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Stockland Kicks Off $126m Sunshine Coast Project

$126m Sunshine Coast Project

Residential developer Stockland has kickstarted construction on a $126 million greenfield project on the Sunshine Coast as south-east Queensland land supply starts to dry up.

The country’s largest developer will press ahead with the delivery of 244 homes within its Thrive Nirimba community, located within its $5 billion Aura masterplanned community in Caloundra.

Stockland’s masterplan for the site, which includes 2,400 hectares of residential community, will see the total delivery 20,000 homes.

Stockland acquired the 3,700 hectare Caloundra Downs site in 2004 as part of its $846 million acquisition of Foster’s Lensworth Group.

Stockland’s general manager at Thrive Lifestyle Communities Kingsley Andrew said the land lease community sector had allowed the developer to further diversity by rebalancing its portfolio and downsizing its exposure to retail property.

Stockland Kicks Off $126m Project

Stockland’s new land lease communities model at its Thrive Nirimba community, which actively targets downsizing over-50s, will enable buyers to purchase homes outright void of entry or exit fees, and pay a site rental fee which covers council rates.

“This new product will appeal to those looking to downsize or retire, and is perfect for people who want to enjoy the benefits of resort-style living, but who don’t see themselves living in a traditional retirement village,” Andrew said.

“The cost of entry for a home in one of our Thrive communities will generally be around 20 per cent less than a comparable standalone house in the surrounding catchment.”

Land supply short of critical benchmarks

The announcement comes as affordability and supply in south-east Queensland have been brought into sharp focus in recent months with buyer demand outstripping available land supply.

According to the Urban Development Institute of Australia, land availability has fallen well-below critical benchmarks across some of Queensland’s fastest growing areas, including the Gold Coast, Sunshine Coast, and Redland City.

UDIA chief executive Kirsty Chessher-Brown said servicing land fast enough to keep pace with population growth was a challenge that state government needed to address urgently.

“At the heart of the problem was a major lack of coordination between council planning schemes and the state government’s Regional Plan, as well as red tape, numerous and conflicting zone overlays, and politics.”

“It’s not a straightforward issue and we recognise there are many factors preventing land stocks from reaching the desired levels to comfortably cater for demand,” Chessher-Brown said.

Stockland Kicks Off $126m Sunshine Coast Project-

Authorities currently face the challenge of setting policies that will not only help home building tick over in the current downturn, but also keep the sector sustainable in the longer run while not putting too heavy a burden on the public purse.

The state government mandates that every council area should have four years of approved lot supply to ensure that the target of an additional 30,000 dwellings needed per year, every year, are delivered in south east Queensland.

The UDIA said against the benchmark of four years, approved lot supply on the Gold Coast has 1.7 years of supply, the Sunshine Coast 2.4 years, and Redland City 2.5 years.

Brisbane City and Moreton Bay Region are both currently at 3.7 years’ supply.

Nationwide, the housing pipeline has shrunk dramatically, due to mobility restrictions and slumping migration as a result of the Covid-19 pandemic which has tempered demand.

In its statement on monetary policy released on Friday, the Reserve Bank said fiscal and monetary policy measures had helped reboot conditions for detached residential construction, in the near term.

Across September, new home loan commitments rose 5.9 per cent to $22.5 billion, marking the fourth straight month of increase and the highest monthly total since March 2017, when the figure was $22.6 billion.

Building approvals—a key indication of the new housing pipeline—jumped 15.4 per cent to 15,827 in seasonally adjusted terms.

“Survey measures of new orders for detached homes have increased, although sales of greenfield land and new homes have moderated a little following a period of strong demand driven by policy measures,” the RBA said.

“The time limits to qualify for Home Builder have caused some builders to reach capacity for the remainder of the year.”

Article originally published on Urban Developer here.

 

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Developments

Builder appointed for new luxury Gold Coast development The Monaco

The Monaco 1

Gold Coast-based developer Ignite Projects have appointed McNab Construction to build their 25 level Main Beach project, The Monaco. 

The Monaco at 2-4 MacArthur Parade will home 25 half and full-floor residences, adjacent to the Southport Marina. 

Designed by Rothelowman, the new tower will feature the Southern Hemisphere’s first car elevator to apartments, sky garage and a custom-designed kitchens for each buyer. 

The Monaco 2

Apartments in the Monaco will offer up to 362 sqm of living space, a communal 24-metre heated pool and an additional multi-purpose space, as well as the sky cave.

