Gold Coast developer Andrews Projects has submitted a proposal for an 18-storey apartment building at Broadbeach.
Andrews Projects said the 569sq m site located at 120 Old Burleigh Road could now be home to 15 new apartments, each taking an entire floorplate with the building's penthouse to sprawl across two levels.
The corner site, located within close proximity to Yuhu Group's $1 billion Jewel development, is comprised of an exisiting two-storey, five-unit building, which was acquired by the developer from four seperate owners late last year.
The proposed residential tower, dubbed Sand, has been designed by Sydney-based Contreras Earl Architecture.
“Our approach has been somewhat different on 'Sand' as this is our first one per floor apartment block,” Andrews Projects director of Danny Andrews told The Urban Developer.
“This project has been launched in response to a large number of clientele requesting a high-end apartments that may act as a primary or secondary residence, but does not compromise on space.”
The Gold Coast apartment market has long held a boom-and-bust reputation, with many investors, particularly downsizers—in search of a maintenance-free lifestyle, breathing confidence back into the market after years of uncertainty.
The high-rise market has seen a slowdown in foreign-buyer demand over the last few years, impacted by China's crackdown on its citizens buying real estate overseas, as well as the increase on foreign buyer duty in Queensland.
“We find the market to be stable and consistent,” Andrews said.
“Broadbeach resonates with a large demographic and clients will always buy quality.”
According to the latest Urbis Apartment Essentials results, transactions for the Gold Coast’s new apartment market increased by 29 per cent from the previous quarter, recording 198 sales.
Over 2019 the number of proposed apartments on the Gold Coast declined by around 2.2 per cent further highlighting a shift away from large-scale developments towards more boutique projects.
The Gold Coast is also enjoying and infrastructure boom with $10.9 billion worth of recently completed, under construction or planned infrastructure investment accounted for within the last 12 months.
Transportation accounted for the largest portion of that infrastructure investment, with 45 projects totalling $6.4 billion.