Gold Coast development: 20,000 units, 104 towers: Massive development wave heading for Coast suburbs

More than $20B and 104 towers are in the pipeline for the Gold Coast, with room for at least 20,000 more units. Here’s what’s happening, what’s not and what could be coming back.

• HISTORIC FAMILY’S EPIC PALM BEACH TOWER REVEALED
• REVEALED: CAFE DBAR DEVELOPER SNAPS UP HOME OF COAST EATERY

THE Gold Coast is walking a tight rope on whether it can meet demand from cashed-up interstate investors selling their overpriced pads in Sydney and Melbourne and trekking north.

Unit sales have ballooned 97 per cent and a recent Urbis report showed just 624 units were on the market on the Coast at the end of June, the smallest number available since early 2014.

FAMOUS BURLEIGH HEADLAND HOUSE’S ASTONISHING PRICE

Artist impression of Sculpt Developments' proposed tower for Oak Ave in Budds Beach, Surfers Paradise. Picture: Liam Hardy

Developers are playing catch up of new stock after a lull in building applications in recent years and the Bulletin last month reported old property honchos are blowing the cobwebs off blue-chip sites that have sat dormant for five years.

The question now is whether it will be enough to stop the city putting up the “we’re full” sign.

FAIL: BIGGEST PROBLEM WITH GOLD COAST’S CANAL ESTATES

Artist Impressions of a supertower planned for central Surfers Paradise by developer Australian Executor Trustees Limited Surfers Paradise.

A Bulletin investigation has found more than 104 residential tower projects – promising $20bn of 20,000 apartments – have been pitched to the Gold Coast City Council since September 2016.

Of those towers, a third have been built or are under construction. Many others are expected to break ground before Christmas.

Urbis senior consultant Lynda Campbell said the influx of new tower developments breaking ground would help relieve the pressure on the booming property market.

REAL REASON WHY COAST SHOPPING CENTRE IS EXPANDING

“Things are changing quickly and we are starting to see more large-scale projects into the market, while the previous two years have been all about the small, boutique-style owner-occupier towers,” she said.

“Two or three projects announced during the June quarter were already fully sold out and that just shows the high level of demand.

“There has been a real pent-up demand for the Gold Coast’s real estate product and once the international and interstate borders reopen there will be another wave which I think will go for these larger-scale projects.”

INSIDE STORY: WHAT WENT WRONG WITH ELITE COURAN COVE

Artist impression of Naia..

The Australian Residential Development Review 2021 report released in June by Knight Frank Research showed unit sales in Gold Coast developments rose 238 per cent in one year.

The report says unit sales accounted for 75 per cent of all residential development sales in 2020, significantly higher than the 29 per cent in 2019.

Leading developers have rushed new towers to the market to capitalise on the hot market conditions, while others are reviving long-dormant projects.

Among the most prominent developers showing renewed interest in the Gold Coast is billionaire Harry Triguboff, whose company Meriton is putting the finishing touches on its 76-storey Surfers Paradise supertower Ocean.

Mr Triguboff also recently bought another nearby beachfront site, for which he plans two residential towers of 70 and 50 levels containing more than 600 units.

Meriton, which plans to take the new project to market before Christmas intends, to retain one tower and sell the other.

“The market on the Gold Coast is booming for sales and rentals and our confidence in the market has been backed by another development site acquisition,” a Meriton spokesman said.

Artist impression of Greenwich, a new 15-storey New York-inspired tower planned for Chevron Island by developer Ention Properties.

“The stars for apartments have definitely aligned on the Gold Coast with quality beachfront residences, such as Ocean, in short supply.

“The latest surge in demand has introduced all buyer types, and demand from the southern states is leading the surge. Covid stimulated a lot of people to search for a new and different lifestyle, whether it be immediately or further down the track, and with interest rates so low and supply scarce buyers have decided that now is the time to make a move before prices rise further.”

EVERY GOLD COAST RESIDENTIAL TOWER SENT TO COUNCIL

SEPTEMBER 2016-SEPTEMBER 2021

Capital Court, Varsity Lakes.

BUILT

MAGNOLI

Developer: Sunland
Group. Site: Palm Beach. Proposed: December 2016. Value: $400m

OPUS

Morris Property Group; Broadbeach. Proposed: September 2017.
Value: $112m

SIARN

Cru Collective; Palm Beach.

Proposed: November 2018.

