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Sunshine Coast apartment demand continues as Cube sell-out one development, launch another

Cube’s latest offering is Seasons by Cube, which Juniper says is a much more budget conscious apartment development in Birtinya

Demand for apartments is not letting up on the Sunshine Coast.

Cube Developments, led by veteran developer Scott Juniper, have secured a sell out of their $27 million apartment project One Prosperity in the small waterfront suburb of Birtinya, and are soon to sell all of the apartments in their boutique Mooloolaba project Picasso.

Picasso saw high demand from investors from Sydney and Melbourne, and Juniper says the trend, which he’s seen across the whole of the portfolio, isn’t slowing down.

“The demand on the Sunshine Coast has been exceptional,” Juniper says.

“We had a much higher increase in both investor demand and owner occupier demand from Melbourne and Sydney,” Juniper says, adding that there are still high number of owner-occupiers moving from the southern states to the Sunshine Coast.

“People are still not tied to the city, there’s been no change to that”, Juniper says.

Cube

Cube’s sell-out One Prosperity development. Image supplied

Investors are still keen from Sydney and Melbourne, with the vacancy rate holding firm at record lows of around 0.5 per cent.

Cube’s latest offering is Seasons by Cube, which Juniper says is a much more budget conscious apartment development in Birtinya.

The majority of stock in the development of 146 apartments is under $600,000, with it focused on bringing an affordable product to the market.

Cube

Seasons by Cube, designed by Cottee Parker. Image supplied

Prices start from $495,000.

Cube only have a handful of apartments left at another one of their Birtinya developments, Curve, which is set for completion in July.

“There are quite a few people in the market looking to move immediately, reflected by the area’s very low vacancy rate”, Juniper suggests, adding that that gives Curve an advantage in the current market that the product will be available to move in in just a few months.

Cube have their premium product, Nature at Cotton Tree in Maroochydore, overlooking Rotary Park and the Maroochy River.

Juniper told Cottee Parker Architects to deliver the best the Sunshine Coast has ever seen.

Cube

The luxury Nature development. Image supplied 

“Nature allowed me to do some things you couldn’t do in other developments”, Juniper says of the boutique 13 apartment development. The ground floor is dedicated tp communal space and facilities including a 25-metre lap pool, gym, steam room and sauna and yoga studio, as well as barbecue areas and a private dining area.

Cube are also in the planning stages of one of their best projects to date in Alexandra Headland.

 

Article Source: www.urban.com.au

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Developments

Controversial Burleigh Theatre Tower Wins Support

Burleigh

The Gold Coast City Council’s planning committee has voted four-three in favour of new plans for an apartment tower above the old Burleigh theatre and arcade.

Sydney-based developer Weiya Holdings amended the plans after receiving 86 submissions and a petition objecting to the development at 64 Goodin Terrace and 1823 Gold Coast Highway, Burleigh Heads.

The new plan, designed by Conrad Gargett, reduced the number of apartments by six to 30 with adjustable screens on the western façade as well as four commercial tenancies, a gym and podium-top pool.

The 14-storey tower will be called the De-Luxe Apartments after the mid-century De Luxe Theatre and Old Burleigh Arcade, which were incorporated into the design.

Burleigh

▲ The front and back of the 14-storey old Burleigh Theatre development by Sydney-based developer Weiya Holdings. 

Council officers said the adaptive reuse included several improvements to the heritage building but finishes and colours used on the theatre would have to be investigated.

“The proposed design retains the majority of the significant fabric at the front of the site,” the officers said.

However they suggested a few minor amendments to the plans including changes to the proposed shopfronts of the beachfront theatre.

Weiya purchased the 1667sq m site for $18.5 million midway through 2019 and lodged plans to develop the site a year later.

The majority of concerns about the application surrounded the heritage building and its lack of reference in the new design, however this was an intentional decision by the developer which was supported by the council.

The proposal is due to go before a full meeting of the council next week.

Meanwhile, the council is currently planning improvements to public space in Burleigh including adding trees, seating, a large mural and festoon lighting along James Street as well as moving pedestrian crossings.

 

Article Source: www.theurbandeveloper.com

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Developments

Dreamworld to build $75 million resort under new agreement

Dreamworld

Dreamworld could soon have a $75 million resort and tourist park across the road in Coomera.

