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Wingate Strikes Developer Deal on Failed Ralan Site

Developer Tim Gurner is sounding out plans for a hotel and up to 600 apartments on the site of Ralan Group’s failed Sapphire Project at Budds Beach.

The $600 million Surfers Paradise project, Gurner’s first on the Gold Coast, will be located on a 1.3-hectare site at 112 Ferny Avenue.

The site, bordered by the Ferny, Norfolk, Pine, Oak Avenues, had originally been earmarked for Ralan’s approved twin-tower development until the Sydney-based developer collapsed in July 2019 with debts of more than $560 million.

Ralan, led by director William O’Dwyer, purchased the supersite in 2015 for just under $20 million through Melbourne-based finance and investment house Wingate, a partnership that had been established in 2010.

The non-bank lender and its high-net-worth investor base had the largest exposure of any creditor to the developer through senior and mezzanine debt funding.

Prior to the company’s collapse, Ralan had sold half of the project’s 1,000 apartments and collected $71.3 million in deposits, of which almost all were released by investors as unsecured loans.

In 2019, Wingate was forced to appoint Deloitte as receivers and managers of Ralan Budds Beach No 1 Pty Ltd, the entity which owns the site and which entered into contracts with purchasers for the suspended Sapphire project.

Wingate will now partner with Gurner, after the site was sold through Knight Frank, on a completely redesigned project.

“The partnership with Wingate is a 50-50 joint venture—allowing us to closely collaborate on all facets of the project,” Gurner told The Urban Developer.

Ralan

▲ Ralan’s neighbouring Surfers Paradise project, Ruby, was acquired by hotelier Jerry Schwartz in late 2019. Image: Supplied

The project is expected to launch towards the end of the year, following a 12-week national design competition with Gurner expecting to submit plans for the site in May.

“We have already commenced the design competition with leading architects from Australia and across the globe, allowing us to carefully select the firm we believe will best execute the level of luxury this project demands,” Gurner said.

The project will mark Gurner’s second large-scale Queensland development following its $500 million, 1,000 apartment FV project in Fortitude Valley in 2019.

The developer also has plans for a boutique hotel and luxury residences project in Port Douglas and is eyeing potential sites for the rollout of its boutique hotel brand, Club Maison.

Gurner said the move coincided with his belief that the Gold Coast is about to have its largest market run in history.

“We have been looking at the Gold Coast and Sunshine Coast for a considerable amount of time, but we wanted to find a site that would allow us to do something really special

“The Gold Coast property market has witnessed strong price growth through 2020 with some pockets experiencing growth of over 10 percent year-on-year, fuelled in part by the growing ‘sea change’ demand following the pandemic.

“This trend has been mirrored across the rental market with Gold Coast’s vacancy rates falling below one percent, with little existing supply to meet the ever-growing demand,” Gurner said.

Over recent months the Gold Coast has led a modest rebound in the new apartment market, with higher off-the-plan sales rates and tight stock conditions equipping the coastal city with better prospects than Sydney and Melbourne.

The city has also experienced a resurgence in development applications, with a number of projects lodged in recent weeks.

 

Article Site: theurbandeveloper.com

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Developments

Why downsizers and owner-occupiers have descended on Aniko Group’s No.1 Grant Avenue on Hope Island

aniko

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales

The Broadbeach-based development firm Aniko Group has unveiled further plans for its grand Hope Island community on the Gold Coast.

Aniko Group, led by managing director George Mastrocostas, have fast-tracked construction for stage two of their $140 million No.1 Grant Avenue project, having secured more than 70 per cent of sales across the project.

Stage two of the development will feature 105 two, two plus study and three-bedroom apartments with a range of bridge free marina berths available along the Hope Island canal. Aniko also responded to the COVID-19 pandemic by creating a “post-pandemic” office precinct for those wanting to work remotely.

Fitness guru Michelle Bridges is designing the health club as part of the second stage, where they will also be a children’s play centre, theatre, residents lounge and outdoor cooking and dining facilities.

Mastrocostas said that the rapid sell-out of stage one gave them the confidence to fast-track the launch of stage two.

“To have achieved such exceptional sales and demand for our projects during a year that was filled with a lot of uncertainty is a testament to the quality offering we have brought to market,” said Mr Mastrocostas.

“The market has remained exceptionally strong during Covid and buyers who missed out on securing an apartment in stage one have already purchased within stage two.”

Part of the precinct will be No.35 Grant Avenue, with its apartments inspired by designs from New York.

The downsizer and owner-occupier market have been particularly interested in the development which allows them to downsize while still remaining in the area.

“There’s no doubt that the Gold Coast is one of the hotspots for residential property and with great lending conditions we are certainly seeing buyers transitioning into their next investment journey whether it is as an owner occupier or investor.”

“With the recent border re-openings, we expect to see an increasing number of southern buyers purchasing in the project and we look forward to meeting the buyers who purchased in stage one, sight unseen, who haven’t been able to see their apartments until now.”

