$200m funding secured for David Devine’s Royale Gold Coast project

DD Living’s new 38-level tower planned for Surfers Paradise has wooed investors, defying the market slowdown, labour shortages and an increasing number of ­failed projects.

The $400m Royale Gold Coast absolute beachfront development was launched to the market last year.

A luxury residential developer has secured funding to build a 38-level tower among the Gold Coast’s pristine beaches, defying the market slowdown, the labour shortage and an increasing number of ­failed projects.

David Devine’s Royale Gold Coast project, a 38-level development by his luxury residential arm DD Living, secured funding via Stamford Capital.

The commercial property financier was able to fund the project via an offshore hedge fund which underwrote $200m in development debt on a first mortgage basis.

Stamford Capital said this structure allowed for construction to begin immediately and for a late restructure of the debt.

Queensland director Chris Drummond said that securing funding showed investor confidence in the strength of the Royale project ­proposal.

“A spate of residential development projects on the Gold Coast have recently been withdrawn due to construction industry pain points of escalating materials costs and significant supply chain disruption,” he said.

“Financiers are definitely cautious about Gold Coast residential property. However, funding deals are still on the table, with apartment sales transacting in quality projects.”

The $400m Royale Gold Coast absolute beachfront development was launched to the market last year and 60 per cent of the apartments have since been pre-sold.

Its success has defied the broader industry malaise.

David Devine’s Royale Gold Coast project, a 38-level development by his luxury residential arm DD Living, secured funding via Stamford Capital.

In July, Melbourne-based Central Equity said it would not go ahead with a 56-storey Pacific One tower in Surfers Paradise. The company said global supply chain turmoil had made the project unviable.

Queensland’s building industry has been hit by the collapse of several local developers and home builders.

Royale Gold Coast, which is now under construction with Hutchinson Builders, is set to be a lavish resort-like development featuring two swimming pools, a wellness centre, yoga studio, gym, spa, sauna and steam room.

The development also includes an internal private section called Club Royale, open only to residents.

It will feature private facilities including an executive lounge, bar, private, dining room, secure wine cellar lockers, whiskey lockers, meeting rooms, a large outdoor terrace and Cucina Chef’s kitchen.

Royale Gold Coast will be built at 7-9 Northcliffe Terrace in Surfers Paradise and will be one of the area’s few north-facing towers.

The tower will comprise 104 two-bedroom, three-bedroom and four-bedroom apartments, ranging from 129sq m to 815sq m in size.

The development also includes several penthouses from $6.05m for a half-floor penthouse and upward of $12.6m for the full-floor penthouses, while a double-storey penthouse is yet to be released to the market.

The tower was designed by DKO Architecture and the interiors were put together by Mim Design.

Originally published as $200m funding secured for David Devine’s Royale Gold Coast project