The company entered a non-binding agreement on Wednesday with accommodation developer Evolution Group to fund and build the resort on the land owned by the theme park’s parent company Ardent Leisure.

The hotel would include 240 four-star rooms, 40 bungalows and a five-star tourist park with 100 powered sites and restaurants, conference facilities, pools and a gymnasium.

Dreamworld Resort guests would also have offers to access the Dreamworld and WhiteWater World theme parks throughout their stay.

Dreamworld chief executive officer Greg Yong said the arrangement would boost tourism.

“This announcement is another positive step in the recovery of our parks post-COVID and will have a significant economic impact not only for Dreamworld, but also for the northern Gold Coast, one of Australia’s fastest-growing regional corridors,” he said.

“The project will create employment within the local community and contribute to the regeneration of tourism on the Gold Coast.

“The hotel and tourist park will complement Dreamworld as a premium entertainment destination and add a new level of convenience for guests who will have our theme park and water park on their accommodation’s doorstep.”

Queensland theme parks were forced to close in March last year because of the coronavirus pandemic and Dreamworld and WhiteWater World reopened in August, offering discounted tickets in an attempt to attract people in for the September school holidays.

Evolution Group boss John Robinson jnr said he looked forward to collaboratively delivering high-quality accommodation options for guests.

“The Evolution Group team is a family company providing over 2200 rooms around Australia through our resorts and accommodation houses,” he said.

“Having Australia’s favourite theme park on the doorstep of this development will certainly provide guests with action-packed getaways.”

Dreamworld and Evolution Group would work together to obtain planning approvals, while Ardent Leisure would explore options to maximise the value of its surplus land.

 

Article Source: www.brisbanetimes.com.au

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Developments

Asking rents soar to record highs in coastal areas

rents

Rents have soared to record levels in many coastal areas in response to shrinking supply and rising demand from tenants moving out of the big cities and into regional and warmer locations.

Asking rents for houses in the Gold Coast have surged 32 percent in the past 12 months to a record high, while units rose 16 per cent

In Port Macquarie, in NSW’s north coast, house rents jumped 19 per cent and units 22 per cent. In Coffs Harbour, house rents climbed 34 per cent and units by 14 per cent.

“I’ve just never seen these large rises before,” said Louis Christopher, SQM Research managing director.

“We thought the migration away from the CBDs would be reversed, but it looks like people continue to seek out bigger spaces in areas offering desirable lifestyles. We now know there won’t be a complete reversal of the trend away from the cities.”

High tenant demand has pushed vacancy rates to record lows in the Gold Coast, Sunshine Coast and Port Macquarie, where it had fallen to 0.8 per cent, 0.9 per cent and 0.3 per cent respectively.

rents

The rental markets in the inner cities surrounding CBDs have also tightened as more renters move out from their shared rentals to live on their own, but the number of empty apartments in the Sydney and Melbourne CBDs have jumped higher again because of increasing supply after falling in the previous month.

Sydney’s vacancy rates dropped to 3.1 per cent in April, down from 4 per cent in March while Melbourne fell to 4 per cent from 4.4 per cent.

Vacancy rates in Perth, Adelaide, Canberra, Darwin and Hobart remained below 1 per cent while Brisbane’s fell to 1.4 per cent.

Nationwide, the amount of empty rentals has fallen 8.3 per cent, squeezing vacancy rates to 1.9 per cent in April from 2.1 per cent in the previous month.

“The fall in vacancy rates is now encompassing the inner-suburban regions, which I believe is due to the falling number of occupants per dwelling, which is putting pressure on vacancies,” Mr Christopher said.

“The fall in national vacancies is surprising given there has been record first home buyer activity and strong dwelling completions relative to the population.”

The number of empty CBD apartments jumped 17 per cent in Sydney and rose 1 per cent in Melbourne, pushing vacancy rates up to 7.3 per cent and 8.3 per cent respectively.

“This is telling us that there is still a lack of interest in terms of moving back into the CBD,” Mr Christopher said.

“It looks like the vacancy rates are not going back to pre-COVID levels of around 4 per cent in the foreseeable future due to high levels of stock.

 

 

Article Source: www.afr.com

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