Morris Property Group buys two blocks at Armrick Ave Broadbeach for 30-storey residential tower
A fast-moving developer has bought two prime blocks at Broadbeach, with plans to launch a 30-floor tower for the site by Christmas
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
Developer Barry Morris has bought two prime blocks at Broadbeach, with plans to launch a tower up to 30 storeys for the site by Christmas.
Morris Property Group spent $8.8 million amalgamating the site at 13-15 Armrick Avenue, opposite Broadbeach Bowls Club, with the sales settling in late May.
Mr Morris told the Gold Coast Bulletin the project was in the early design stages, with expressions of interest being called for architects.
“We are planning a 25 to 30-level building with basement carparking,” he said.
Mr Morris said he hoped to launch the tower to market this year, with downsizers and owner-occupier buyers in his sights.
“Broadbeach has always been our preferred suburb because it appeals to live-in owner-occupiers as well as the tourist market,” he said.
“It has one of the best beaches on the Gold Coast as well as great cafes, surf clubs and other amenities – it’s always been a successful part of our business.”
FULL DIGITAL ACCESS: JUST $1 A WEEK FOR FIRST 12 WEEKS
Morris Property Group has also developed Qube in Broadbeach, where it also has current projects Koko and Opus, which is on the other side of the bowls club from the proposed Armrick Ave tower.
“Koko in Elizabeth Avenue is almost sold out, there’s only one unit left, while Opus is at 85 per cent,” Mr Morris said.
“That will be completed in August so we were looking around for a new Broadbeach project.
“With the success of Opus, to us it was a logical choice to acquire another site with a similar outlook.”
The vacant 647 sqm block at number 15 had languished on the market for more than a year, and was listed at $3.35 million last March.
Previous owner and Broadbeach local Leng Gao bought it for $1.53 million in 2015.
The land was sold with existing development approval for a 10-level building with 31 units, while the block next door is currently home to The Greens walk-up apartment building.
The developer’s website has already teased the proposed new residential tower.
“The story continues, MPG has successfully amalgamated a 1294m2 site at 13-15 Armrick Avenue Broadbeach,” the website says, with an accompanying image of the site featuring a large red tower outline.
“This will be MPG’s 8th Broadbeach high rise residential development.
“Watch this space….!”
The group is also developing Sandbar and Boardwalk at Burleigh Heads and Otto at Mermaid Beach among other projects.
$45 billion: Inside Coast’s miracle economic turnaround
The Gold Coast has Australia’s fastest-growing economy, with a new report revealing the city’s fiscal output is now worth an astonishing $45bn. FIND OUT HOW
The best ETFs of the past five years
Exchange traded funds, which let investors buy into entire sectors or markets with just one transaction, are going from strength to strength. But some ETFs are stronger than others.