Gold Coast’s young property developers share their secrets to success
Want to become a developer? “Start young,” says David Calvisi, who had a shovel in his hand from three-years-old and is changing the face of the Gold Coast skyline. SEE THE LIST
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One was made redundant and had to trade his car for a “s--t-box dirt bike”.
He says his first project was developing a block of townhouses next to a run-down cemetery.
Another ran a gym and, with some blind luck, got a foothold in the property game with no experience.
Some were willing to work for free or do whatever it took to learn the ins-and-outs of the industry.
These are the young property developers making waves on the Gold Coast.
And they are ushering in the city’s biggest development boom in decades.
Late last year, the Bulletin announced 2022 would be “the busiest year ever” for development applications on the Gold Coast.
Gold Coast development: Truth behind massive construction and real estate boom
Council planning boss Cr Cameron Caldwell said “data suggests we are on track for the busiest year ever of planning application activity”.
With about 40 cranes littering the sky up and down the Glitter Strip, suburbs such as Burleigh, Broadbeach and Palm Beach are going gangbusters.
It’s out with the old and in with the new. Crumbling apartment blocks and seaside shacks are being demolished in prime beachfront locations to make way for bigger and better projects.
The Bulletin sat with a handful of young developers for an exclusive Q+A on how they got their start, the challenges they face and what they’ve got up their sleeve for the Gold Coast.
DAVID CALVISI, 35. MANAGING DIRECTOR, FORME
How did you get your start in development and how old were you when you first entered the industry?
I started on construction sites with my father who is a developer/builder from as early as three years old.
Some of my earliest memories are riding on earthworks machines and walking through wet concrete with gum boots.
As I got older, I worked with my father every school holidays and some weekends when possible around sport commitments. It was this early interaction in the industry with my father that established those grassroots connections to construction and property development. Finishing school, I was determined to become a doctor and went down the path of studying physio at university. However, after a few years of graduating, working as a sports physio and planning to commence the GAMSAT to enter medicine, I was renovating and selling houses at the same time.
This was when I realised my heart was in design, construction and property development.
I commenced working for a local Brisbane developer and builder who was building high rise apartments in Newstead. It was essentially my apprenticeship.
It was where I learned the important tools and the tricks of the trade from one of the best residential developers in Brisbane.
In late 2016, I decided it was time for my next challenge and I teamed up with a couple of mates who were doing some commercial developments.
We developed a one per floor luxury residential tower called North Residences at 296 The Esplanade, Burleigh Heads and have continued developing high end luxury projects ever since. My business partner, Byron Griffith, and I then established Forme.
Forme is a dedicated property development company focused on developing prestige sites in A- grade, lifestyle-rich locations with an emphasis on world-class design.
List your completed projects?
• North Residences Burleigh Heads, 2018, 9 stories multi-residential, 7 units
• Pacific Palm Beach, 2019, 10 stories multi-residential, 16 units
• Norfolk Burleigh Heads, 2021, 10 stories multi-residential, 15 units
• Luna Burleigh Heads, 2021, 10 stories multi-residential, 8 units
• Tugun Market Co. 2022, single level, commercial high-end grocer. 1,050m2 NLA
What projects do you have under construction – and also in the pipeline?
• Sea Burleigh Heads, 18 stories, 27 units multi-residential, completion first quarter 2024.
• Sand Burleigh Heads, 18 stories, 50 units multi-residential, completion second quarter 2024.
•75-85 James Street Brisbane, 6 stories commercial retail & office development, 6,500m2 NLA, completion second quarter 2024
• 31 Doggett street Brisbane, 6 stories, mixed-use retail & multi-residential development, 1,650m2 NLA + 18 units, completion second quarter 2024
Why are you expanding operations to the Gold Coast? What attracted you? Why will your product be well-received?
The Gold Coast to Byron region has been an attractive location for some time now.
In fact, our first development on the Gold Coast was one of the first, if not the first, high-end luxury one-per-floor development on the Gold Coast post-GFC.
