Gold Coast developer Villa World plans to develop 395-lot Arundel Springs project

GOLD Coast residential developer Villa World is a step closer to launching its next major Gold Coast community after finalising the $30.8 million purchase of an infill development site at Arundel.

Villa World’s Robyn Valmadre, Michael Vinodolac and Craig Treasure.

GOLD Coast residential developer Villa World is a step closer to launching its next major Gold Coast community after finalising the $30.8 million purchase of an infill development site at Arundel.

Villa World, which this year celebrates its 30th anniversary, yesterday settled its acquisition of the highly sought-after 25ha residential-zoned property on Greenacre Drive.

After a decade-long hiatus, the purchase, one of its largest land buys, put the developer back on the Gold Coast. The land is one of the last major residential development sites on the Coast. .

The last mainstream housing project Villa World was involved in on the Gold Coast prior to the Arundel acquisition was a 5.15ha holding off Bermuda St at Burleigh Waters, bought for $5.3 million in 2005.

The Arundel project will be masterplanned as a 395-lot community called Arundel Springs, yielding 305 residential lots and around 90 townhouses.

The project will create more than 1500 jobs over its life and inject around $100 million into the economy for every year of construction.

It will overlook the Coombabah Lakelands Conservation Area.

Villa World managing director and CEO Craig Treasure said Arundel Springs’ diversity of product and convenient location would appeal to a diverse buyer profile, with home sites designed for young couples, families and active retirees.

“Arundel is a highly popular suburban area favoured by families for its location and amenities

including the Arundel Hills Country Club, Helensvale railway station, Westfield Helensvale, Griffith University and Gold Coast University Hospital,” he said.

“Arundel Springs is also within walking distance of a new light rail station and is just two stops from the university and hospital and one stop from Westfield.”

Land at Arundel Springs will be launched early in the 2017 financial year with home sites ranging in size from 306sq m to 954sq m.

The Arundel Springs site is former farmland that was owned by the O’Brien family.

Villa World posted a 57 per cent increase in half-year net profit, lifting it to $20.4 million.

The company reported a 49 per cent rise in revenue to $200.2 million. It previously said it is targeting FY16 net pre-tax profit of $46.6 million, a 59 per cent hike on the previous year.