Gold Coast real estate: Prolific high-rise developer on Coast spending spree

Barry Morris has taken his spending on tower sites in the past five months to more than $30 million in the wake of a Burleigh deal. DETAILS >>>

PROLIFIC high-rise developer Barry Morris has taken his spending on tower sites in the past five months to more than $30 million in the wake of a Burleigh deal.

The Morris Property Group has paid $12.9 million for two properties that make up a 2024sq m site fronting the Gold Coast Highway.

The group intends to replace 16 units in three-storey walk-ups with a tower with largely two-bedroom, two-bathroom apartments intended to be affordable to a broader section of the community.

“There are several developments in the Burleigh area that offer multimillion-dollar apartments to a select few,” Mr Morris yesterday said.

“This is not our target market – we want more people to be able to enjoy Burleigh and everything it has to offer.”

Barry Morris and James Morris, Gold Coast developers

The Burleigh addition to the Morris site pipeline follows two at Broadbeach – an $8.8 million one in Armrick Ave and another for $8.97 million in Australia Ave.

Antonio Mercuri, of the GV Property Group, said the Morris group was one of six developers to make offers on the Burleigh parcel.

“It’s rare to find such a holding in the Burleigh precinct that’s bounded by The Esplanade and the Gold Coast Highway, and the competitive tension between developers was a testament to the popularity of the area.”

The Morris group is no newcomer to Burleigh, where it has undertaken three projects and is 10 sales away from a sellout of its latest venture, the 26-level, 163-apartment Sandbar.

The group has built 12 towers between Broadbeach and Burleigh since 2005, providing more than 1200 apartments.

Mr Morris, originally from Canberra, last month unveiled plans for a $250 million office building in Brisbane, where his group is midway through developing a 26-floor tower for the Australian Taxation Office.