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The Gold Coast’s New ‘Billion Dollar’ Industry

The Gold Coast’s New ‘Billion Dollar’ Industry

The Gold Coast’s international education sector could soon be worth $1 billion according to new data revealing growth in the burgeoning industry.

Deloitte Access Economics research shows international education and training was worth more than $988 million to the Gold Coast region last year, showing 18 per cent year-on-year growth.

Earlier this month the federal government reversed the decision to limit the number of international students on the Gold Coast, a move that is expected to inject millions into the city.

The Gold Coast is now classified as a regional centre, expected to come into effect as of November 16, which means it’s eligible for 25,000 foreign students and can offer an additional year on a temporary and post study visas.

“International education and training is on track to be a billion-dollar industry for the Gold Coast,” Queensland Tourism Minister Kate Jones said, while confirming government’s funding commitment to the Gold Coast’s International Student Hub, in Southport, until 2021.

“It’s up there with tourism, construction and sport as one of the Coast’s most important industries.”

Research from Deloitte found that Brazil, China and India were the Gold Coast’s largest international student cohorts.

The sector supports up to 4700 jobs, according to Deloitte, with an estimated 6200 friends and family of students having travelled to the region over the year, generating $21 million in tourism expenditure,

 

 

Source: theurbandeveloper.com

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Jerry Schwartz Snaps Up Ralan’s Paradise Resort for $43m

Jerry Schwartz Snaps Up Ralan’s Paradise Resort for $43m (2)

Hotel mogul Jerry Schwartz has secured the Gold Coast’s Paradise Resort, a former asset of collapsed property developer Ralan Group, for $43 million.

Ralan Group, which went into administration in August, paid $75 million for the hotel in 2015, and had plans to bulldoze the resort for three towers of Ruby apartments.

Schwartz says he plans for a major refurbishment to upgrade the 360-room hotel which spans a 2.5 hectare site in Surfers Paradise.

“I am very optimistic about the Gold Coast market, despite new supply coming on stream,” Schartz said of his latest purchase which settles in February next year.

The latest buy marks Schwartz second hotel on the Gold Coast following the acquisition of the five-star Hilton Surfers Paradise for $70 million from Chinese Group Ja Feng in January.

Jerry Schwartz Snaps Up Ralan’s Paradise Resort for $43m (1)

Speaking on his refurbishment plans, Schwartz said the resort offered “upside potential”.

“I know that previous owners planned to knock down the resort and redevelop it for apartments,” Schwartz said.

“But we believe there is tremendous demand for quality family-friendly resorts, especially in such prime locations as Surfers Paradise.

“I have taken over two other resorts – the Fairmont Resort Blue Mountains and Crowne Plaza Hunter Valley – and revived them as a result of diversifying their markets.”

Schwartz is Australia’s largest private owner of hotels, with the latest buy expanding the Schwartz Family Company’s portfolio to 15 hotels.

The portfolio also includes the Four Points Sheraton at Central park in Sydney, the Sofitel Darling Harbour, and Rydges World Square.

Ralan Group, led by director William O’Dwyer, went into voluntary administration earlier this year leaving apartment buyers at risk after investigations found a shortfall of $277 million in the developer’s trust account for deposits.

Last week, Ralan’s receivers put the Sapphire site, a whole city block located on the fringes of Surfers Paradise, on the market.

Ralan had purchased the 11,470sq m city block site also in 2015 for just under $20 million.

 

 

 

Source: theurbandeveloper.com

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Developments

Sunland Wins Approval for Mermaid Waters Apartments

Sunland Wins Approval for Mermaid Waters Apartments (2)

Residential developer Sunland has received approval from the Gold Coast City Council for its $240 million lakefront apartment development in Mermaid Waters on the Gold Coast.

The residential development is part of the Queensland-based developer’s masterplanned community The Lakes, a 42-hectare $1.3 billion project that will eventually have its own community and leisure-lifestyle retail village.

Plans, lodged late in 2018 for 289 new high-end apartments spanning four buildings, were revised in June increasing the number of apartments to 310.

The four mid-rise towers, designed by ex-Zaha Hadid designer Contreras Earl, will offer one, two and three-bedroom apartments overlooking the newly-named “Lake Unity” and ground level retail.

