After winning approval in April this year Morris Property Group has broken ground on the first of two Gold Coast towers on an amalgamated 2590sq m site at Broadbeach.
Crest will comprise a 35-storey and 40-storey tower and a total of 339 two and three-bedroom apartments at 9-15 Armrick Avenue.
Barry Morris told The Urban Developer earlier this year that the project would be staged “one tower at a time” and launched to the market in May.
Morris said the vertically integrated builder-developer would manage the construction of the project.
“We’re aided by the fact that we’re a fully integrated business and we’ve been doing this for 45 years. We have our own construction teams. We have established relationships with subcontractors,” he said.
“I’m not suggesting for a moment that our construction prices haven’t gone up like everyone else’s but, you know, we’re running a marathon not a sprint.”
The prolific Gold Coast high-rise developer also completed Sandbar at Burleigh Heads in October and handed over the keys to residents.
Meanwhile, another shovel-ready site has settled on the same street at 33-37 Armrick Avenue for more than $11 million, according to GV Property’s Luke Reaby.
Former AFL player Scott Crow lodged plans with the Gold Coast City Council in September last year for a 33-storey tower on an agglomerated site at Broadbeach, which received the green light last week.
“This deal was brokered off-market with nine separate vendors across three blocks,” Reaby said.
“Triple blocks are becoming harder to come by in broadbeach and elevate the potential to a much larger development with better basements, efficiencies and amenity.”
A duplex, house and two-storey apartment block will make way for a 203-apartment tower on the 1768sq m site at 33-37 Armrick Avenue.
St Kilda East-based Crow’s Armrick Developments Pty Ltd had a put-and-call option on the properties in the light rail urban renewal area.
The Plus Architecture-designed 33-storey tower features two two-storey penthouses with private rooftop pools, sub-penthouses and a mix of apartments.
Article source: www.theurbandeveloper.com