Sydney-based builder and developer Bassar Group has received approval for its 40-storey “Infinity Tower” at Broadbeach on the Gold Coast.
The proposed site, on the corner of Surf Parade and George Avenue, is the amalgamation of two sites purchased in mid-2017 for $7 million.
When realised, the tower will comprise 194 bedrooms across 61 apartments with 105 on-site car parks, 82 bicycle parks and ground floor retail space.
The development application, which was submitted to the Gold Coast City Council mid-2018 has now been approved with no changes.
The tower will now replace two existing two-storey unit buildings which date back to the 1960s.
The project, designed by Malaysian-Australian architecture firm BDA, will sit within close proximity to the Casino precinct, Pacific Fair and the Broadbeach light rail station.
Construction for the 123-metre-tower is scheduled to commence in August.
The Gold Coast has experienced a wave of new development applications over the recent months.
In December, Sunland Group lodged plans for a 16-level boutique apartment project in Labrador while ASX-listed ASF Group submitted plans for 50 luxury residential units across 31-storeys at Surfers Paradise.
A number of projects have also launched including Marquee Development Partners $35 million boutique residential development at Chevron Island as well as Sunland Group's $250 million high-rise development on Hedges Avenue in Mermaid Beach.
Melbourne-based developer Optimus Developments has also kicked off construction on its $65 million luxury residential development at Broadbeach while Western Australian developer Pindan has launched its first Gold Coast project to market at Mermaid Beach.