The old Kirra Beach Hotel will make way for two apartment towers and a boutique hotel as part of $380 million redevelopment plans for the site at the southern end of the Gold Coast.
Brisbane-based KTQ Group is planning to start construction on the approved project in mid-2021, with the first stage expected to take two and a half years to complete.
To be built over three stages, the redevelopment’s first stage includes a 15-storey tower comprising 118 luxury residences aiming to tap the owner-occupier market.
The first stage of the popular pub’s transformation also includes a second hospitality venue, and a complete rebuild of the Kirra Beach Hotel.
The original hotel opened in 1956 and sits near one of the region's most famous surf breaks.
Brisbane-based KTQ Group, led by managing director Peggy Flannery, said the project would become “the jewel in the crown” for the southern Gold Coast.
“We have worked meticulously to envision and design a precinct that will not only become a destination in its own right for locals to enjoy but one that will accentuate the charm of the southern Gold Coast that we all know about,” Flannery said.
KTQ, also owned by Flannery's coal mining baron husband Brian, purchased the Kirra Beach Hotel in 2010, and has had multiple plans for the site during the 10-year period.
The site’s second stage includes a 10-storey residential tower and a boutique hotel as part of the third stage.
A laneway retail precinct will connect the buildings when completed.
Following sellouts in multi-million dollar apartments in the local high-end market, Flannery said the group would launch the residential component in December. A price guide was not given at the time of publishing.
Nearby, the approval of the luxury 22-apartment Flow Residences in Rainbow Bay generated $70 million in sales over a two month period.
Backed by property developer Paul Gedoun of S&S Projects, the 12-storey building's price points ranged from $1.175 million up to $10.5 million for the penthouse.
KTQ, which also completed the luxury $100 million resort Elements of Byron in 2016, said the hotel was closed for three months due to the pandemic.
The group paid $18.5 million for the 20-hectare Belongil Beach site in 2009.
Following the three-month shutdown, Flannery said the Byron Bay resort has seen strong occupancy rates in the last quarter of 2020, but that bookings for the next four months were largely driven by the return of domestic travellers.