Group have plans for a 35-storey “luxury” tower in Surfers Paradise next to the Northcliffe Surf Life Saving Club. Image: PBD Architects 

The sales of The Premiere and Anglesea Court sites are the latest in a developer spree along the Northcliffe Terrace-Garfield Terrace strip that has gained considerable momentum during the past six months.

Veteran Queensland developer David Devine forked out $45 million for the 2251sq m beachfront site of the 14-level Surfers Royale at 7-9 Northcliffe Terrace. He is planning a $340-million residential tower with 108 apartments across 38 levels.

Only a few hundred metres away, Sydney-based Sammut Developments in partnership with Alceon is set to deliver a $200 million 35-storey tower with 49 apartments on the site of the ageing 10-storey Garfield on the Beach at 43 Garfield Terrace.

Melbourne’s most prolific apartment developer Central Equity also has unveiled plans for a 56-storey apartment tower after amalgamating 19 titles to create a 3259sq m block on the corner of Garfield Terrace and Frederick Street.

Meanwhile, billionaire Queensland businessman Brian Flannery and his wife, Peggy, have been quietly staking their own sizeable beachfront claim in a property play totalling almost $20 million.

It includes the Kuleena apartment complex at 27 Garfield Terrace and two other buildings to the north spanning a combined 2026 square metres.

 

Article Source: www.theurbandeveloper.com

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