One whole floor of the Monaco has been dedicated to private storage space.

“McNab has a brilliant track record for delivering projects that exceed all expectations in terms of quality and deliverables, so they are a good fit for our project team,” Ignite Projects’ Josh Foote said. 

The Monaco 3

Construction is expected to take 20 months to complete and will begin around mid-next year. 

The project is expected to support over 200 construction jobs a day during peak times, McNab Construction manager Mark Jewell said. 

 

The post “Builder appointed for new luxury Gold Coast development The Monaco” appeared first on the propertyobserver.com.au Blog

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Developments

Elysian Broadbeach finishes construction, selling final apartments

The luxury Broadbeach tower Elysian has finished its construction and has released the remaining apartments for sale.

The Spyre Group’s Broadbeach development sold 85 percent of its stock and has released only 10 apartments remaining, a mix of two, three, and four-bedroom units. 

Elysian at 185 Old Burleigh Road has 61 apartments across its 21 levels.

Elysian Broadbeach Apartments

Prices start at $785,000 for a two-bedroom apartment or from $1.5 million for a three-bedroom.

Designed by ML Architecture and Boyds Bay Group, Elysian’s amenities include a swimming pool, yoga terrace, sauna room, and gym. 

Just 70 meters from the beach, the rare beachfront offering enjoys 180-degree views of the expansive ocean, city, and Gold Coast hinterland.

Its features include open-plan living and dining, balconies, floor-to-ceiling windows, and timber flooring.

Elysian Broadbeach Apaertments

CBRE Gold Coast is marketing the project. 

 

The post “Elysian Broadbeach finishes construction, selling final apartments” by Joel Robinson appeared first on the propertyobserver.com.au Blog

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Developments

Gold Coast set for Australia’s first Mondrian brand residences and five-star hotel

five-star hotel

The boutique US hotel operator Mondrian has announced it will open its first five-star hotel and brand residence in Australia at Burleigh Heads on the Gold Coast.

Mondrian, a partnership between SBE Entertainment and hospitality giant Accor, has engaged the local developer Vitale Project to construct the two tower development which is slated for completion in mid-2023.

The two towers, designed by the multi-award-winning architect Elenberg Fraser, will separate the 89 private residences from the hotel, which will have 208 guest rooms.

Studio Carter, the international hospitality design consultant, was commissioned to oversee the interior design.

The building will be connected by a three-level podium that acts as the building’s communal space and will home a state-of-the-art fitness center, spa, restaurants, and swimming pools, all overlooking the beach.

It’s being built on 4,035 sqm on the corner of First Avenue and The Esplanade Burleigh Heads.

five-star hotel

Mondrian Gold Coast is one of nine new Mondrian properties that SBE plans to open globally by 2022, with six more to be announced.

It follows the company’s recent opening of Mondrian Seoul Itaewon, and the announcement of Mondrian Shoreditch London set to open in 2021.

The Gold Coast has grown into one of Australia’s leading travel destinations and the opening of Mondrian Gold Coast is the next step in our strategic global expansion for the Mondrian brand, selecting communities at the heart of the most exciting cultural destinations in the world,” SBE’s chief operating officer Chadi Farhat said.

Accor Pacific chief executive Simon McGrath said the expansion of the first-ever Mondrian into Australia reflects Accor’s commitment to developing innovative, lifestyle-oriented hotels alongside SBE.

“With the Mondrian brand, SBE creates destinations within the destination, bringing together regional authenticity with sophisticated design, creative programming, and a lively bar and restaurant scene.

“Mondrian Gold Coast will be the embodiment of this philosophy: providing residents and guests with elevated hospitality experiences that match the beauty and vibrancy of Australia’s Gold Coast region.”

LGC Property Investments, directed by Chris and Letitia Vitale, paid $22 million for the site, which currently houses the 1960s apartment block White Horses Apartment, in July.

There had been an agreement in place for the Brisbane-based Neilson Properties to buy the site in 2018, but that failed to proceed.

The White Horse Apartment owners had been in court battles for a number of years trying to band together to sell their combined 49 apartments.

But because it was a company titled block, they needed 100 percent of the vote to approve a sale, however, six owners resisted.

 

The post “Gold Coast set for Australia’s first Mondrian brand residences and five-star hotel” by Joel Robinson appeared first on the propertyobserver.com.au Blog

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