Gold Coast development: First look at new towers planned for Chevron Island and Broadbeach

More than $220m of new towers have been unveiled, as developers continue to ramp up plans on the Glitter Strip, with one planned for the increasing exclusive Chevron Island enclave.

More than $220m of new towers have been unveiled, as developers continue to ramp up plans on the Glitter Strip.

Bastion Development group has unveiled its $140m Nera tower which will be built on Chevron Island’s Parneno Street.

The tower is expected to rise to 28-storeys and is the latest in a cop of towers either under construction or recently completed on the island enclave.

Artist impression of the proposed $140m Nera tower in Chevron Island

Bastion developer Alex Wood said the tower would be the first of several the company was planning for the Coast, having recently snapped up another site in Surfers Paradise.

“The location of Nera is strategic, offering residents the unique blend of Chevron Island’s intimate village atmosphere and close proximity to the Gold Coast’s bustling hotspots like HOTA, Surfers Paradise, and dining precincts,” he said.

The project is still before council but Bastion plans to launch it to the market in early 2024.

Artist impression of the proposed $140m Nera tower in Chevron Island

Meanwhile, further south at Broadbeach, 5Point Projects and Bottega Group have been given the green light by the Gold Coast City Council for their $80m, 21-storey skyhome project Faro.

The tower, planned for a site on Old Burleigh Road and comes four years after the Bottega bought the site and pitched a 17-storey tower which would have had just 17 units, with 60 bedrooms.

That plan has now been revised, with the new tower to have 11 full-floor skyhome units, three two-level sub-penthouses and a three-level penthouse.

Artist impression of the proposed Fero development which is planned for a site in Broadbeach

It comes just two weeks after ground broke on $400m of tower developments across the city. However, while there are plenty of new proposals, real estate figures including Ray White Surfers Paradise boss Andrew Bell, warn it may be years before many are actually built.

We have got buildings completing at present and there are those who will landbanking because they are nervous about building because the cost of them cannot be locked in,” he said.

“There are only a few builders who are even prepared to quote at the moment so that will lead to a few lean years of building, yet the demand is still there.”