Casa tower: Future of Broadbeach tower development decided as site put on the market

The developer of a giant tower earmarked for a site in Broadbeach has made a big decision about his project.

Marco Ferro, who started his working career as a builder, is having second thoughts about a Gold Coast tower venture, perhaps in more ways than one.

The Brisbane fellow, these days at the helm of a property development company, opened his wallet at Broadbeach three years ago to the tune of $13 million.

That buy gained him a 1283 sqm site at the very southern end of Old Burleigh Rd, one overlooking the Broadbeach Bowls Club and parkland.

He won a green light for a 46-level apartment tower not far from the ocean and named it Casa Beach.

It was to be the jewel in the crown for the Ferro Property Group, a business started more than 50 years ago.

Some time later the 55-year-old Marco, who bought the holding via company Bam Property Group (Australia) in 2021, had the first of his second thoughts.

He put the property on the market and drew some offers.

Artist impression of the Casa Beach tower. Picture: Supplied

The best of them reportedly was a cash one of $21 million but no deal resulted from the selloff campaign.

Marco decided that he would take the property off the market and push on with Casa Beach.

Move ahead to this month and he’s returned the holding to the market – maybe he’s having second thoughts over the apparent $21 million offer.

The new sale move might well have been influenced by building costs and the scarcity of capable construction groups.

Meanwhile, Marco has another iron in the fire a bit further north in beachfront Surfers Paradise address Northcliffe Tce.

His group’s in a joint venture beside the ocean with 35-year-old Frank Licastro in an elite 25-floor building called MIRA.

It is under construction and will have 12 apartments --11 two-floor ones and a three-level penthouse.

Prices started at $8 million and buyers have been signing up.

That starting price rather dwarfs the one that Marco was expected to aim at with Casa Beach – he suggested, before planning approval was gained, that prices would range from $1.9 million to $4.5 million.

Artist impression of the Casa Beach tower. Picture: Supplied

Casa Beach, designed by the Ferro Chow group, was to have 58 apartments and to include commercial space at its base.

It was to be the second Gold Coast project for the multifaceted design and development entity – it completed the 10-level Modena on Chevron in 2009.

Marco said in 2021 that the Casa apartments would be luxurious ‘homes in the sky’ aimed squarely at owner-occupiers.

“They’ll be people who want space and don’t want to live in buildings with 10 apartments on each floor and with a traffic jam while waiting for lifts.

“They’ll also appreciate that they can’t lose their views over the bowls club and to the ocean over the surf club.”

Any buyer of the Casa Beach site would not have to stick to the Ferro approval and might opt to start from go again or reconfigure the approved tower to allow more apartments.

The site comprises modern five-title low-rise Casa Del Mar and a corner commercial property that includes a cafe and a BWS outlet.

The Casa Del Mar titles were put together for $6 million and the commercial corner was bought for $7 million from property figure Bob Hill, who bought it for $1.8 million in 2004.

The Ferro holding is close to a site on which developer Barry Morris is putting up two towers that also look over the bowls club.

WINX BREED BUYS UP

John Camilleri. Picture: Bradley Photos

John Camilleri, a wealthy businessman who bred champion mare Winx, has paid $30 million to make his property mark in Main Beach.

He was confirmed last month as the buyer of the Pacific Point site on the southern side of Narrowneck but no price was revealed.

The seller was fellow racing enthusiast Tony Fung, a Chinese billionaire who paid $24 million for the holding eight years ago and twice has had plans approved for it and twice has tried to sell it.

The latest Fung approval was for twin towers called The Minette and John’s asked for that approval to be kept alive for a further four years.

MILLIONS GROW ON THE ROW

Steve Cavalier and Steve Marais Picture: Regina King

Steve Cavalier, a 52-year veteran of Harvey Norman, has come out more than $4 million ahead on an investment he made barely two years ago in an apartment in Mermaid Beach’s Multi-Millionaires’ Row.

He paid $3.635 million to buy a new abode on the 25th floor in the Sunland Group’s 272 tower in Hedges Ave and has sold it for $8.25 million.

Steve, a director of the Harvey Norman commercial division, long has been a property investor and prior to the 272 buy, he sold his beachfront home in the same street for $21.75 million.

Who knows, Harvey Norman might well have supplied the 272 white goods to Sunland.

SALVATION FOUND IN $5.8M

Artist impression of the proposed Billinghurst Residences. Picture: Supplied

The Salvation Army, many months after signing a deal to sell a slab of land at Upper Coomera to a Gold Coast group, finally has the proceeds.

The 3.126ha parcel in Billinghurst Cres has been snared for $5.82 million by trustee company Runaway Bay Partners Development, controlled by Shaoqing Zhang and Jiuzhou Sun.

The Salvos aren’t saying why they bought the land, what they paid for it, or what their original intentions were for the property.

The land’s zoning could allow for up to 120 townhouses, a subdivision, or even a retirement village or aged-care project.