 

Article Source: www.urban.com.au

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Developments

Eight reasons Palm Beach apartment development Cabana should be on your shortlist

Cabana

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Cabana, the new luxury development at Palm Beach, has seen soaring levels of interest since its launch just a few months ago.

And the sale of 23 of its 34 apartments, secured within two weeks of the project hitting the market, has seen construction of the six level absolute beachfront block fast-tracked. Construction will now begin in June, with a late 2022 completion date.

Ignite Projects are behind Cabana at 1 Nineteenth Avenue. They had Plus Architecture design the luxury tower.

Urban has taken a look at the eight reasons why Cabana should be on your short list.

Cabana

1. The onsite beach club

It would be remiss not to start with the unique onsite beach club Cabana is planning on its lower level.

The resort-style beach club facing the beach was a key feature in the design of Cabana. There will be a number of day beds on and off the water, and cabana’s on the private lawn.

Cabana

2. The location

Cabana is located directly in front of the recently completed Artificial Reef, a surfers dream. Cabana has also catered for the surfers in its amenities, with a number of surfers racks and storage for residents.

It sits between Tallebudgera and Currumbin Creeks and is a stone’s throw from Burleigh. There’s a number of trendy bars, beachfront cafes and eateries nearby, as well as boutique shopping venues and entertainment precincts.

Cabana

3. There are just 34 apartments

The six level block is home to just 34 premium apartments, which is likely to see a push to owner-occupiers rather than investors seeking holiday rental returns.

The smaller units creates a stronger sense of a neighbourhood community, and quieter communal areas.

4. All apartments have at least three bedrooms

Cabana is targeting the downsizer market, where there’s a lack of supply across the Gold Coast.

Agents in the neighbouring Burleigh Heads are saying the supply lines for three bedroom apartments are at a critical stage, with a number of buyers seeking a less demanding lifestyle by the beach.

Each of Cabana’s apartments span at least 200 sqm and have three bedrooms, two bathrooms and two parking spaces.

5. The design

Plus Architecture have ensured Cabana blends organically into its pristine coastal environment.

Fluted concrete, floor-to-ceiling glazing and detailed screening lend a classical tranquility to the building, while maintaining an absolute connection with the spectacular ocean views.

With a definitive nod to a tropical Palm Springs beach house, Cabana’s design merges seaside relaxation with elevated luxury.

The elevated tower form creates a rhythmic, organic shape that’s sturdy but delicate, reminiscent of the sweeping and rocky formations along the headlands that define the Gold Coast.

6. An entertainer haven

The kitchen has been planned to be the social focal point of the apartment with an extra-wise island bench and first class fittings.

Designed not to follow trends, but to set them, the kitchen is an opulent combination of modern and classic elements.

Each kitchen features VZUG appliances, Phoenix tapware, panelled doors, and natural stone benchtops and splashback.

7. The master bedroom view

Cabana

The master bedroom has been designed to take in the views just as much as the open plan living spaces. The floor-to-ceiling glass doors capture the natural light and cooling sea breezes, and open to a private balcony with glass balustrading.

8. The master bedroom ensuite

Each master suite has its own walk-in-robe and ensuite which feature large-format white wall tiles and a feature wall of Japanese mosaic tiles. An aqua-coloured natural stone bench top, limestone-look flooring and Phoenix tapware complete the ensuite.

Each will also have a freestanding stone bath, floating vanities and a large open shower.

Cabana

 

Article Source: www.urban.com.au

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Developments

Dawn Edition terraces launched as part of Helensvale’s $500 million The Surrounds community

The three and four bedroom terraces will each have two bathrooms, two car spaces and their own private courtyards.

A collection of 54 terrace homes, dubbed the Dawn Edition, have hit the market.

The $30 million development, a collaboration between Villawood Properties and Azure Development, is part of the wider $500 million community The Surrounds.

The three and four bedroom terraces will each have two bathrooms, two car spaces and their own private courtyards.

Dawn Edition terraces

The terraces start from $499,900. There are four floorplans on offer, ranging in size from 171 to 301 sqm.

Residents of the gated community will have access to 23 hectares of open spaces and parks designed for outdoor play, sports, and time with the family.

Dawn Edition terraces

The terraces are located right near the $4 million leisure centre which has a heated lap pool, a fully equipped gym, private multi-purpose room, change facilities and a cafe.

Azure Development director Trent Keirnan said they have designed each terrace to be built for life, from their minimalistic exteriors to stylish entryways and spacious interiors.

Villawood Properties state development manager Michael Williams said the convenient location, appealing designs and affordable pricing of the terrace homes would appeal to a range of buyers looking to get their foot on the Gold Coast property ladder.

“Every one of these homes has been designed from the ground up with the modern buyer in mind,” Mr Williams said.

“They are high-quality and low maintenance, which makes them ideal for a range of buyers including busy families, young couples and retirees.

“The terraces further compliment the unique offering we have here at The Surrounds and are an ideal solution for buyers either looking to upsize from an apartment or downsize from a big home.”

The project is located within five minutes’ walk to the Westfield Helensvale and Helensvale Train Station with easy access to the Northern Gold Coast beaches via the pacific Motorway.

 

Article Source: www.urban.com.au

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