Quentin Tod: Yuhu group add land for more Jewel expansion on Gold Coast
The developer of the $1 billion-plus Jewel towers has added another “carat” to its Surfers Paradise beachfront gem — $11.25 million of land.
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THE developer of the $1 billion-plus Jewel towers has added another “carat” to its Surfers Paradise beachfront gem — $11.25 million of land.
The Yuhu group has bought two low-rise apartment buildings on the southern side of the Jewel site.
The buildings make up a 1264sq m beachfront holding that is approved for a 42-floor Twiggy-like tower.
Yuhu appears to have no intention of building the 12m- wide tower.
Chairman Jimmy Huang yesterday said the land would provide scope to develop additional amenities to complement Jewel project and to benefit the surrounding area.
JOBS AT RISK WITH JEWEL TOWERS
The Jewel southern boundary is Wharf Rd and its new holding is on the opposite side of Wharf Rd and also has a frontage to Old Burleigh Rd.
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The land has the 16-floor The Breakers apartment building on its southern side.
Mr Huang did not say whether Yuhu would seek the closure of the eastern end of Wharf Rd to link its holdings.
“Our vision for the Jewel is to create the most desirable destination possible for both residents and visitors.
“The extra land could, for example, lend itself to additional retail and commercial offerings, including facilities to support leisure, exhibitions, entertainment or business activities.”
Yuhu said no specific plans for the site had been finalised and the community would be consulted ‘in the usual way’.
The group already has indicated that Jewel’s bars and restaurants will be open to the public.
The group is hoping to complete the three-tower project by mid-year.
It is marketing one-bedroom Jewel apartments from $790,000, two-bedroom and two-bathroom units from around $1.3 million, and a penthouse for $16 million.
Yuhu’s Wharf Rd buys have been made from companies linked to Brisbane developer Marc Clancy.
SURFERS PARADISE TRIPLE TOWER SITE JEWEL IN TURMOIL
Two unit buildings, Break Five and Caralan Court, were bought by the Clancy group for $11.45 million in 2016.
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In late 2017 the group gained development approval for what has been described as ‘the skinniest’ of apartment towers.
The tower was to have 37 apartments and a beach villa and the planned project was touted as a six-star $200 million one.
The Clancy group, ahead of getting development approval, described its landholding as having an unimproved value of $25 million.
The sale to Yuhu was handled by Mark Witheriff and James Branch, of Knight Frank Gold Coast, and Dominic Ong, of the Knight Frank Sydney office, and all yesterday declined to comment on the transaction.
The beachfront Caralan Court, which has three units, was at one-time owned by Harvey Norman franchise holder Steve Cavalier.
He paid $2.3 million for it in 2001 and sold it to Brisbane developer Frank Mallan for $7.75 million in 2007.
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