Tim Gurner: Developer reveals future of $1.7bn four-tower La Pelago Budds Beach mega project

Tim Gurner, facing suggestions he is refunding deposits to buyers in his $1.7bn four-tower Gold Coast project, has revealed the future of the development.

The Tim Gurner group has dismissed suggestions that it is refunding deposits to buyers in the $1.7bn four-tower La Pelago venture at Budds Beach and says it is poised to move ahead with the first building.

The refund suggestion has been circulating among residents at Budds Beach and comes after the developer of nearby three-tower project Paradiso said the project was not viable at original prices.

SPG Land said Paradiso had been hit by surging construction costs and it was in talks with buyers about price adjustments.

Rich-lister property developer Tim Gurner. Picture: Aaron Francis

The Gurner camp yesterday said there was “absolutely no truth” to the idea that La Pelago deposits were being refunded.

Mr Gurner said all 349 resort residences in the first La Pelago tower, the 65-floor Aquia, had sold, to a value of $350m.

“We have planning approval in place and we are working exclusively with a tier one contractor to finalise a price so we can start construction.

“Labour in Queensland is still in short supply due to the unprecedented pipeline of government infrastructure projects either under way or planned to start.

Tim Gurner is forging ahead with the landmark $1.75bn development La Pelago

“We are hopeful that the state government can work with the industry to address this critical labour supply issue and create a pathway for more private development projects to access the limited labour resources that are in play.

“We definitely are starting to see things stabilise and think 2024 will bring more balance back to the supply and demand of labour and therefore the ability to move forward with major private projects such as La Pelago.”

Aquia is to have resort apartments from levels one to 28, a 185-room international hotel from floors 29 to 42, and a Crystal club and penthouses on the remaining floors.

Artist impression of La Pelago

Mr Gurner did not name which builder with which it was finalising construction pricing.

It announced in 2021 that Icon Construction had won the job of building the first La Pelago tower.

Mr Gurner said then that La Pelago would be pushing the boundaries of what was possible in luxury property.

“We have delivered eight projects with Icon, so we have tremendous confidence in the team’s ability to deliver a project of this scale and complexity.”

La Pelago is planned on a 1.3ha full city block that was previously owned by the failed Ralan group.

It is being undertaken in tandem with the Wingate group, which was a Ralan mortgagee.

Artist impression of La Pelago.