I believe we were early to understand the attractions of beachfront developments on the southern Gold Coast.
Forme has been successful in the high-end luxury development space for a couple of reasons. Firstly, we team up with the very best design teams, and usually multiple design disciplines on each project. We are proud of our collaborative efforts with internationally acclaimed architects and award-winning interior designers.
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Koichi Takada designed Norfolk and since its completion it has boosted Forme’s profile. Publicity from world leading design blogs, such as DeZeen, has been incredible for both Forme and Koichi Takada.
Secondly, our design and construction knowledge and meticulous attention to detail has meant each project is delivered is to the highest standard.
I am a licensed builder myself and this aspect of knowledge has been invaluable. It’s great working with family-owned and operated builders who have been able to align themselves with our vision and together we have created absolutely beautiful homes for our purchasers. Lastly, our understanding and appreciation for design and marketing sets us apart from the rest.
Forme now have in-house architects and designers that can really take charge and elevate this part of the business.
What are some of the biggest challenges developers face on the Gold Coast?
Construction and delivery has been the biggest challenge of recent times and will continue to challenge the industry for years to come, particularly on the Gold Coast which consists of a smaller subcontractor pool than the major cities, such as Sydney, Melbourne and to a lesser extent Brisbane.
Gold Coast development: Developer behind controversial Palm Beach down reveals hits back at critics
Covid has had many positive effects on real estate but it has also had some negatives by making construction and project delivery quite challenging. Navigating this will continue to be difficult for the next two years.
Fortunately, my team is design, construction and delivery oriented. We have systems in place to deal with the next couple of years. It’s also these systems which have been a major contributing factor to the successful product we have developed and delivered on the Gold Coast since 2017.
Town planning, at times can also be challenging.
However, I have found having a successful track record plays a major role in mitigating this challenge and ‘getting council onboard’.
Track record and past projects are essentially a developer’s CV.
Don’t be fooled by a bunch of pretty renders/artists impressions on a website or Instagram, anyone can pay a visualisation company to make a building look good in a render. It’s the completed projects that count.
In recent times a major challenge developers face on the Gold Coast is in relation to the draft planning scheme amendments proposed.
The proposed amendments effectively reduce density along the city’s established coastal strip through increased setbacks, reduced building heights and down-zoning, which doesn’t make sense to me as the population growth on the Gold Coast is forecast to grow by 55 per cent to 928,000 people by 2041.
Essentially this will significantly reduce dwelling supply, adversely affecting housing affordability and the city’s construction economy.
What is your view of Gold Coast development overall – is it an opportunity to progress in a way that is enhancing the city?
Council should reward good design, in the form of providing iconic architecture, significant mature landscaping and improvements to adjoining public spaces.
Council should place a greater importance on the public realm immediately adjoining or surrounding a development.
There are certain things that are non-negotiable for us with each development.
For example, upgrading footpath treatment and finishes, undergrounding power lines and installing street trees.
However I am amazed that these types of upgrades are not conditioned in a DA stages.
What I think would be beneficial is a portion of the infrastructure charges are used to facilitate works to the public realm within close proximity to the site.
At Norfolk I planted mature trees to the adjoining park and also undergrounded the sand pumping pipe.
Mistakes or lessons learned so far?
Time is the most valuable asset.
Don’t waste your time looking at every site an agent puts in front of you, if it doesn’t fit within the strategic direction of your business, let it go.
Surround yourself with a good team where you can trust and back their decisions and directions.
Would you ever consider another career, do you have a plan B?
I actually had another career prior to property development which has only solidified my love for property development, design and construction.
For me, there is no plan B after property development. As it has turned out, property development was my plan A, it was just after what I now realise was my plan B.
CHRIS BOLGER, 40. MANAGING DIRECTOR, CRU COLLECTIVE
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I started at 28-years-old at the height of the GFC in 2009, after being made redundant at Sunland. I sold my car in lieu of a s--t-box dirt bike, borrowed $400K, convinced the bank that I knew what I was doing and never looked back.
