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.
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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.
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
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
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.
“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
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
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
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
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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