Gold Coast development: Major developer sells out more than $181m of projects in 18 months

The great Gold Coast sell off is ramping up, with one of the city’s most prominent developers selling out more than $181 million worth of projects in just 18 months.

ONE of the city’s most prominent developers has offloaded more than $181 million worth of projects in 18 months.

Brisbane-based Spyre Group has sold its first three Gold Coast projects — the $79m Elysian at Broadbeach, $77m Natura at Burleigh Heads and $25m MAYA project at Kirra.

Gold Coast real estate: Property boom could last for at least three years

It is now preparing to fast-track a redevelopment of the Komune Resort site at Coolangatta. The project is before the Gold Coast City Council awaiting approval.

Spyre director Andrew Malouf said the proposed border development, named Cala Dei, had received significant interest from prospective buyers.

“Cala Dei will deliver the considered approach that has become synonymous with our brand on the Gold Coast – which is to deliver unmatched luxury tailored to beach living sought by a discerning downsizer market,” he said.

FULL DIGITAL ACCESS: JUST $1 FOR FIRST 28 DAYS

The project is expected to be released to the market by mid-year.

The CBRE Gold Coast average sale price for new units has doubled from $925,000 to $1.8m in the past year.

Several other major projects, including Vue Terrace at Robina, have also sold out in recent months.

Many of the buyers are downsizers and those relocating to the Gold Coast from NSW and Victoria in the aftermath of the COVID-19 pandemic.