Had I known what I know now it wouldn’t have happened – but naivety can be a blessing when starting out.
My first project was 12 townhouses in Eagleby, opposite a cemetery, selling for circa $300k each.
With the encouragement and help of some amazing industry veterans it was shockingly a success, which set up several more entry-level town home projects and became the bread and butter of the business in the first few years.
In 2011 we added a construction business, which has been an immeasurable benefit in terms of learning an entirely different aspect of the project’s delivery.
My skillset is finance and development, but the experience of also building has been an invaluable asset.
My partner Teek had her own PR company and vowed to never work with me, but her voluntary services in the early days quickly evolved, and she has managed the sales and marketing for more than a decade, responsible for circa $250m of the group’s sales during that time.
Teek is also heavily involved with design development and works closely with our project teams.
List your completed projects?
Over the last 12 years we have delivered close to half a billion dollars of development and construction work from masterplan town home communities, individual beach homes and beachfront apartment projects. The past two years we have achieved a consolidated group turnover of $180m.
What project/s do you have under construction – and in the pipeline?
• Sur Kirra Beach - 13 storeys, 10 luxury sky homes, $60m. Launched October 2021. Under construction with completion forecast July 2023.
What are some of the biggest challenges developers face on the Gold Coast?
Construction is not only a challenge for not only the coast, but nationwide.
Due to our geographic location supply of resources and skilled labour in Australia will be a challenge, yet our location is what also makes us a desirable destination.
For Cru, our intimate knowledge of construction is a major benefit and has put us in good stead to navigate the challenges ahead.
Support for the construction industry and trades need to be considered. It’s a tough business, even on a good day.
The reality is that we require housing – people want to live here and work here.
The development and construction industry are of huge economic interest to the coast. Now more than ever with national disasters affecting our immediate area it’s important that housing and sustainable services are available for future generations.
What is your view of Gold Coast development overall – is it being allowed to progress in a way that is enhancing the city?
Australia, and the Gold Coast in particular, have proven a very strong property investment choice. Despite global pandemics, natural disasters and threat of war this city is a desirable destination.
Infrastructure and connectivity are critical, as well as preserving our natural assets. Burleigh National Park and Tallebudgera Creek are a hot topic and need to be treated respectfully by authorities.
Connectivity and growth are vital in a sustainable economy, and so are iconic landmarks of historic significance. The Gold Coast boasts some of the world’s most amazing natural attractions which is why people will continue to visit and live here.
Mistakes or lessons learned so far?
It took me a few years to figure out, but focus on your own path and the right people will join you on the journey.
It took me a few more years to figure this one out; but if Teek and the creatives want something altered with a project design, don’t debate it, just update it. Our consultant teams can attest to that one.
Would you ever consider another career, have a plan B?
Development is my Plan B. If I wasn’t lacking the key ingredient of sporting talent I would have been in the NBA.
GEORGE MASTROCOSTAS, 41. FOUNDER, ANIKO GROUP
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
Originally from Sydney, I completed a bachelor of Civil Engineering degree at the University of New South Wales.
In 2001, with next to no experience in the industry, I made my way up to South East Queensland and commenced working for a developer/builder.
I remember that at the time I even offered to work for free to simply get my foot in the door.
Shortly thereafter I embarked on my own ventures.
List your completed projects?
I have been involved with delivering over 2000 pieces of product across South East Queensland ranging from land, townhouses, apartments and commercial developments with a value in excess of $1bn.
What project/s do you have under construction – and also in the pipeline?
We currently have circa $500m in projects in various stages of the development cycle.
What are some of the biggest challenges developers face on the Gold Coast?
The greatest challenge facing developers today is not town planning risk, but the ever-increasing cost of construction and the labour shortages that are plaguing the industry.
Unfortunately this will impact the feasibility of a large number of projects and as a result, we will see a significant number of projects that will not go ahead regardless of the fact that they may have been successfully sold out.
What is your view of Gold Coast development overall – is it being allowed to progress in a way that is enhancing the city?
