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Retail at southern end of Gold Coast set to soar following new light rail extension

Retail at southern end of Gold Coast set to soar following new light rail extension

The retail sector at the southern end of the Gold Coast is tipped to soar when the next stage of the city’s light rail project is completed.

The federal government last week announced an extra $157 million for stage three of the light rail network, which will see trams extend from Broadbeach South to Burleigh Heads. This adds to the $351 million that the state government has promised for the next stage and $92 million from the council. Work is expected to begin straight away.

Stage one was completed in July 2014, from Gold Coast University Hospital to Broadbeach South. Stage two was a 7.3-kilometre extension from the hospital to Helensvale Station in the northern Gold Coast and opened in December 2018.

Knight Frank associate director retail leasing Tanaka Jabangwe said the new light rail extension would encourage more tourists to venture south from the traditional retail precincts of Surfers Paradise and Broadbeach.

Retail at southern end of Gold Coast set to soar following new light rail extension 1

Disruption from construction of the project was likely to be less pronounced than the first stage in particular, given the lower density of retail in the southern Gold Coast region, he said.

“The stage 3A extension of the light rail will be a vital piece of infrastructure for the Gold Coast as it will connect heavy rail from Helensvale Station to the precincts of Southport, Surfers Paradise and Broadbeach, and all the way south through to Burleigh Heads,” Mr Jabangwe said.

“Ease of access across the city will generate economic growth for retail businesses in the southern Gold Coast catchment.”

He said local retailers would be able to claim a bigger slice of the estimated $5 billion spend that comes from nearly 13 million domestic and international tourists to the Gold Coast each year.

One of the big winners from the project is expected to be Burleigh Heads, according to Herron Todd White valuer Ryan Kohler.

Retail at southern end of Gold Coast set to soar following new light rail extension 2

He said the suburb’s retail sector was currently performing well because of strong local patronage but was likely to strengthen further following the project’s completion.

Mr Kohler said local retailers should be positive about the extension, but they might expect some disruption during construction.

“The light rail will galvanise the long-term relevance of these areas, making access more convenient for those from further afield and will also encourage tourists to venture further south,” he said.

“From a town-planning perspective, it is not unreasonable to expect there will also be some long-term befits as well, as council may be supportive of higher density development around the future stations.”

Brodie Millwood, general manager of popular Burleigh Heads eatery Justin Lane, said the light rail was a positive for the retail sector, but he had concerns about the impact of construction on local businesses.

“The Gold Coast is growing up, there’s a huge number of people moving here. We need a public transport system that can deal with this. This is a step in the right direction,” Mr Millwood said.

“The major concern prior to completion is the impact that the construction will have. For us, at least, I believe that the construction is on the other side of the road, so potentially we may be protected from its negative impacts a little.”

JLL Australia retail investments senior director Jacob Swan said the Gold Coast light rail project had generally helped to increase foot traffic as well as drive new retail openings along its corridor.

He said more tourists and international students as well as events and festivals had been coming to the Gold Coast following the launch of the project.

“The dedicated Gold Coast light rail corridor has been a catalyst for development, with the ‘light rail growth corridor’ driving growth in capital values and higher levels of redevelopment activity,” Mr Swan said.

“Transport infrastructure projects can have a very positive impact on retail real estate values by improving connectivity and access for consumers.

“It typically spurs investment and development for surrounding property and drives a revitalisation of an area.”

 

 

Source: www.commercialrealestate.com.au

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Developments

Burleigh Heads Twin 22-Storey Towers Approved

Burleigh Heads Twin 22-Storey Towers Approved (1)

Two 22-storey towers have been approved in Burleigh Heads at the southern end of the Gold Coast, backed by developer Nielson Properties.

The beachfront towers, located at 48-58 The Esplanade and First Ave, had been supported by a majority of councillors in a council planning committee held last Thursday, in a nod that will see the first five-star hotel in the area.

The final determination on the Burleigh Heads project was made on Tuesday when full council came to vote.

The $350 million development project, in conjunction with Pointcorp’s Chris Vitale, comprises a 132-room luxury hotel and 77 residential apartments on the amalgamated 4039sq m Burleigh Heads site.

