SkyRidge: Developer Perron Group’s shock decision on future of giant Worongary housing estate
The developer behind a $1.5bn project which is one of the largest in the Gold Coast’s history has made a shock decision about its future. FIND OUT WHAT IT MEANS
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
The developer behind one of the biggest Gold Coast projects is calling it quits and putting its giant estate on the market.
Western Australia’s Perron Group and partner Ross Atkins will sell the management rights of the $1.5bn SkyRidge project at Worongary as it moves to exit the development sector entirely.
The group is leaving property to instead fund the charity foundation created by its late founder, Stan Perron.
Perron general manager Lyle Kenny said the move would have “no impact” on the development, which will continue its construction.
“We have the greatest confidence in the ongoing success of SkyRidge, which is a high-quality estate that is already becoming a thriving community,” he said.
“Demand for blocks in the estate’s first releases exceeded expectations with SkyRidge representing the last large-scale development of its type on the Gold Coast.
“Our focus is now upon working with our business partners and advisers to progress towards the sale of the development management rights to a new owner who is best positioned to maintain and extend its ongoing success.”
The sale of the development, which will feature more than 3500 homes once complete, is expected to take at least a year.
The management rights are separate from the ownership of the Worongary site where the project is being built.
The ownership of most of the site is controlled by a deceased estate with a court-appointed administrator, Robert Hutson of KordaMentha, acting on behalf of the beneficiaries.
The site was previous owned by Robert Anthes, known as Spiney Bob, who was born in Southport in 1918, served in World War II and lived at the property for decades until his death in October 2004.
Mr Perron died in 2018 and left instructions for his company to become a “permanent endowment for the philanthropic activity” of his foundation.
Its key commitment is to spend $135m across a 10-year period to establish a children’s cancer research centre.
The sale of SkyRidge is the latest property Perron has moved to divest itself of, including its 50 per cent stakes in the Cockburn Gateway and Belmont Forum shopping centres for $482m.
It is also selling 50 per cent state in the Vasse Land Estate in Western Australia.
However, it will maintain a connection to the Gold Coast with its 25 per cent ownership stake in the Gold Coast Airport.
Mr Kenny said the next year would see the sale and completion of another 139 lots at SkyRidge, as well as the initial earthworks for the next stage, which will feature 211 homes.
Its new public space, Lorikeet Park, will also be completed.
“It is very much business as usual for SkyRidge as we continue to work closely with our development project team to maintain momentum on the construction of new stages of the estate and seek approvals for future stages” he said.
“The Perron Group has had a 16-year involvement with the SkyRidge site and we are committed to ensuring our vision continues for existing residents and new buyers.”
More Coverage
Originally published as SkyRidge: Developer Perron Group’s shock decision on future of giant Worongary housing estate
Developer ‘building momentum’ for controversial $2bn project
A prolific developer has completed two of its outstanding projects ahead of breaking ground on a giant four-tower mega project next to one of the Gold Coast’s busiest shopping centres.
‘Don’t do it willy nilly’: Bizarre reason council is selling land
The Gold Coast City Council will sell a giant block of land - more than 85 years after its named owner’s death - for a surprising reason. THE BIZARRE DETAILS