The city is growing at an unprecedented rate. With this rapid growth, comes significant change and “growing pains”.
There will always naturally be some opposition, but I believe council has been diligent in allowing the city to progress and grow to keep up with the record high demand which according to URBIS, “has led to the most acute shortage of new apartments ever experienced on the Gold Coast”.
Mistakes or lessons learned so far?
I started my own development business when I was 25 years old. Needless to say, when you start at such a young age, there is a lot to learn and from those lessons we have tried to adapt and improve each project as we strive to create the best possible project for our customers.
Would you ever consider another career, have a plan B?
I can’t say I have ever considered another career. I am extremely fortunate to work in an industry which I am so passionate about.
TIM GURNER, 39. CEO AND FOUNDER, GURNER™
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I started my first business, a gym - when I was just 19.
I worked around the clock to get my personal trainer accreditation whilst also running the business. I sold the gym to a competitor at 21, and decided I wanted to try my hand at real estate.
I knocked on the door of every real estate company in Melbourne until Tony Pride from Wilson Pride gave me my first lucky break.
After that journey I approached property developer Morry Schwartz and told him I would work for free if he would show me the property ropes.
Within one week, Morry had changed my life.
He taught me how to market, sell and the importance of branding. He gave me the confidence to be my best self and take on the world.
Within a few years I had become a director at Pan Urban and we did some incredible projects together. I then went on to start GURNER™ at the age of 30, which develops luxury property across the residential, commercial, hospitality, retail and hotel sectors.
My first project under the GURNER™ portfolio was a townhouse project in Melbourne, and within six months I had put a deal together to acquire and develop my second project - an island site in Brisbane’s Fortitude Valley - into a $600m mixed-use development.
List your completed projects?
What project/s do you have under construction – and also in the pipeline?
Five projects are currently under construction, including the biggest development ever approved for the Gold Coast, the $1.75bn La Pelago project - on a 13,000sqm, four-tower supersite on Budds Beach.
Gold Coast development: Budds Beach four-tower $1.75b mega development approved by council
What are some of the biggest challenges developers face on the Gold Coast?
Compared to some of Australia’s other major cities, the Gold Coast is a really exciting place to develop because the council and city planners see the potential for this beautiful part of Queensland to become a truly world class destination for all Australians and travellers.
We’ve had a really collaborative relationship with Gold Coast Council to date and I think the next five years will really bring a new level of living and luxury to the Coast, spurred in part by the city’s visionary approach to planning and development.
What is your view of Gold Coast development overall – is it being allowed to progress in a way that is enhancing the city?
The Gold Coast is currently undergoing a period of immense regeneration and a coming of age that will put it on the map not only locally but internationally. I believe the Gold Coast is on the precipice of becoming a truly global destination not only for residential apartments but for entertainment, hotels, dining, luxury brands and enterprise.
New developments will play a big role in this transformation and I believe the city planners
understand this vision and are working collaboratively to bring it to life.
Mistakes or lessons learned so far?
There have been many lessons learned along the journey, and I’m still learning so many to
this day.
Development is a very fast-moving beast with micro and macro issues raising their
heads every day. My wife describes my job as a firefighter – constantly trying to solve the
next complex issue or fire.
It’s a career you must be truly passionate about, as it’s not for the faint-hearted. Luckily for me I absolutely love what I do, and thrive on the challenges when confronted with them.
Would you ever consider another career, have a plan B?
My business is evolving every day and I’m really humbled to have the opportunity to explore other passions and business interests through the wider Gurner Group portfolio of companies. We are now active across a range of hospitality, property management, concierge, wellness, and other brands and with lots more in the pipeline, this is only just the beginning. In a way I feel like I am already living out a range of different passions and interests through Gurner Group; my mind is always ticking over with new business opportunities and brand ideas and I’m lucky to have brought many of these ideas to life already.
ADAM LACEY, 42. DIRECTOR, LACEY GROUP
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I was first introduced to property through my late father, Peter Lacey. He worked for Raptis Group, Sunland Group and CBRE.
