Gold Coast development: Plans to transform Broadbeach site near light rail

One of the largest Gold Coast tower developments of the year so far is earmarked for a street which is set to “experience significant redevelopment over the next decade”.

ONE of the largest developments of the year so far is earmarked for Broadbeach.

BDMQ, headed by sole director Dennis Millen, and Greenspace (ACT), headed by Graham Gerard Potts want to build a 33-storey residential tower next to the Crown Plaza Resort and light rail on First Ave.

The project, on a 680sq m site, has been filed with the Gold Coast City Council.

The tower will feature 120 units and 162 car spaces across a four-level basement.

Designed by Surfers Paradise-based firm DBI, the high-rise will replace a three-storey unit building.

While planned as a residential building, the developers have asked council to allow it to be classified for “hotel use”, giving unit owners the option of renting their homes out.

“This area will experience significant redevelopment over the next decade,” a planning report on the project reads.

“The character of the area is residential, however it can be best described as transitional, with the current surrounding buildings mostly three-storey walk ups,

“However, there have been several redevelopments of 20 to 40-storey buildings in the area.”

It is the second tower proposed for First Ave in recent weeks. AMFS2, headed by 33-year-old Broadbeach resident Freddie Sheene and 27-year-old Aryton Marcello Mansi, want to build a 38-storey high-rise.

Fast-tracked: Gold Coast tower rises from ground

CONSTRUCTION has already started on a $125m tower because it sold out in less than 12 weeks.

The 185-unit, eight-level Athena Residences is the third project from Aniko Group to sell out in Hope Island in two years.

Aniko boss George Mastrocostas said many of the buyers had missed out on units in his previous projects – No. 1 and No. 35, Grant Ave.

“Sales have continued strongly in the new year and there seems to be no end in sight in terms of appetite for Hope Island,” he said.

“We never could have predicted Athena’s sales would reach the fever pitch they did, but we are incredibly proud to have produced one of the precinct’s most sought-after projects in some time.

“We are thrilled with the speed and passion with which buyers approached Athena and are looking forward to bringing this spectacular project to life.”

Property sales remained high across the city in the first weeks of 2022.

A Bulletin report on Saturday revealed the market was on track for an 11 per cent increase this year, above the forecast national increase of eight per cent. The clamour for Coast homes has put the city 15th in the world for annual price growth.

However, some leading real estate agents say they expect the market to cool slightly from the record-breaking figures of 2020 and 2021.

It comes as mortgage stress continues to rise dramatically in suburbs across the city.

‘Best site on the Coast’: Oceanway site to become tower

A DEVELOPER linked to a controversial tower in Main Beach has snapped up a key beachfront site fronting the Oceanway.

QNY Group, headed by businessman Anthony Quinn, has bought the 511sq m Karoola site on Broadbeach Boulevard for $10m in an off-market sale.

It paid nearly $20,000 a sqm after months of aggressive bidding and competition from multiple local and interstate developers.

The site is expected to be transformed into a boutique owner-occupier tower.

Mr Quinn said the site was “one of the best on the Gold Coast”.

“I have loved this site for as long as I can remember, as a Gold Coast local I’ve known about this exclusive little pocket for a long time and have had ambitions to develop it,” he said.

“As far as I am aware, there is no other site like it on the Gold Coast that provides no through thoroughfare, beach amenity with this prime view corridor. Plus it’s away from the hustle and bustle of Broadbeach, but within walking distance to all amenities giving you a feeling of being removed enough to enjoy the privilege of peace and quiet.”

The site is home to a two-storey walk-up building with four units and is close to both Broadbeach Bowls Club and Broadbeach Surf Life Saving Club.

Mr Quinn said he decided to go through with the sale on the back of significant buyer interest in the owner-occupier market.

He said he hoped to begin work on his new project “as soon as possible”.

“The demand for boutique owner-occupied residences on the Gold Coast is not slowing down so I intend to develop this site in line with this demand offering just one residence per floor, exceptionally high-quality amenity, with the development’s design showcasing the priceless view as the focal point,” he said.

The view from the tower expected to be built at the site.

“It is certainly an exciting time to be developing on the Gold Coast.”

Mr Quinn has a long history of development on the Gold Coast.

QNY is one of the two partners behind the controversial $100m La Mer tower in Main Beach.

The tower, if built, will have 29 single-level, three-bedroom units, including a giant penthouse suite with its own terrace overlooking the ocean.

Proposed in early 2021, it was rejected by the Gold Coast City Council in December, despite more than 65 per cent of its units already selling. Council’s decision is set to be appealed in the planning and environment court.

Broadbeach is at the epicentre of the city’s development boom, with billions of dollars worth of towers under construction.

They include The Star’s $400m Dorsett and $400m Epsilon towers, Little Projects’ $250m Signature Broadbeach and the 39-storey Infinity.

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Originally published as Gold Coast development: Plans to transform Broadbeach site near light rail