Gold Coast development: First look at three towers transforming central Broadbeach
Cashed-up developers have Broadbeach in their crosshairs, with a growing crop of tower projects on the rise, wiping out some of the few remaining 1960s-era unit blocks. FIND OUT WHERE
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Cashed-up developers have Broadbeach in their crosshairs, with a growing crop of tower projects on the rise.
The dining and holiday precinct, which has long been targeted for hotels, is increasingly being aimed at the residential market.
A pair of new towers from key developers have been lodged with council in recent days while a third will be put to the market on Friday.
Sydney-based developer DVB is pushing ahead with its second high-rise in the area, just south of its Sea Glass project which was at the centre of a legal battle with the Gold Coast City Council.
Now it wants to knock down the existing three-storey Gala building, which dates back to the 1960s, and replace it with a 32-level residential tower.
The Old Burleigh Road project will have just 39 units and a total of 126 bedrooms.
It comes as developer Morris Property Group, headed by Barry Morris, wants to build a 25-storey tower on nearby Chelsea Ave, next door to its 26-storey Opus project.
The building is earmarked for a 607sq m site which is currently occurred by the two-storey Chelsea Park unit block which will be demolished.
The new building will have just 22 units.
Meanwhile, construction has been completed on the $256m, 30-storey Remi Residences on
Surf Parade. Developed by Ian Malouf and Peter Wilding, the 49-unit project was built before any units in it were sold.
Mr Malouf, the head of developer MFG Global, said the decision would allow prospective buyers to see the units they were buying rather than the standard off-the-plan.
“We’ve got a very unique offering in Remi Residences where buyers can actually touch and feel the apartments they are going to be purchasing,” he said
“Buyers can have it all and have it now. They can physically see and experience the apartments all before putting down a deposit.
“We didn’t want to subject buyers to years of uncertainty. They want assurance throughout their journey and with Remi Residences they can get a real sense of the space, the outlook, and the feel of each apartment”.
Concerns has been growing in the market about the ability of developers to complete the projects approved by the council.
Research by real estate firm Colliers International in February warned of a “lack of trust” in developers being able to deliver projects and rapidly dropping stock levels.
The 2023 Gold Coast Dwelling Supply Study warned a large number of proposed houses are unlikely to ever get built for economic reasons and other solutions will be needed to ensure housing catches up with population growth.
High construction costs, material shortages, interest rate rises and lack of tradies have slowed the construction sector in the past 18 months as the city’s population growth accelerated.
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