New development to see 3700 bedrooms, 43m towers in $1.5bn Burleigh Waters masterplan

It’s the Gold Coast’s most sought-after postcode and it’s set to get an influx of new homes, with a local developer partnering up with an ASX-listed company to develop a massive waterfront site.

Gold Coast developer Cru Collective and ASX-listed CVC Limited are planning a mammoth $1.5bn waterfront development on site they’ve bought for $45m at Burleigh Waters.

The companies acquited the site, which fronts Lake Orr on Southport-Burleigh Rd, in the region’s largest local real estate transaction of the year to date.

Lot 103 Lake Orr Drive last sold for $24m in 2007 to a consortium of European investors whose interests are represented in Australia by lawyer and businessman Tony Hickey.

It was sold with an existing approved masterplan allowing 3736 bedrooms to be built in any combination of one, two, three and four-bedroom apartments in buildings up to 43m.

The land sits on the eastern boundary of Varsity Lakes, developed by Delfin Lend Lease and was put to an expressions of interest campaign last April.

Local developer Cru Collective, in partnership with ASX-listed CVC Limited have purchased a $45m development site in Burleigh Waters.

Cru Collective managing director Chris Bolger said the 5.66ha site presented a unique opportunity for the group within the Gold Coast’s ‘golden triangle’ of Burleigh Heads, Broadbeach and Robina.

“We’re thrilled with the acquisition, which was a strategic move for Cru Collective in taking a step from boutique residential into large scale mixed use and masterplan development,” he said.

“In the midst of record levels of apartment demand and low rental vacancy rates, we’re eager to create this masterplan precinct which will deliver targeted housing and amenity in a prime corridor of the Gold Coast.”

HOW EVERY GOLD COAST SUBURB WILL BE TRANSFORMED BY 2032

Mr Bolger said potential retail and commercial tenants had already expressed interest in the project.

“It’s very early days, but leaders in their respective fields need to be involved from the get-go,

ensuring a world-class considered masterplan project,” he said.

“The size and location of the site enable it to become a thriving precinct and attract some heavy hitters.”

Preliminary plans include a mix of waterfront residential, retirement, retail – including a marketsquare, commercial, medical, and childcare offerings.

Mr Bolger said the developer was pleased to join forces once again with CVC Limited after its recent partnership saw the highly successful launch of its development, SUR – a luxury sky home project at Kirra Beach, which is currently under construction.

Cru Collective's Chris Bolger and Craig Treasure from CVC Ltd.

CVC Limited executive chairman Craig Treasure said the site had the potential to shape the popular area for decades to come.

“Through Sur at Kirra, our first investment with Cru, we have seen first-hand that they are incredibly passionate about their projects and delivering community-shaping developments,” he said.

“We are delighted to be partnering with them again on something so significant.”

The site was sold by Colliers and CBRE, on behalf of the international vendor.

Colliers residential director Brendan Hogan said the sale was the largest in the area for 2022.

“It’s a genuinely unique site, which has true flexibility in the approved development application, allowing Cru Collective to take on a mixed-use development that comprise all the elements that make it a well-rounded community,” he said.

CBRE Managing Director Mark Witheriff said the site drew interest nationally and also from Southeast Asia.

“Developers recognised the rarity of a site like this,” he said.

“Considering the scale of the offering, it saw a competitive sales campaign, that resulted in the

successful and fast acquisition by Cru Collective and CVC Limited.”

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