Red & Co: Developer’s 16-storey Varsity Lakes tower after buying Lake Street

Plans for a new high-density residential tower have been unveiled for one of the Gold Coast’s smallest business districts, with industry figures saying it will take the pressure off the housing market.

A Brisbane-based developer has bought a giant Varsity Lakes site, unveiling plans for a new high-density residential tower which will rise over its central business district.

Red & Co bought the 2857 sqm Lake Street site for $8m in an off-market sale brokered by Colliers and will now build a 156-unit, 16-storey unit complex on the block, which will neighbour Varsity Central Park.

It will be the company’s first Gold Coast project.

Colliers residential sales director Jackson Robinson said he expected the complex to be the first of many new mid and high-rise projects to begin rising in the city’s central and western suburbs.

“Inquiry levels for development sites have risen compared to 2024, demonstrating renewed

confidence among developers in the Gold Coast market,” he said.

Artist impression of a new tower earmarked for a site in central Varsity Lakes by developer Red and Co. Picture: Supplied

“Developers are shifting their focus from high-end beachfront apartments to mid-market housing, a segment that has remained undersupplied for years.

“As construction costs stabilise and population growth continues, the Gold Coast remains one of the most attractive residential development markets in Australia.”

Mr Robinson said the company had bought the site with an active approved development application.

“Red & Co recognised the depth of unmet demand for well-priced apartment stock on the Gold Coast, particularly in sought-after suburbs like Varsity Lakes, which offers excellent connectivity, expansive views and proximity to major employment and education hubs,” he said.

“The 156 boutique apartments will enjoy expansive views over Lake Orr and out to Burleigh

Headland and the Hinterland, with additional outlooks north towards the Broadbeach skyline.”

It comes as pressure continues to build on the housing market as the city falls further behind its housing targets.

The tower will be built in central Varsity Lakes. Picture: Supplied

Lewis Land senior development manager Matt Hills last week warned state-set targets were “not realistic” for the sector to deliver without significant help from the government.

It will be the second major residential project to be built in the area, with Ron Bakir’s Homecorp currently building the second stage of its four-tower Cienna development.

Fellow Colliers director Troy Linnane said the Red & Co development would help make a dent in the city’s housing market.

“This off-market transaction highlights the value of strong market knowledge and relationships, we were able to align the right buyer with the right site given the relationships we have with many active developers seeking sites across the SEQ market,” he said.

“Those groups with in-house construction capability or strong builder alliances are leading market activity as they are best positioned to deliver projects in the current market.

“With confidence strengthening in 2025, we are seeing increased competition for prime

development sites such as this, which is strategically positioned between Bond University and Robina Town Centre.

“Developers are actively seeking well-located sites, to take advantage of the under supply of

apartment stock and the significant uplift in revenues due to strong buyer demand.”

Originally published as Red & Co: Developer’s 16-storey Varsity Lakes tower after buying Lake Street