Gold Coast tower not approved but apartments still selling fast

WHAT might be a high-rise first is under way on the Gold Coast — apartments are being marketed in a posh tower that is yet to be given development approval.

Pacific Towers is set to be demolished to make way for a new building called Northcliffe Residences. Pic Tim Marsden

WHAT might be a high-rise first is under way on the Gold Coast — apartments are being marketed in a posh tower that is yet to be given development approval.

Not only that, but it appears the developer has yet to pay for the land that will house the building.

The tower is Northcliffe Residences, which is earmarked for a beachfront site a stroll from the heart of Surfers Paradise.

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The Indian-controlled group that owns the Sheraton Mirage, Mii, is behind the Northcliffe Tce site, a 25-level project with 75 or so apartments. It’s being boldly advertised as “now selling’’ and as boasting a stunning selection of apartments and full-floor residences.

McGrath Projects set up a Northcliffe Residences sales office in Cavill Ave in Surfers Paradise on Christmas Eve and had quick success.

Within two days it had buyer names beside the $6 million penthouse and two $2 million-plus apartments.

Pacific Towers is set to be demolished to make way for a new building called Northcliffe Residences. Pic Tim Marsden

Among those to visit the sales office was Melbourne businessman Alan Ali, who just happens to own the 1152sq m site that is the planned home of Northcliffe Residences.

Mr Ali is a rather astute fellow who zeroed in on several Gold Coast discounted or distressed development sites in the depths of the GFC and appears to be sitting pretty.

He has the Northcliffe Tce site, home to eight-floor 1970s unit building Pacific Towers, under contract for about $13 million, or double what he paid for it.

Northcliffe Terraces proponent Mii appears to have been working on the project for many months.

Back in July it asked the city council to “road test’’ its plans for the beachfront building.

Online council records show no sign of a formal development application having been lodged.

A project management company involved in the tower venture says on its website that approval is expected in early March, which is a few weeks after the new city town plan is due to come into force.

Northcliffe Terraces, for the benefit of any would-be buyers, is designed by Brisbane’s Cottee Parker group.

Cottee Parker also designed the twin towers that developer Citimark was planning on what’s known as the Thrifty site south of central Surfers.

The land was being bought from none other than Alan Ali but the deal, which was mooted to be for close to $20 million, has been shelved because Citimark could not gain development approval within the contract conditions’ time frame.