Developer Buildcap settles first completed apartments at Marine Quarter Gold Coast

Residents will finally begin moving into one of the Gold Coast’s most troubled towers, but builders won’t be leaving the site anytime soon. Read why

Residents will finally begin moving into one of the Gold Coast’s most troubled towers, with the first apartments in the $215m project settling this week.

Construction of the first 105-unit tower of Marine Quarter at Southport was due in May last year, but was blown out after the collapse of builder GCB Constructions amid a litany of court actions and debt claims.

Gold Coast builder Groupline has completed tower one for Melbourne-based property group Buildcap, while the second tower has been boosted by a State Government affordable housing grant.

Tower Two will cost more than $70m to build its 157 apartments.

The Marine Quarter tower in Southport.

The Marine Quarter twin tower development at Southport artist’s impression.

Buildcap’s Ingrid Davoli said Tower One had “experienced a firestorm of existential crises most projects would not have survived”.

“Few could withstand the collapse of its builder (GCB Constructions), and more than a $20m increase in construction and holding costs,” she said.

“But we ploughed on and are ecstatic that many buyers will be settling today and taking possession of their new homes.”

Many of the buyers have waited five years for their apartments, signing contracts in 2019.

Some reported being asked for extra money by the developer, who threatened to cancel their contract under its sunset clause if they disagreed.

Buildcap has a pipeline of projects underway in Melbourne, Brisbane and on the Gold Coast at Southport and Kirra.