ResidentialFri 26 Mar 21

Palm Beach Project Adds to Gold Coast Pipeline

Plans for 45 apartments to be added to the Palm Beach development pipeline have been lodged with the Gold Coast council.

The development application proposes a nine-storey residential building, comprising seven one-bedroom, 30 two-bedroom and eight three-bedroom apartments, in the northern precinct of Palm Beach.

Planning documents show entity MVGS Properties, led by director Scott Dolso, is behind the BDA Architecture-designed project at 14, 16 and 18 Twenty-Eighth Avenue.

Records reveal the site was secured for $$2.8 million in September last year.

The 1215sq m site is currently occupied by a double-storey house and a small two-storey apartment building.

Planning documents say the project would comprise “high-quality residential apartments” offering six units per floor, and 73 resident car parks along with six visitor car parks.

▲ Plans have been lodged for a nine-storey building at 14-18 Twenty Eighth Avenue, Palm Beach.

Nearby, Sherpa Property Group splashed more than $8 million on a new site at 2c Twenty Seventh Ave in Palm Beach. Led by Christie Leet, the developer has plans for a luxury residential project on the beachfront site.

While H&F Property’s controversial 14-storey tower Palm Beach plans were green-lit by council.

Melbourne-based H&F, owned by the Hirsch and Faigen families, plans for its ‘Hemingway’ project will comprise 78 apartments located at 1267-1273 Gold Coast Highway.

The site was purchased for $3.85 million in 2016 and a development application was lodged mid-2019.

▲ Development plans for 45 apartments in Palm Beach have been lodged with Gold Coast council.

Developer sales

In a period of strong buyer demand and increased activity, private Brisbane-based Spyre Group says its portfolio of three beachfront apartment projects have sold out.

The projects include the $77-million Burleigh Heads project known as Natura of 17-levels, the $25-million Maya project at Kirra Beach, and the 21-storey, $79-million Elysian project at Broadbeach which launched to the market in 2016.

Director of CBRE Residential projects Nicholas Clydsdale marketed Spyre’s Gold Coast projects.

“In the $2.5-million-to-$5-million price bracket for premium apartment product, we have noticed strong depth from Queensland buyers, who represent more than half of the steady uptick in transactions,” Clydsdale said.

“But there has also been a significant increase in buyers from the southern states in this higher price bracket as net interstate migration continues to strengthen.”