Chevron Island: Real estate property sales boom despite Omicron
More than $80m of units in a proposed Gold Coast tower have been sold in just three weeks, defying a downturn in spending as the Omicron variant rapidly spreads across the state.
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MORE than $80m of units in a proposed Gold Coast tower have been sold in just three weeks.
Melbourne-based developer Hirsch & Faigen put its $200m Yves at Mermaid Beach on the market just before Christmas, with sales continuing to pour in, defying a downturn in spending as the Omicron variant rapidly spreads across the state.
More than 70 per cent of buyers for the 24-storey Mermaid Ave project have come from Gold Coast and Brisbane-based downsizers, with the rest including first homebuyers.
Hirsch & Faigen Sales director Matt George said buyers from Sydney and Melbourne accounted for 20 per cent and 10 per cent respectively of the recent sales.
The demand we’ve experienced in recent weeks shows the market remains strong despite the latest Covid outbreaks,” he said.
“Yves is generating interest from a broad range of buyers looking for the lifestyle afforded by this exclusive pocket of Mermaid Beach, just a stroll away from Pacific Fair and the Broadbeach entertainment precinct.
“Brisbane buyers are predominantly buying a second property while Gold Coast buyers are either downsizing or first-home buyers.
“Five of the eight one-bedroom apartments have sold to local first home buyers.”
The highest price paid for an apartment in Yves is $2.995m for a sub-penthouse, bought by a Melbourne investor.
Negotiations are also underway on the other sub-penthouse with a price tag of $2.495 million.
The penthouse remains on the market with a $5.5m price tag.
Yves is the third project launched by Hirsch and Faigen on the Gold Coast in recent years and comes on the heels of the success of the group’s Hemingway project at Palm Beach and Emerson at Kirra.
Plan to totally revamp exclusive Chevron Island strip
RESIDENTS of a once “sleepy” Gold Coast village are calling for the city to adopt a plan for the booming locale as it undergoes a development renaissance.
More than 20 towers have been proposed for Chevron Island in the past seven years, with more than $500m worth of projects now under construction.
City leaders insist a blueprint is being developed to plan for the area’s future.
Long-term Chevron Island resident Nathan Skaines said while development was inevitable, he felt it was a case of “progress for the sake of progress.”
“There doesn’t seem to be any infrastructure plan in place for Chevron Island at all,” he said.
“There are going to be high-rises cropping up all over the island that is going to result in a dramatic increase in foot traffic and car traffic.”
He said the area needed to regain its own identity separate from the Surfers Paradise party precinct, just a five-minute bridge walk away.
“Chevron Island has been absorbed into Surfers Paradise proper and that’s really great for business and developers,” Mr Skaines said.
“But for those of us that wanted to have a quiet lifestyle, I guess there are questions for us into the future on whether this is going to be a place where we feel comfortable.”
Resident Cath Murphy said the village atmosphere of the area had been lost.
“We don’t have one dress shop on Thomas Dr – we used to have four or five boutiques down there,” she said.
Area councillor Darren Taylor said he hoped to begin developing a masterplan for the Thomas Dr business precinct in the next 12 months.
He also flagged changes to the City Plan which would see the height of new towers on the island capped at 10 levels, but warned the widening of its bridges was not yet on the cards.
“Chevron Island is starting to wake up and we want it to be the jewel in the crown of the whole area,” he said.
“I’ve always used Europe and the US as examples of how it could be its own hub, much like the suburbs within Manhattan in New York with their own little communities.
“The Gold Coast is becoming like that and we want to ensure that each area holds its character.”
Cr Taylor said the area’s outlook was brighter than it had been two years earlier but warned there were still challenges ahead.
“Development is a big discussion point with the community, but for me will help uplift the area going forward,” he said.
“Roads are a big discussion point for the area and we do not want to see it being the major thoroughfare especially given there is only one lane in the centre.
“The area is going through a change and there will be a period of time where it will be tough for residents as things improve.”
Mayor Tom Tate said the $34m upgrade of the Isle of Capri’s bridge had been planned to reduce traffic congestion on Chevron Island and improve the area’s amenity.
“We all know that some traffic using Chevron Island is through-traffic where the driver has no intention of stopping,” he said.
“That’s no good to anyone and we will see that type of traffic movement ease on Chevron once the Isle of Capri bridge is fully opened.”
LATEST TOWER PLANS
CHEVRON Island’s already-packed pipeline of developments has become busier, with plans for a new 22-storey tower unveiled.
The unnamed high-rise is earmarked for 1194sq m site on the southeastern side of Stanhill Drive. It’s close to where the Gold Coast City Council plans to build a giant new pedestrian bridge which will connect the island with Surfers Paradise.
The project has been put forward by developer Alpha Chevron, a Sydney-based company whose directors include Robert Dabit, Awad Yousef Dabit, Attallah Awad and Carlos Youssef.
It will replace two existing residential unit buildings.
A planning report lodged with the council, urges for the tower to be approved, citing the recent approval of eight other towers on the island, ranging from 16-storeys to a 47-level project.
“The built form of the proposed development will complement the urban character of its surroundings and deliver a distinctive architectural element to the streetscape and positive addition to the City Plan strategic intent for advancing the iconic city skyline,” the report reads.
It will feature 82 units, containing 203 bedrooms and 119 car spaces.
Area councillor Darren Taylor said high-quality new developers would have a positive impact on the suburb.
“As good developments get built, it can change an area dramatically,” he said.
“The new proposed City Plan will reduce the size of high-rises going forward and that will be a better style of building for the area
“However, that won’t come into play until later and anything approved before that won’t be bound by the height changes.”
Council is planning to build the new green bridge in coming years in the hopes of building up greater pedestrian access in the area.
It will run from Surfers Paradise’s Appel Park to Chevron Island’s Tarcoola Crescent.
Meanwhile, residents dealing with a tower construction site literally at their “back door” fear structural impacts to their building after a sinkhole formed nearby.
Sydney developer Draycon Building’s 42-apartment Boutique Chevron Island is currently under construction on Parneno St with work expected to be finished by October.
Residents of Stanhill Dr living directly behind the site cannot wait for it to be finished.
Nathan Skaines feared the development could create structural issues for buildings around it.
“We’ve got these two holes in our backyard now. There’s a gentleman around the corner who has a sinkhole in his yard,” he said.
Mr Skaines alleged a fence between his building and the construction site was “ripped out” without some residents being warned.
“We have elderly people in the building who were quite scared with what was happening,” he said.
“As much as the fence was old and past its prime, it was still one of those things that was the line between our home and this monstrosity happening behind us.
“It was quite a reality check for all of us.”
Draycon Building was contacted for comment, but did not respond to specific questions by deadline.
Mr Skaines said it was difficult to sleep at night due to the sounds of pumps running at the construction site.
Nearby resident Anna Palacio said they were forced to call the fire brigade recently after hearing a “high-pitch noise” coming from the area during the middle of the night.
The Bulletin also saw visible construction waste that had spilt into the neighbouring property when it visited the site last week.
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Originally published as Chevron Island: Real estate property sales boom despite Omicron
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