Jinding Developments has acquired a residential development site at Surfers Paradise, marking its expansion into Queensland.
The 1012sq m site at 9-11 Thornton Street was acquired for $4.6 million from GV Property Group, and will be transformed into a $75 million 27-storey building with more than 120 apartments.
Managing director Liz Ronson said the development would offer an opportunity for first home buyers to enter the market for high-quality one and two-bedroom units. She said they were targeting that end of the market because it was under-serviced on the Gold Coast.
“We are very excited to have reached unconditional contract for the site which marks our official expansion into the Queensland market,” Ronson said.
Ronson said the Gold Coast was a desirable location where its full “value hadn’t been realised”.
“The lifestyle value proposition is good compared to other states.
“Thornton Street has everything we’ve been looking for—a prime location, well-serviced public transport and fantastic surrounding amenity. We couldn’t be happier to kick off our first Queensland development with such an exciting project and look forward to seeing it take shape.”
DKO Architecture has been engaged to design the 27-storey building inspired by the coastal surrounds.
Jinding's Surfers Paradise development is currently in the planning phase but proposed plans are for 125 one and two-bedroom apartments, a lap pool, gym and sauna, as well as outdoor facilities. There will be a focus on smart technology including keyless entry, number plate recognition car park entry and electric car charging stations.
Ronson said with about $15 billion worth of infrastructure going into the Gold Coast the region was ripe for development and “employment and liveability should follow”.
Jinding Developments has plans to expand its Queensland operations and is following the market closely for further properties in the sunshine state
Construction will commence in early 2022, with completion earmarked for early 2024.