Sunland Wins Approval for Mermaid Waters Apartments (1)

The two 10-storey buildings at the centre of the design feature ground-level retail and commercial spaces that will link to the future retail village, while the two 12-storey buildings will accommodate extensive resident amenities.

The approved buildings form part of a mega-site bordered by Bermuda Street and Hooker Boulevard that was acquired by Sunland Group in 2014 for $61 million.

Managing director Sahba Abedian said the project would provide unique opportunities capturing lakefront, city skyline, and hinterland views.

“The Lanes Residences combines leading architecture with retail, lifestyle and leisure amenities of an unprecedented scale.”

“The buildings will link to the future retail village at The Lanes and feature their own ground-level retail and commercial spaces, as well as extensive resident amenities.”

The development will also feature a 4,500sq m community lakeside green, which will form the centrepiece of project and become a focal point for the outdoor retail promenade.

The ASX-listed developer, which builds apartments and housing lots, currently holds a portfolio of 4,292 residential homes with a total end vale of $3 billion.

Earlier this year, Sunland offloaded the convenience retail asset Lakeview Retail Centre adjoining The Lakes precinct for $20 million in order to up capital to invest back into the masterplanned community.

Early works have already commenced, with two tower cranes installed on site with the project set to be launched to the market early 2020.

Construction is also under way at Sunland’s $250 million high-rise development on Hedges Avenue in Mermaid Beach.

The developer has plans with the Gold Coast City Council for a 16-level boutique apartment project located at 180 Marine Parade in Labrador.

 

 

Source: theurbandeveloper.com

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Brisbane

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Australia’s ultra-luxury residential market, largely unaffected by the impact of recent lending restrictions, has continued to record positive growth in the prestige sector of the market.

Sydney, Melbourne, Brisbane, the Gold Coast and Perth make up the five Australian cities which rank in the world’s top 30 cities for luxury residential price growth.

The major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth for luxury property, according to Knight Frank’s Prime Global Cities Index for the third quarter 2019.

Defined as the most desirable and expensive property in a given location, prime property is generally the top 5 per cent of each market, by value.

Sydney ranks 17th in the global rankings, with 2.6 per cent annual growth, Melbourne at 21st spot recording 2 per cent growth.

Brisbane followed closely ranking 22nd with 2 per cent growth, the Gold Coast which was included in the Index for the first time earlier this year moved up the rankings to 26 with a 1.3 per cent increase, and Perth ranked at 30th recording a 0.7 per cent rise.

Knight Frank’s Prime Global Cities Index

City12-Month Change (Q3 2018 -Q3 2019)
1. Moscow11.1%
2. Frankfurt10.3%
3. Taipei8.9%
4. Manila7.4%
5. Berlin6.5%
6. Guangzhou6.2%
7. Geneva5.6%
8. Zurich4.5%
9. Delhi4.4%
10. Madrid4.2%
17. Sydney2.6%
21. Melbourne2%
22. Brisbane2%
26. Gold Coast1.3%
30. Perth0.7%

Knight Frank’s head of prestige Residential Deborah Cullen says the top end of the market is showing more consideration and time in transacting.

“There is still strong interest from local and expat buyers for blue ribbon areas and for “best in class” assets, in particular the waterfront areas of Sydney,” Cullen said.

“Growth in prime property prices closely follows the performance on the stock exchange,” Knight Frank head of residential research Michelle Ciesielski said.

“And there have been some significant gains made on the Australian sharemarket in 2019.

“Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return,” Ciesielski said.

Slowdown gathers pace in top-tier cities

The global cities index increased by just 1.1 per cent in the year to September 2019, down from 3.4 per cent last year, with slower prime price growth attributable to mounting economic headwinds.

Despite a longer-than-expected period of loose monetary policy and steady wealth creation, the report notes that luxury sales volumes are at their weakest for several years in many of the first tier global cities.

“Slower global economic growth– the IMF lowered its 2019 forecast from 3.3 per cent to 3 per cent in October – along with escalating headwinds: US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum are influencing buyer sentiment,” the index notes.

Moscow recorded the highest rate of growth with an 11 per cent increase over the year to September.

The report notes that Moscow leads the index largely due to strengthening demand and the completion of a number of high-end projects in prime areas like Ostozhenka and Tverskoy.

The prime global cities index is a valuation-based index that tracks the movement in prime residential prices in local currency, using data, across 40 cities.

 

 

Source: theurbandeveloper.com

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