Tower Site Hits Block as Gold Coast Market Dips

Signalling the Gold Coast’s rollercoaster property ride has hit a dip, a Surfers Paradise development site earmarked for a recently upsized residential tower proposal has been put on the block.

Developer Gallery Group is offloading a 1145sq m parcel at 207-211 Surf Parade, near the beachfront triple-tower Jewel precinct and Langham Hotel.

Marketing agent and GV Property Group director Antonio Mercuri said the Sanctuary Cove-based developer had a “lot of irons in the fire” and the sale was part of a strategy to focus on its core lower density projects.

Mercuri said despite a slowdown in the market, there had been solid interest in the approved tower site from some “bona fide” potential buyers. 

The site is part of an amalgamated five-lot holding spanning 2071sq m at the southern end of Surfers Paradise that Galley Group was planning to redevelop into tandem residential towers.

But amid changing market conditions, it had made a string of changes to its approved development plans.

Most recently, upsized plans were filed for both towers “to maintain financial feasibility”.

On the site being offered for sale via an expressions-of-interest campaign, it has bumped up its tower proposal by eight levels from 28 storeys to 36 storeys.

Capped by a private rooftop pool terrace for its split-level four-bedroom penthouse, it would accommodate an additional 34 units, raising its yield from 93 apartments to 127 apartments.

▲ Render of Gallery Group’s tandem tower proposal for Surf Parade, Surfers Paradise.

Two years ago, Gallery Group lodged plans for its Chalk tower—a 36-storey proposal comprising 99 apartments over the entire site.

It was given the green light by the Gold Coast City Council early last year but within a few months it was back before the council, redesigned as a tandem tower development.

Both towers were given the nod—the southern Chalk tower earmarked for a 926sq m site at 203-205 Surf Parade and the so-called North tower for the adjoining 1145sq m site at 207-211 Surf Parade.

Subsequently, however, the developer filed a change application in June to increase the approved height of the Chalk tower by six levels to 27 storeys to house an additional 19 units, raising its yield from 71 to 90 apartments.

It was followed by the amendments to the North tower being lodged in August.

Article source: www.theurbandeveloper.com

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