Palm Beach residents fear Perspective Nexus tower will impact property values
Palm Beach residents are battling a developer over fears the impact a new luxury tower on their property values.
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Palm Beach residents are battling a developer due to feared impacts of a new luxury tower on property values.
The Currumbin Sands body corporate and owners of neighbouring low-rise apartments have lodged appeals against approval of Sherpa Property Group’s 14-storey Perspective Nexus tower.
Residents say they have been warned by property experts it could shave hundreds of thousands of dollars off their apartment values.
Sherpa Group CEO Christie Leet rejects the claims, insisting the project will have no negative impact on neighbouring towers.
Currumbin Sands Body Corporate convener Andrew Lester said lawyers from all parties were involved in two mediation sessions recently, but no satisfactory compromise was reached.
Town planning experts from both parties must meet next month, before the appeal is heard in the Planning and Environment Court in September. The dispute hit headlines recently with the Sherpa Property Group website offering residents $5000 if they agreed to vote against the continuation of the appeal, as long as the appeal did not go ahead and the development was allowed to continue.
“The developer’s recent offer to pay apartment owners $5000 in exchange for dropping our legal action is an insult to the huge losses we face,” Mr Lester said. “Their design also shows no respect for the local identity of our area, one of the last parts of the Gold Coast where the bush backs onto the beach. It looks onto the famous Currumbin Alley which we should keep green and low.”
The Bulletin has learned residents have sought advice from real estate agents on the impact of the development on their property values.
Palm Beach Elanora Community Group convener Lancia Jordana said the advice suggests the presence of Nexus had the potential to shave $100,000 to $500,000 off their values.
Mr Leet hit back at this claim: “The site has been zoned for tower redevelopment since the 1980s and this is evident in the nearby Princess Palm and Royal Palm high-rise buildings, which extend up to 26 storeys,” he said.
“At 14 storeys, Perspective Nexus is substantially lower in height than these existing towers and, therefore, respects the existing building heights within the locality.
“Further, the development does not involve the removal of any green space vegetation that contributes to the identity of the area to the east.
“Property values won’t be negatively affected, given residences in Nexus are all valued above the local median, no views are being blocked, and the project is planning an upgrade to the service road, which is used by all neighbouring properties.”
Ms Jordana said ratepayers were fed up at being treated like second-class citizens, claiming council granted outrageous concessions to developers potentially reducing neighbouring property values.
“The setbacks are much less than one metre next to neighbouring apartment balconies and the site boundary and minimal setbacks of the tower result in terrible overshadowing,” she said. “There is virtually no landscaping to soften the impact of a huge concrete eyesore of 14 stories next door to the attractive leafy three-storey Currumbin Sands apartments.
“Local real estate advice is this development could shave $100,000 to $500,000 off the value of apartments next door to Nexus,” she claimed.
Mr Leet insisted the company’s tower meet “all requirements of the City Plan”.
“Perspective Nexus was designed to meet all requirements of the city plan and expert opinion was sought on these matters throughout the process,” he said.
“That includes the highest quality architectural design, setbacks to minimise impact, tapering at higher levels and extensive shadow mapping.
“It is the objective view of experts that guided design, informed council, and led to the project’s approval.”
The Gold Coast City Council declined to comment on it while it remained before the courts.
Ms Jordana added: “Council must adhere to the City Plan rather than freelancing to accommodate developers,” she said. “We want a well-planned city that has enough public parks, canopy street trees, generous subtropical apartment landscaping, more affordable smaller developments and sensible decisions that protect existing owners.”
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