Value: $40m

THE LANES RESIDENCES

Sunland Group; Mermaid Waters. Proposed: December 2018. Value: $250m. Stage 1 completed, Stage 2 under construction

NORFOLK

Synergy Property Partners; Burleigh Heads. Proposed: January 2019. Value: Unknown

LUNA

Synergy Property Group; Burleigh Heads. Proposed: August 2019. Value: Unknown

THE SPOT

Shintaku Australia; Broadbeach. Proposed: October 2019. Value: $20m

VUE BROADBEACH

Andrew Projects; Broadbeach. Proposed: May 2018. Value: $75m

BEING BUILT

Artist impression for Queen Street Village.

QUEEN STREET VILLAGE

Property Solutions; Southport

Proposed: March 2017.
Value: $500m

IMPERIAL SQUARE

Azzura; Southport. Proposed: May 2017. Value: $2.4bn. Stage 1 under construction.

More than 90 per cent sold

272 HEDGES AVE

Sunland Group; Mermaid Beach. Proposed: June 2017

Value: $250m. Nearly completed. Sold out

SIGNATURE BROADBEACH

Little Projects; Broadbeach.

Proposed: October 2017.

Value: $220m. Half completed. Sold out

OCEAN

Meriton; Surfers Paradise.

Proposed: December 2017.

Value $1bn. Nearly complete. Nearly sold out

STAR TOWER 2

Star Entertainment Group/Chow Tai Fook/Far East Consortium; Broadbeach.

Proposed: August 2018.

Value: $450m. Sold out

INFINITY

Bassar Construction Group; Broadbeach. Proposed:
August 2018. Value: Unknown. 85 per cent sold

ALLURE

Chevron Island SPV Pty Ltd-Macquarie York; Chevron Island. Proposed: November 2018. Value: $76m

VANTAGE BURLEIGH

Rayjon Group; West Burleigh.

Proposed: November 2018.

Value: $350m

VILLAGE PALM BEACH

Drew Group; Palm Beach.

Proposed: January 2019.

Value: Unknown

NO. 1 GRANT AVE

Aniko Group; Hope Island.

Proposed: March 2019.

Value $140m

THE GALLERY RESIDENCES

Raptis; Broadbeach. Proposed: April 2019. Value: Unknown

CAPITAL COURT

HomeCorp; Varsity Lakes.

Proposed: August 2019.

Value: $200m

NATURA

Spyre Group; Burleigh.

Proposed August 2019.

Value: $77m. Sold out

CALA DEI

Spyre Group; Coolangatta.

Proposed: January 2021.

Value: Unknown

EAST PALM BEACH

Bluepoint; Palm Beach.

Proposed: July 2019

Value: Unknown

STAR TOWER 4

Star Entertainment Group;

Broadbeach. Proposed: January 2021. Value: $400m

88 BURLEIGH

Allure Property Group; Burleigh Heads. Proposed: February 2021. Value: $90m

KIRRA BEACH HOTEL

KTQ Development; Kirra.

Proposed: December 2019.

Value $350m

FLOW RESIDENCES

S & S Projects; Coolangatta.

Proposed: January 2020.

Value: $77m

MONDRIAN

Mondrian; Burleigh Heads.

Proposed: November 2020.

Value: $500m. Sold out

DAWN

Mosaic; Mermaid Beach. Proposed: November 2020.

Value: Unknown. Sold out

CABANA PALM BEACH

Ignite Projects; Palm Beach.

Proposed: November 2020.

Value $80m. Sold out

AWAKEN

S & S Projects; Coolangatta.

Proposed: December 2020.

Value: $46m.

PERSPECTIVE TWO SEA

Sherpa Property Group; Palm Beach. Proposed: April 2021.

Value: $36m

PEARL

Raptis; Main Beach. Proposed: May 2020. Value: $160m. 40 per cent sold

DUNE MAIN BEACH

Andrews Projects;
Main Beach. Proposed: September 2020. Value: Unknown. 50 per cent sold

PERSPECTIVE 488

Sherpa Property Group; Palm Beach. Proposed: October 2020. Value: $35m

ABOUT TO BE BUILT

CHEVRON TOWER

Marquee Development Partners; Chevron Island.

Proposed: February 2018.

Value: Unknown. Sold out

HEMINGWAY

Hirsh and Faigen Property Group; Palm Beach.

Proposed: July 2019.
Value: unknown.

