Sites have become invaluable, and it’s a case of picking off the old, tired buildings on prime land which will make way for new, flashy apartment towers
Large development sites on the Gold Coast are in as short supply as the apartments at the moment, with Urbis data suggesting there are just over four months of supply of apartments if sales rates continue as they are and there are no new projects released.
Sites have become invaluable, and it’s a case of picking off the old, tired buildings on prime land which will make way for new, flashy apartment towers.
That’s seen the local site amalgamation specialists GV Property Group never busier.
GV Property Group founder Antonio Mercuri, who started the company around six years ago knocking on doors, along with his right hand man Luke Reaby, are starting to see an uptick in apartments vendors willing to band together to get the maximum price they can from developers, who are coming from all over the country to build apartments on the Gold Coast.
The duo recently launched 2769 Gold Coast Highway, a 2,595 sqm site, for sale, with big demand early on.
Within a week, Mercuri and Reaby managed to take the site a step further, amalgamating the site next door by contacting the owners of the adjoining six apartments at 16 Rosewood Avenue, adding a further 647 sqm to create the huge 3,242 sqm corner site which has unlimited height zoning.
2769 Gold Coast Highway and 16 Rosewood Ave is for sale via expressions of interest, closing October 8. For more information,
Reaby advises that the maximum tower floorplate on the Gold Coast is typically 750 sqm, suggesting ‘the site could accommodate two towers which would fit perfectly within the site cover guidelines.
There’s also a rare proposition of having two or three podium levels, which would create a striking facade from the street level and above ground parking.
Dual tower developments have seen great success in the past in the area, with Meriton Suites and Oracle still popular at Broadbeach.
And there’s plenty of mega-developments in the pipeline with more than one tower planned for these larger amalgamated sites, with the aim to create a sky-high resort for residents.
The Shanghai-headquartered international property developer SPG Land, in a joint-venture with Australian developer Gordon Corp, has lodged $800 million plans for nearly 800 apartments to be built across three towers in the heart of Surfers Paradise.
They will be anchored by a new ground-level retail and dining plaza at the street level Ferny Avenue. The 1.15 hectare site will be bounded by Ferny Ave, one of Surfers main streets, as well as Surfers Paradise Boulevard, Pandanus Avenue and Ocean Avenue near the Surfers Paradise North light rail station.
The latest was of course the $1.25 billion plans laid by the Melbourne-based developer Gurner, led by the high-profile developer Tim Gurner, just up the road.
The 11,000 plus sqm site at 108 Ferny Avenue will be known as La Pelago, and will comprise four huge towers with nearly 1,000 apartments, around a quarter dedicated to a hotel.
There’s been international interest for a massive 5,726 sqm site at 3006-3016 Surfers Paradise Boulevard, which already has development application application for Orion Towers, a mixed-use development with two towers and over 1200 apartments.
But Reaby reckons there’s a great opportunity for a build to rent operator, with current vacancy rates at all time lows.
“The site would allow for well over 200 apartments for a build to rent operator”, Reaby says, however admits the likelihood is of two residential towers, or one hotel and one residential tower.
Article Source: www.urban.com.au