Burleigh Heads Twin 22-Storey Towers Approved (3)

The Burleigh Heads site has been occupied by the 49-unit White Horse Holiday apartments, which Nielson Properties secured under a put-and-call deal for $22 million in 2018.

Plans for the existing unit block would see the complex demolished, making way for the two towers, standing 79.5 metres high, and 394 car parks over three-levels of basement car-parking.

Gold Coast locals who were against the project raised concern about the development’s height and density arguing that the towers would cause shadowing of recreational areas and the beach, while the Community Alliance said the development was inconsistent with council’s own Burleigh Heads Place Analysis study.

Burleigh Heads Twin 22-Storey Towers Approved (2)

Nearby, Sydney-based Weiya Holdings has plans for a 14-storey building at the Old Burleigh Theatre Arcade at 64 Goodwin Terrace.

Weiya Holdings purchased the site for $18.5 million in August of 2019, with plans to keep the façade of the existing two-storey Burleigh theatre building.

Down the road, Brisbane-based developer Spyre Group was approved for its 18-storey apartment tower located at 112 The Esplanade in Burleigh.

Spyre Group, led by Andrew Malouf, secured the $16 million site from the eight owners of the existing 12-year old apartment building originally developed by Mimi Macpherson, sister of supermodel Elle, in 2003.

Nielson Properties is also behind a 50,000sq m office project at 205 North Quay in Brisbane CBD with Cbus Property.

 

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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Gold Coast

Broadbeach Waters waterfront trophy home sold for $5.7 million

Broadbeach Waters waterfront trophy home sold for $5.7 million (1)

An architect designed home nestled on a 1,608sqm block in Gold Coast’s Broadbeach Waters has been sold for $5.7 million.

The 853 sqm house at 327 Monago Street comprises 7 bedrooms, 7.5 bathrooms, designer kitchen and multiple indoor and outdoor living and entertaining areas.

The light-filled living and dining zone comes with wood-burning fireplace, custom-built cabinetry and electronic blinds.

Broadbeach Waters waterfront trophy home sold for $5.7 million (3)

There is an executive office with library, plus separate office or boardroom with separate entrance.

The home also features rumpus room, water frontage, outdoor dining pavilion, pool, and water features.

Broadbeach Waters waterfront trophy home sold for $5.7 million (2)

It is situated close to Albert Part, Star Casino and golden beaches.

Michael Kollosche and Ryan Ward from Kollosche Broadbeach sold the property.

It was last sold in 2015 for $3.15 million.

 

 

 

This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.

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Developments

Flow $70 million beachfront Coolangatta project launched

Flow $70 million beachfront Coolangatta project launched

With broad features from surfboard lockers to exclusive wine lockers, the $70 million Flow Residences has been launched on the southern Gold Coast.

Flow is the project of avid surfer and local property developer Paul Gedoun and his S & S Projects on the Snapper Rocks destination.

Jayde Pezet is sales and marketing director of KM Sales and Marketing.

“Nothing has been left to chance. It is a project of unpretentious but elegant luxury that connects beautifully with the iconic Snapper Rocks with sweeping views of the Gold Coast.

Positioned on an elevated north-facing site, 1 Petrie Street, and overlooking Coolangatta’s Rainbow Bay, the project will deliver 22 premium residences exclusively for owner occupiers.

Architect Cottee Parker has designed Flow Residences.

“Flow Residences will appeal to downsizers looking for lifestyle at its best,” said Mr Pezet.

“It really is a stunning collection of beachfront apartments that blend the simplicity once found in a traditional coastal shack with luxurious apartments, superior finishes and a unique approach to resident amenities.

The exterior design features uncluttered lines and curved corners to take advantage of the prime corner location of Petrie Street and Marine Parade. The site directly overlooks Greenmount Beach and Rainbow Bay and each apartment offers spectacular ocean views of the pointbreak and the Gold Coast.

There will be 12 levels plus three levels of basement parking will provide at least two car parks for each apartment.

Apartments are available in two, three and four-bedroom formats and are priced from $1.175 million.

 

 

 

 

This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.

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