123 OBR

Bottega Property Group;

Broadbeach. Proposed: October 2019. Value: Unknown. Gone to market

MONACO

Ignite Projects; Main Beach.

Proposed: November 2019.

Value: Unknown. Construction begins September 7

EVE RESIDENCES

Homecorp Property Group;

Labrador. Proposed: June 2021. Value: $150m

PACIFIC ONE

Central Equity; Surfers Paradise. Proposed: August 2021. Value: $500m

HARBOUR ONE

Mulpha International;

Sanctuary Cove. Proposed: April 2021. Value: $50m

ONE CANNES SURFERS

Marquee Development Partners; Surfers Paradise.

Proposed: April 2020.
Value: $80m

SOL KIRRA BEACH

Marquee Development Partners; Kirra. Proposed:
June 2020. Value: Unknown. Sold out

DE-LUXE APARTMENTS

Weiya Holdings; Burleigh Heads. Proposed: July 2020.

Value: Unknown

RECENTLY APPROVED; SOD YET TO TURNED

GENESIS

Genesis Chevron; Chevron Island. Proposed: February 2020. Value: Unknown

GRASSY KNOLL TOWER

Grassy Knoll projects; Palm Beach. Proposed: February 2020. Value: Unknown

AURORA

Dayview Holdings; Palm Beach. Proposed: February 2020. Value: Unknown

UNNAMED 1

Raymond Graeme Wilkie; Palm Beach. Proposed:
July 2020. Value Unknown

UNNAMED 2

LGOC Adamstown; Palm Beach. Proposed: August 2020. Value: Unknown

UNNAMED 3

Madrina; Palm Beach. Proposed: September 2020.

Value: Unknown

EMERSON KIRRA BEACH

Hirsch & Faigen; Kirra. Proposed: October 2020.

Value: Unknown

KAPALUA

Kapalua; Main Beach. Proposed: December 2020.

Value: Unknown

NORTHSHORE

Marquee Development Partners; Palm Beach.

Proposed: August 2021

Value: Unknown

THE MONROE

Lacey Group; Palm Beach.

Proposed: April 2021.
Value $32m. Sold out

SHORELINE
BEACHSIDE LIVING

Marquee Development Partners; Broadbeach. Proposed: April 2021.
Value: $40m

CENTRAL ON BROADBEACH

Potter Group; Broadbeach.

Proposed: December 2018.

Value $700m. Site on market

SCULPT TOWER

Sculpt Studios; Budds Beach

Proposed: December 2018

Value: Unknown; Project remains an active development

ALEGRIA PALM BEACH

Anthony Gordon and Paul Younan; Proposed: September 2020. Value: Unknown. Sales: Sold out, construction to begin before Christmas

BEFORE COUNCIL

Renders of Sherpa Property Group's Perspective 488 Palm Beach project.

ROCKPOOL RAINBOW BAY

Joe Adsett; Coolangatta.

Proposed: December 2020.

Value Unknown

ALBA

Devine Development
Group; North Burleigh. Proposed: December 2020. Value: Unknown

KAILUA

Robkel; Burleigh Heads.

Proposed January 2021

Value: Unknown

MARQUEE FLORA

Marquee Flora; Currumbin.

Proposed: February 2021.

Value: Unknown

UNNAMED 4

Jinding Developments; Surfers Paradise. Proposed: March 2021. Value: $75m

LA MER

Polities Property Group; Main Beach. Proposed: April 2021.

Value: $95m

FOUR CORNERS

Greg Eastment; Main Beach.

Proposed: May 2021.
Value: $100m

COAST

Sammut Group; Surfers Paradise. Proposed: May 2021. Value: $200m

UNNAMED 5

Horizontal Investment; Helensvale. Proposed: May 2021. Value: Unknown

NOBBY TOWERS

George Manettas and
Daniel Veitch; Nobby Beach. Proposed: June 2021.
Value: Unknown

UNNAMED 6

Turrisi Properties; Broadbeach.

Proposed: June 2021.
Value: Unknown

ROYALE GOLD COAST

Devine Development Group; Surfers Paradise. Proposed: June 2021. Value: $340m

ESPRIT

S & S Projects; Coolangatta.

Proposed: June 2021.
Value: $130m

SUR

Cru Collective; Kirra. Proposed: June 2021.
Value: Unknown

UNNAMED 7

Ryan Stokes; Palm Beach

Proposed: July 2021

Value: Unknown

UNNAMED 8

SPG Land/Gordon Corp; Surfers Paradise. Proposed: July 2021. Value: $800m

UNNAMED 9

A & M Karr; Labrador. Proposed: August 2021.
Value: Unknown

BEACH HOUSE

Dorr Family; Palm Beach.

