Surfers Paradise’s Garfield Terrace dubbed the ‘new Hedges Ave’ with $1bn development wave
A Surfers Paradise street has been dubbed “the new Hedges Ave” with more than $1bn of luxury towers in the pipeline. FIND OUT WHY
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SURFERS Paradise’s Garfield Terrace has been dubbed the “Hedges Ave of apartments”, with more than $1bn of luxury towers in the pipeline.
At least six towers aimed primarily at the luxury market are in the pipeline for the beachside stretch between Surfers Paradise and Broadbeach.
Construction has begun on Sammut Group’s $200m, 37-storey Coast tower while ground is expected to break later this year on at least two more.
Despite a cooling property market, real estate figures say sales have remained strong.
Matt George, of national sales and marketing agency Urban Activation, said developers and buyers were focusing their attention on the Glitter Strip.
“It is certainly the number one strip on the Gold Coast when it comes to new ultra-luxury apartments,” he said.
“The whole Garfield Terrace precinct has really come to life in the last two years and there are a lot of significant players circling around sites to be a part of the area’s transformation.”
Coast is the first tower to be built on the stretch since the completion of Bezzina Group’s Jade tower more than 15 years ago, just before the global financial crisis.
More than $110m in sales have been recorded in the tower since it went to market in 2022, with the first residents expected to move in by early 2025.
The Coast property industry has slowed dramatically on the back of rising interest rates and material shortage, s with values dropping 7.4 per cent, or about $67,000, in the current financial year, while still ahead of Pre-Covid levels.
The latest tower to go to the market is Malaysian developer MRCB International’s $300m, 280-unit, 51-storey supertower 26 Vista, which Mr George is marketing.
Among the other projects already approved are ASF Group’s 31-storey Aura on the beach, Frank Development’s MIRA, Weiya Holdings’ 38-storey AALTO, which will replace two ageing weatherboard houses and will have 64 units and 153 car spaces in a five-storey underground carpark.
Also in the pipeline are KTQ Group’s Seren, a 42-storey mixed-use residential and “six-star” hotel tower and Sydney-based developer Iris Capital’s Seventy One on Garfield, a 38-storey luxury tower earmarked for an 865 sqm site just a handful of metres away from BMD Northcliffe Surf Life Saving Club.
Colliers residential director David Higgins said inquiries from prospective buyers from NSW and Victoria remained strong as well as green shoots from international investors.
“This year will be interesting as the fixed interest rates come off and I think it will have an impact on the wider market but overall the Gold Coast is holding up pretty well,” he said.
“We are getting solid inquiries from the south which is really pleasing while the overseas buyers market hasn’t entirely returned.”
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