Gold Coast development: Three new towers planned for beachfront locations

At least three more cranes will tower over central and southern Gold Coast beachfront suburbs in the next year as developers unveil the next crop of million-dollar projects. READ THE FULL REPORT

AT least three more cranes will tower over central and southern Gold Coast beachfront suburbs in the next year as developers unveil the next crop of high-end, million-dollar units.

Experienced developers such as Brisbane’s David Devine have announced plans for luxury towers in Burleigh, Kirra and Surfers Paradise in the past week as the COVID boom continues.

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Artist impression of Alba development at Burleigh Heads

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Thirty-four cranes were in the Gold Coast skyline late last year. A few more have come on board this year to nudge the city’s crane index record of 38 set in late 2016.

Devine Development Group will build Alba, a 21-storey beachfront residential fronting the Esplanade at North Burleigh. The project is expected to hit the market within weeks. Unit prices will start from $2.25 million.

Cru Collective, fresh from selling out its $40m Siarn Palm Beach North tower, has bought a beachfront Musgrave Street property at Kirra. It plans to build a tower of up to 14-storeys.

David Devine. Picture: Jono Searle.

Cru Collective managing director Chris Bolger said designs for the new tower were well advanced. It was scheduled to be taken to market by mid-2021 and construction to begin in early 2022.

“We were attracted to the site’s uniqueness and iconic location, being the northern point, and entry statement to Gold Coast’s most famous beach – Kirra,” he said.

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Artist impression of Shoreline Beachside Living at 41, Old Burleigh Road.

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“We expect strong local and national interest in the project, given continued the influx of high-end purchasers to the Gold Coast from all over the country.”

Construction of the Siarn tower is expected to be completed in coming months.

Brisbane-based developer Marquee Development Partners will spend $40 million of a 17-storey Shoreline Beachside Living tower at Surfers Paradise, just south of the $1 billion Jewel towers.

“Shoreline is very targeted to the local owner-occupier and does not allow for any short-stay accommodation to ensure peace and tranquillity,” Marquee sales director Azura Griffen said.

“Given that our target market is the end user (people who intend to be long-term residents), Marquee and our design team have worked very hard to create community facilities that maximise the liveability and lifestyle consistent with the world-class Gold Coast lifestyle.”

Artist impression of Siarn development at Palm Beach

The focus on high-priced luxury unit development comes as a report from the Real Estate Institute of Queensland (REIQ) shows Gold Coast house prices rose 7.7 per cent for the December quarter, significantly above the statewide average of 6.1 per cent.

Burleigh Heads, Carrara and Labrador were among the big winners, recording double-digit increases.

The central and southern Gold Coast have become sought-after locations for new units as the city navigates its way through what senior property industry figures say is the hottest real estate market in 40 years.

An apartment insights report by consulting firm Urbis shows sales ballooned 97 per cent in the final quarter of 2020 as interstate buyers jostled with Gold Coast owner-occupiers.

Based on current quarterly sales and supply, the report says the city has only 8.3 months supply of new apartments — if no new projects are finished. The Southern Beaches Precinct has only 2.6 months supply, but several projects are expected to launch in the next six months. The Southport and Main Beach area has about 4.2 months worth of stock.

Originally published as Gold Coast development: Three new towers planned for beachfront locations