I did an internship with CBRE (Gold Coast) toward the end of my schooling (age 16), and got my first formal job opportunity with in retail leasing division at CBRE in Brisbane toward the end of my university days (age 22).
I realised I was more keen on the development side around the age of 25 and was given an opportunity in the acquisitions division for Sunland Group and quickly transitioned across to the development management side of the business.
From there, I completely fell in love with property development, particularly residential projects. My first project was the delivery of a small townhouse project in Upper Coomera acting as an assistant development manager for Sunland Group.
When I left Sunland around 2008, I started up a boutique property development business called Onyx Property Group.
List your completed projects?
What project/s do you have under construction – and also in the pipeline?
What are some of the biggest challenges developers face on the Gold Coast?
Property development is such a dynamic business where challenges change/evolve according to market conditions. Challenges we are facing currently may not be the same in six or even 12 months time. At the moment, I’d say the biggest issue developers are currently navigating are construction costs and delays.
What is your view of Gold Coast development overall – is it an opportunity to progress in a way that is enhancing the city?
Development on the Gold Coast is heading in the right direction, generally. The continued expansion of the urban footprint isn’t sustainable long term so we need to plan and adapt development to suit this reality. There is a fine balance with preserving our natural wonders whilst planning and developing for the current and future needs of the city.
Mistakes or lessons learned so far?
Life is too short. Work with people that share your vision and values.
Understand the various risks in your business and then work on how to mitigate these risks.
Would you ever consider another career, do you have a plan B?
Nothing springs to mind immediately. I love the career path I’ve been fortunate to pursue, and having the opportunity to create homes for people in beautiful locations.
JEREMY HOLMES, 39. DEVELOPMENT DIRECTOR, KTQ GROUP
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I started in the development industry when I was 23. I studied town planning at uni and had a short career as an urban designer before I was offered a role with a family friend’s development business, which kicked me into the development space.
My early career was really focused around land subdivision and master planned estates.
List your completed projects?
My biggest completed project to date is Elements of Byron Resort in Byron Bay. It’s a 200 villa luxury beachfront resort developed over two stages and includes two resort pools, day spa, five F+B outlets and a 400 person event space. It has now been trading for six years and KTQ still owns and operates the resort.
What project/s do you have under construction – and also in the pipeline?
We’re developing the Kirra Point Mixed Use Precinct (formerly the Kirra Beach Hotel), with construction of the sold-out first stage well underway.
When complete the overall precinct will include over 200 residential apartments over two towers, a 90-room boutique independent hotel, the new Kirra Beach Hotel and a second hospitality venue, a laneway with 15 retailers and commercial space..
Our intent is to deliver the completed precinct in the next 4 years, which has a value close to $500m.
We have also been working on an incredible new beachfront development, to be lodged with Council shortly. It will be our most ambitious and luxurious project to date.
What are some of the biggest challenges developers face on the Gold Coast?
The Gold Coast has often run on a boom-to-bust cycle. Timing is critical, as is the ability to hold sites over longer periods of time and deliver them in the right phase of the cycle. Having a long-term outlook is required.
Planning, approvals and community concern is a fundamental challenge and frustration for our industry.
It’s definitely not specific to the Gold Coast. I’m always looking to employ best-practice engagement, communication and transparency along the journey from acquisition to completion, and this continues to produce good results for our developments.
What is your view of Gold Coast development overall – is it an opportunity to progress in a way that is enhancing the city?
The Gold Coast is no longer perceived in the broader market as just a place to visit or retire. The infrastructure investments over the last decade and the access to quality services and amenity have transitioned it into a popular place to live and raise a family.
The development industry can further support and enhance this transition through high-quality, considered design. Also, by creating a diversity of product that supports the needs of this fast growing community.
Would you ever consider another career, do you have a plan B?
I’m really passionate about hotels and not just developing them. I have my own hotel management company called Jeremy & Jones. It’s all about delivering proper, meaningful hospitality.
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