Broadbeach development: Every high-rise tower revealed
More than 2000 units are in the pipeline for central Broadbeach as a near $4bn tower boom transforms the last remnants of what was a once-sleepy holiday destination. INTERACTIVE MAP
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MORE than 2000 units are in the pipeline for central Broadbeach as a near $4bn development boom transforms the last remnants of what was a once-sleepy holiday destination into a residential mecca.
Cashed-up developers have been rapidly buying up land throughout the dining precinct with pushing ahead with plans for high-density towers to capitalise on the city’s hot property market.
Broadbeach is among the busiest suburbs in the city for builders, with 14 towers either under construction, approved or before council
Property figures say the suburb, which will soon be home to at least three supertowers above 50 storeys, will remain in high demand, sparking further development.
Developer Stephen Harrison said Broadbeach had gained clout among buyers as a lifestyle destination.
“It has great social infrastructure and has sites with older buildings on them which can be amalgamated or acquired to realise development opportunities,” he said.
“A lot of the buildings which are coming are on the fringes of the suburb which are not as busy as the centre, so we are seeing lots of activity in sites around Broadbeach Bowls Club, an area which has seen a lot of amenity, as well as unrestricted views.
“In the past two years of Covid, people have gone through what their priorities and realised they can live on the Gold Coast and work remotely.”
A Bulletin investigation this month found there are nearly 120 tower projects either under construction, approved, on the market or before city leaders awaiting a green light.
Broadbeach is the third busiest suburb for tower development on the Gold Coast behind Surfers Paradise (18 projects) and Palm Beach (16) and followed by Burleigh (13), Chevron Island (12) and Main Beach (seven).
The biggest projects are the $2bn Star Gold Coast masterplan, which could see up to four more towers build on Broadbeach Island.
Construction is underway on the $400m, 63-storey Epsilon supertower.
Almost 900 units Epsilon and its sister tower, The Dorsett have been sold, with the bulk changing hands in late 2021.
Several other mega projects, including the $800 Vitoria and Albert (V & A) twin towers have already been given the green light by council but are yet to begin construction.
But the surge of investment in expensive luxury real estate is also seeing mortgage stress levels rise.
Census data released this week showed the levels of mortgage stress on the Gold Coast was far higher than the rest of the country.
Leading social researcher Mark McCrindle said data did not entirely portray the dangers faced by property owners.
“The median rent on the Gold Coast was $450 a week and if you look at the proportion of renters and owners within the city, you’ll see that 42 per cent of people are in mortgage stress, far above the national average of 32 per cent.
“The Gold Coast is at a crossroads regarding rental prices and mortgages, the repayments of which are above many people’s earnings, and we are now seeing people hitting the financial stress point.
“And these figures were recorded before the interest rates started to go up this year.
“For the Gold Coast, demand is outstripping supply while prices are going up faster than wages, though clearly the city is still in demand from buyers.”
EVERY BROADBEACH TOWER IN THE PIPELINE
Project: Encore
Location: 36 – 38 Britannia Ave, Broadbeach
Developer: Andrews Projects
Status: Construction
Details: 25 levels, 84 units
Project: Infinity
Location: Corner of George Ave and Surf Parade
Developer: Bassar Group
Status: Construction
Details: 39 storeys, 62 units.
Project: Opus
Location: 16-18 Chelsea Ave
Developer: Morris Property Group
Status: Construction
Details: 27 levels, 113 units
Project: Signature Broadbeach
Location: 12-18 Philip Ave, Broadbeach
Developer: Little Projects
Status: Construction
Details: 35 levels, 246 units
Project: The Star Residences Tower 2 (Epsilon)
Location: Casino Drive
Developer: Destination Gold Coast Consortium
Status: Construction
Details: 63 levels, 460 units
Project: The Gallery
Location: 89-91 Surf Parade, Broadbeach
Developer: Raptis
Status: Approved
Details: 21 levels, 109 units
Project: Unnamed Gold Coast Highway tower
Location: 2737 Gold Coast Highway
Developer: Morris Property Group
Status: Before council
Details: 20 levels, 48 units
Project: LUXE Broadbeach
Location: 2 Charles Ave
Developer: Broadbeach LUXE Development Company
Status: Approved
Details: 33 levels, 28 units
Project: Victoria & Albert (V & A)
Location: 17/19 Victoria Ave
Developer: Iris Capital
Status: Presales
Details: Two towers of 30 and 40 levels respectively, 333 units
Project: Malo
Location: 8 Jubilee Ave
Developer: Morris Property Group
Status: Before council
Details: Nine levels, 16 units.
Project: Myst
Location: 14 First Ave
Developer: 15 First Ave
Status: Before council
Details: 33 levels, 46 units
Project: Assana
Location: 15 Rosewood Ave
Developer: Macquarie Development Group
Status: Approved
Details: 53 levels, 146 units
Project: Unnamed tower
Location: 42 Chelsea Ave
Developer: Raptis
Status: Before council
Details: 41 levels, 180 units
Project: Unnamed Chelsea Ave tower
Location: 22 Chelsea Ave
Developer: Morris Property Group
Status: Before council
Details: 20 levels, 18 units
Project: The Sterling
Location: 6-8 George Ave
Developer: Raptis
Status: Presales
Details: 40 levels, 134 units
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