Proposed: August 2021.

Value: Unknown

GREENWICH

Ention Properties; Chevron Island. Proposed: August 2021. Value: Unknown

UNNAMED 10

Spyre Group; Main Beach. Proposed: August 2021.

Value: Unknown

PACIFIC POINT

Aquis; Surfers Paradise.

Proposed: August 2021.
Value: Unknown

LA PELAGO

Gurner Group; Budds Beach.

Proposed: August 2021.
Value: $1.25bn

UNNAMED 11

Little Projects; Broadbeach

Proposed: August 2021

Value: Unknown

PERSPECTIVE BROADWATER

Sherpa Property Group; Biggera Waters. Proposed: August 2021. Value: Unknown

PERSPECTIVE NEXUS

Sherpa Property Group; Palm Beach. Proposed: August 2021. Value: Unknown

STALLED, SCRAPPED OR SOLD

Artist impressions of Cromwell Property Group's planned redevelopment of the Gold Coast Corporate Centre at Bundall. Source: Gold Coast City Council

ORION TOWERS

Orion; Surfers Paradise.

Proposed: November 2016.

Value: $1bn. Project scrapped, plans for land uncertain

ISOLA APARTMENTS

MPG Beleconnen; Labrador.

Proposed: January 2017.

Value: Unknown. Stalled

CORPORATE CENTRE RESIDENTIAL TOWERS

Cromwell Property Group; Bundall. Proposed: February 2017. Value: $1bn. Project abandoned. Sold site; new owner’s plans uncertain

94-STOREY BROADBEACH TOWER

Royal Duke; Broadbeach.

Proposed: February 2017.

Project abandoned. Site remains undeveloped

WHARF ROAD

Golden Gate Property;

Surfers Paradise. Proposed: March 2017. Value: $200m.

Project stalled. However, development application
still active

SUNNYLAND TOWER

Sunnyland Group; Surfers Paradise. Proposed: July 2017. Value: Unknown. Project scrapped. Site
sold and new owner yet to lodge plans

PALM GARDENS

Cru Collective; Palm Beach

Proposed: June 2020. Value: $50m. Project scrapped, site sold to Abadeen Group

GROCON TOWER

Grocon; Surfers Paradise.

Proposed: August 2017.

Value: Unknown. Project scrapped. Grocon still owns site but in financial trouble

WANDERLUST

EG Funds Management;

Surfers Paradise. Proposed: August 2017. Value: $1bn

Project stalled. Still owns site

ELEGANCE

Hubei United Development;

Mermaid Beach. Proposed: September 2017. Value: $400m. Project scrapped.
Site for sale

NAIA

Jun Zin Oceanscape; Mermaid Beach. Proposed: November 2018. Value: Unknown.
Project scrapped, site sold

FORMER
RETIREMENT TOWER

Aveo Group; Labrador. Proposed: January 2018. Value: Unknown. Project stalled. Aveo still owns site

SKYHOME TOWER

Pro Active Developments; Main Beach. Proposed: February 2018. Value: Unknown. Project stalled.
Land in same ownership

FORMER NURSING
HOME TOWER

Regis Healthcare; Palm Beach.

Proposed: March 2018. Value: Unknown. Project scrapped, bought by Anthony Gordon and Paul Younan to become Alegria Palm Beach (see About to be Built)

SKINNY TOWER

PM No. 1; Surfers Paradise.

Proposed: July 2018. Value: Unknown. Project stalled

MAHALA

Pindan; Mermaid Beach. Proposed: August 2018.
Value: Unknown. Project scrapped, bought by
Mosaic for Dawn tower (see About to be Built)

THE POINT

M2Space; Surfers Paradise.

Proposed: January 2020.

Value: Unknown. Project scrapped, site sold. New owner yet to announce plans

TROPICAL TOWER

Mangomero; Main Beach.

Proposed: January 2019.

Value: Unknown.
Project stalled. Still in
same ownership

CARRARA MINI-CITY

JLF Corporation; Carrara. Proposed: March 2019. Value $2bn. Stalled, on the market

KAIA

Vividy; Surfers Paradise. Proposed: July 2019.
Value: Unknown. Project stalled. Chinese owner
yet to progress

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