Surfers Paradise mega developments from Harry Triguboff and Tony Fung to reshape suburb
Get ready for four years of construction as at least three multi-tower projects worth more than $2bn begin transforming a series of neighbouring beachfront Gold Coast locations.
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TWO of Australia’s biggest cashed-up developers are launching construction of $1bn of tower projects in northern Surfers Paradise – with industry titan Harry ‘high-rise’ Triguboff declaring it among the world’s best beachfronts.
Meriton founder Mr Triguboff and Aquis boss Tony Fung have both cleared their beachfront land parcels, with construction underway at the Triguboff site for his fast-tracked Iconica project, which will have two towers of 76 and 50-storeys respectively.
Just 200m away, Mr Fung is putting the final tweaks on his twin tower Minnette project which he intends to begin construction of despite acknowledging the difficult economic times.
The activity is rounded out by Melbourne-based developer Tin Gurner who is preparing to begin construction of his $1.7bn, four-tower La Pelago tower on a nearby site.
All three projects, totalling eight towers, are expected to be complete by the 2025-26 financial year, with property industry figures tipping more will rise once the market “normalises”.
Aquis last week lodged documents with council to make final tweaks to the project, including securing approval to build the 36 and 30-storey luxury towers in stages rather than as a single build.
The company had originally planned to build both simultaneously but, owing to a shortage of available builders and high material costs, instead will spread the work over a number of years.
“The existing development approval is unique in that it facilitates more than one high-rise tower yet is not staged. This reflects the (Mr Fung’s) intention to construct the entirety of the development at once, however, given the change in market conditions, (he) must now introduce the option I ability to stage construction and occupation of the development, to provide for further flexibility,” the letter to the council said.
Mr Fung has also asked council to allow him to make the luxury units planned for the smaller tower’s upper levels to be even larger to give him great flexibility once the project is marketed in the new year.
Meanwhile, work has begun Mr Triguboff’s tower, which he fast-tracked to take advantage of the market conditions and stubbornly high demand for Surfers Paradise real estate
Construction for the four-level basement his well underway, with the 645-unit supertowers expected to be built within four years.
The 89-year-old said it would be his “crowning achievement” after 40 years of building on the Gold Coast.
“I believe Iconica will bring a new dimension to the Surfers Paradise beachfront strip,” he said.
“I have loved the Gold Coast since my first visit in the 1960s, and after all my travels internationally, I still believe the Surfers Paradise beachfront is one of the best in the world.”
The hunger for Surfers Paradise property hasn’t abated despite the cooling market, with a report released late last week by consulting firm Urbis showing 77 per cent of all Gold Coast sales during the July-September quarter occurred between Main Beach and Broadbeach.
Urbis’s report has also found that the existing units continued to sell strongly.
“We’ve been looking at the general apartment market, particularly buildings in central areas that have been completed within the last 10 years,” said Urbis senior consultant Lynda Campbell.
“These properties have recorded significant increases in sales numbers which shows that demand is still very much present – an important factor with a large portion of new product settling over the next 3-6 months.”
It comes as Surfers Paradise councillor Darren Taylor puts the finishing touches on his mutli-year masterplan of the suburb.
Mr Taylor said the proposal was being costed and tested before it was presented to the council in early 2023.
“We will finalise the costings of it in coming weeks because we need (what is proposed) to be deliverable,” he said.
“The north of Surfers Paradise is a key part of this city which has a lot of older buildings and sits which need refreshing and we need to see them get up and going, even though there are definitely headwinds in the development sector.
“Between, Meriton, Tim Gurner and Aquis, these are all high-profile projects which would be great to finally see get going.”
Several key development sites remain on the market, including the Bruce Bishop Carpark and The Forum shopping centre.
CBRE Gold Coast boss Mark Witheriff said many developers who had the financial means to build, were looking beyond the current economic climate.
“There is a realisation that northern Surfers Paradise is a good place to live and there is a significant change which is going on there,” he said.
“There is a shortage of land and a lot of opportunities for smart developers.”
Mr Witheriff said the Gold Coast property market was unlikely to befall the same downturns of previous decades.
“Whenever the Gold Coast market has previously corrected, there was a big blow because there was an oversupply of housing,” he said.
“However this time we have an undersupply and a shortage of builders and as the market normalises, we will be able to carry on.”
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