South-east Queensland developer KTQ will bring a taste of luxury living to the southern end of the Gold Coast with a small number of its multimillion-dollar apartments open for short stay.
The 116-apartment first stage of the mixed-use Kirra Point precinct has been completed and residents have moved in.
About 30 of the apartments, however, have been returned to a rental pool, according to KTQ development director Jeremy Holmes.
“There’s nothing like this at the southern end of the Gold Coast … there’s not a lot of luxury accommodation at Kirra,” Holmes told The Urban Developer.
“There are no hotels, it’s mostly serviced apartments and a lot of those are small.”
The apartments offer one, two and three-bedroom configurations.
“You can book a $4-million apartment in winter from $1000 per night,” Holmes said.
“We feel confident these hotel style apartments will set a new standard in design and service.”
▲ Guests in the apartments will have access to hotel services and shared facilities, including an elevated pool deck overlooking the beach.
Mining billionaires the Flannery family are behind the Kirra Point Holiday Apartments, which will draw on KTQ’s hospitality experience at Elements of Byron.
The apartments are perched overlooking one of the best surf breaks on the Gold Coast with each apartment holding views of Kirra Beach.
Shared facilities include an elevated pool deck with a 25m heated pool, outdoor shower and barbecue area.
Guests would also have access to a hotel reception desk open daily from 7am-7pm and air-conditioned gym.
But the remaining stages of the $380-million precinct, which would comprise a hotel, resort, hospitality and wellness offerings, are still in the wings as tough market conditions wash through the Gold Coast.
Recent RLB Crane Index data showed the Gold Coast had the fourth highest number of cranes on its skyline in the past quarter, but Queensland’s limited building capacity is constraining projects.
“We’re confident in the product and confident in the sales,” Holmes said.
“We hope [the market] gets better, there’s just not enough confidence in the market in terms of construction at the moment.”
The developer expanded its plans for the 8973sq m Kirra site and the revised scheme received approval in mid-2023.
Meanwhile, in Brisbane, KTQ has hit pause on its prominent Newstead site opposite Gasworks as it works through a plan to hive off beachfront land next to its Elements of Byron site at Byron Bay.
Source: theurbandeveloper.com