Signature tower developer Little Projects buys more Gold Coast land after $245m apartment sellout
The developers of a 35-level Gold Coast tower have immediately bought land for another project after a $245m sellout.
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MELBOURNE developer Little Projects has achieved a $245m sellout of its debut Gold Coast apartment tower and immediately bought land for a follow-up project.
The sellout of the 245 apartments in the 35-level Signature in Broadbeach’s Philip Ave has come 12 months ahead of the tower being completed.
Little Projects director Leighton Pyke said the company had bought a site in Mary Ave for a “tad over $4m”.
“We want to retain a Gold Coast presence and we’re excited to get a site close to Signature.
“We’re intending to deliver a building of similar quality to Signature but with a smaller floorplate.
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“We’re enthusiastic about the Gold Coast, where we’ve seen the market fundamentals shift on the back of Covid.”
The new site, at 20 Mary Ave, is 506sq m and occupied by a four-unit low-rise, Dungowan.
It looks across Broadbeach State School playing fields to the ocean.
The Rothelowman-designed Signature, in which KM Develop is a minor partner, is rising on a 2064sq m amalgamated site in Philip Ave.
It will include a 50-metre infinity-edge pool, barbecue and teppanyaki facilities, a private lounge and dining room, sauna, steam room, spa, gym and cinema.
KM sales and marketing’s Jayde Pezet said the tower drew a number of offshore buyers early in the sales campaign.
“A high majority of buyers were Queensland and interstate baby-boomers.”
Mr Pezet said the prices achieved ranged from $475,000 to $3.8m.
“There was a strong presence of Brisbane buyers wanting lock-up-and-leave weekender-type properties.”
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Little Projects was founded by a founder of Toll Holdings, Paul Little, who remains as chairman but has sold his interest to Mr Pyke and fellow director Paris Lechte.
The company is highly active in Melbourne, where its projects range from commercial ventures to industrial land and a hotel.
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