On The QT: Anglesea Court could become site of Gold Coast’s newest tower
A guessing game is underway over how much is being spent to secure what could become the site of the Gold Coast’s newest tower.
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A BIG guessing game is under way over the dollars being paid to bring the life of an ageing beachfront ‘lady’ to an end.
Anglesea Court, built in Surfers Paradise at the start of the 1970s, looks set to make way for a bright new tower.
There’s a possibility that the 15-floor tower could be the Gold Coast’s third absolute beachfront hotel, coming after the Sheraton Mirage and the yet-to-open Jewel property.
The six-level Anglesea has been bought by Sydney parties, one of them linked to a younger member of long-term property players the Ryko family.
A development application for a 15-floor tower is under city council scrutiny.
One market watcher says the buyers are believed to be paying around $17,000 a square metre for the property.
The site, at the northern end of Garfield Tce, is 1037sq m so that would translate into a $17.6 million deal.
The mooted tower’s end use is far from clear.
The company seeking the development green light is Surfers Paradise Hotel Holdings but whether it will be run the building as a hotel appears to be up in the air.
The development application refers to the building, with 113 one-bedroom suites, as being for ‘short-term accommodation’.
That could mean the tower, which is to have a porte cochere, a grand lobby, a couple of cafes and a restaurant, could operate as a short-term holiday-let property.
The price of around $17,000 a square metre that the tower proponents are believed to be paying for Anglesea Court has been described by one observer as “fullsome”.
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Back in 2015 Baron and Tony Li, sons of Honkers billionaire Riyu Li, paid less than $10,000 a square metre to buy the beachfront Surfers Royale site in Northcliffe Tce, a quick stroll from the heart of Surfers.
The holding on which the Northcliffe Residences tower was completed earlier this year changed hands in 2016 for a whisker under $12,000 a square metre.
Another beachfront site, directly north of the Northcliffe surf club, is discreetly on the market at $18,500 a square metre.
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Construction industry figure Mick Power is aspiring to achieve close to that for a more than 2300sq m amalgamation on a beachfront corner in Garfield Tce.
Interestingly, Mick and wife Denise are lessening their beachfront holdings – they’re among the sellers in Anglesea Court, where they’ve owned two units since 2010.
‘Anglesea’, completed by GC Developments in 1972, has 18 apartments and has been eyed by developers for many years.
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One of the existing owners paid $78,000 in 1986 and, when the sale settles, will pocket an enviable gain.
The neighbours to the planned new tower will be the 19-floor Dorchester to the south and the 30-level Beaches to the north.
Residents in those buildings will be looking at a tower that its architects say is designed to ‘harness the spirit of yesteryear’ and offer a reflection of ‘what was Garfield Tce’.
Not that a planned rooftop café is a taste of ‘what was Garfield Tce’.
THE collapsed Ralan Group’s Ruby tower in Surfers Paradise quickly has become the subject of the hottest management-rights game in town.
In the past 10 days 21 would-be buyers have been granted the ‘keys’ to the Ruby rights data-room door, enabling them to undertake due diligence.
Expressions of interest close on Friday, with the field then to be narrowed ahead of further due diligence, final offers, and a sale decision by receiver Jason Tracy, of Deloittes.
DAVID Fitch, an Adelaide developer, and wife Rachel are chasing close to $14 million for a riverfront Broadbeach Waters ‘villa’ they bought for $11 million less than three years ago.
Villa Cantorocco, which straddles three lots in Monaco St, is a 1500sq m giant that once counted another developer, Duncan McInnes, as an owner.
The Fitches are downsizing, literally – they’ve paid $7 million to move to a riverfront house near TSS in Southport half the size of their ‘villa’.
WHAT was shaping as a virtual fire-sale of 10 marine apartments at Couran Cove Resort has been avoided with a day to spare.
The city council last week was to auction the apartments over unpaid rates but the selloff was aborted when the ‘missing’ money turned up on the eve of the selloff.
The properties are among 93 apartments and villas owned by a subsidiary of suspended ASX company Onterran, which did a deal with its creditors in June.
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