Currumbin Waters project to deliver $100 million year for Onyx Property Group
A CURRUMBIN WATERS project is one of a $100 million pipeline of development to be rolled out by Onyx Property Group this year.
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A CURRUMBIN WATERS project is one of a $100 million pipeline of development to be rolled out by Onyx Property Group this year.
The Gold Coast developer is about to give the green light to a string of new projects across the Gold Coast and Brisbane to take advantage of an upswing in the residential property sector,
The $8 million Currumbin Waters project, Currumbin Pocket, will be developed in a joint venture with the Neumann family, whose property portfolio in the southern suburb comprises 11 holdings.
Combined with the recent purchase of a 2170sq m holding at Palm Beach, Onyx’s southern Gold Coast investment will have a total gross realisation of around $50 million.
Currumbin Waters will comprise 16 upmarket terrace homes and follow similar design aesthetics to the company’s award-winning Allisee Villas at Hollywell.
Onyx will launch the project in May, with delivery set for November.
It comes after the company, co-founded by Chris Bolger and Adam Lacey, secured a former Caltex service station site fronting the Gold Coast Highway at Palm Beach for $2.625 million.
The beachside site is earmarked for a luxury development which will have apartments above a retail precinct.
Construction is set to start early next year, with the project due for completion in 2016.
Onyx is the latest in a line of developers to target the southern end of the Gold Coast as a growth market.
Sunland Group bought the Palm Beach Mobile and Tourist Park for $14.8 million and has earmarked the 4.7ha site for a $136 million residential development.
“We have a lot of confidence in the fundamentals of the southern Gold Coast property
market,” Mr Bolger said.
“Over the past five years, there has been a shortfall in new projects, which has
resulted in very strong rental market and significant demand for new projects.”
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