Sun rises on David Devine’s Alba tower at Burleigh Heads

Veteran Queensland developer David Devine is banking on the increasing popularity of the Gold Coast’s Burleigh Heads for his next apartment project.

An artist’s impression of the $118m Miles Residences at Kirra Beach.

Like other real estate moguls veteran Queensland developer David Devine is banking on the increasing popularity of the Gold Coast’s Burleigh Heads for his next apartment project — and it looks as if his confidence is paying off.

The Gold Coast-based Mr Devine recently launched the $105m 21-level Alba tower at 264 The Esplanade, aiming the tower at empty-nester buyers, as well as downsizers from Brisbane and the Gold Coast, plus cashed-up expats returning from overseas. He also sees a market from Melbourne and Sydneysiders moving to Queensland who are attracted to Burleigh Heads which sits between Surfers Paradise to the north and Coolangatta to the south.

Prices of the 35 apartments in the Alba complex start at $2.2m, rising to $5m and $8.6m for the penthouses. Buyers are also looking at amalgamating several apartments on the one floor — as is the case in many high-rise off-the-plan apartment offerings in Sydney.

Positioned close to the northern headland of Burleigh Heads, the Alba tower is expected to take 20 months to build with construction starting in early September. Designed by acclaimed Queensland architect Liam Proberts, who has a holiday house in Burleigh Heads, about a third of Alba’s off-the-plan apartments have been sold.

Mr Devine said Burleigh Heads was particularly popular due to its very good restaurants, some with Michelin-starred chefs, adding that further up the coast at Surfers Paradise it was a “bit overdeveloped”.

“Burleigh Heads appeals to everyone, it is a diverse area, and it’s only 1km long, it suits all people,” he said.

“The lifestyle is a big attraction at Burleigh Heads; it has great beaches, restaurants and walkways. The views from Alba, which means sunrise in Italian, are fantastic.”

Alba, David Devine's apartment tower at Burleigh Heads.

Alba’s builder is likely to be Queensland’s Hutchinson Group while the interiors have been designed by Miriam Fanning’s MIM Design from Melbourne.

Selling points include two car parks per apartment and relatively high ceilings at 2.7m. All apartments feature three bedrooms, while the penthouse has four bedrooms. For Mr Devine one of the high points is the fact that the stone kitchen benches take a stonemason 80 hours to complete.

So confident of the Gold Coast is Mr Devine he is looking at another site in Burleigh Heads as well as one on the Gold Coast. He said most Gold Coast apartment towers were selling strongly except for Jewel, which had been taken off the market for a couple of months.

Meanwhile, former PRD Whitsundays agent Christie Leet has recently sold out of his 11-beachfront-apartment project at the Gold Coast’s Palm Beach, Perspective 488, and is about to launch a new project next door. Mr Leet said the apartments sold for between $3m and $4.1m. There were three beachfront non-body corporate houses and eight single-level residences. The site was originally approved for 37 residences.

Mr Leet’s other project is Perspective Two Sea. “We are doing nine single-level residences which are priced from $3.5m to $4m. “Construction starts in July and we have this week already issued four contracts,” he said.

Mark Spedding, the chief executive of Marquee Development Partners, has completed about $400m in projects targeting the downsizer over the past six years on the Gold Coast and is about to launch a new project at Broadbeach.

The former head of Melbourne’s Toll Holdings, Paul Little, has the $200m 35-level Signature apartment project at Broadbeach, which is nearing completion and almost sold out.

Peggy and Brian Flannery’s $118m Miles Residences, as part of the Kirra Beach Hotel redevelopment, has almost sold out and the Kirra Beach Hotel has been completely levelled ahead of the start of construction.

Brisbane-based Spyre Group has sold all of its apartment stock across three projects totalling $181m in sales.