Southport Tower Could Fetch at Least $180 Million


Residential developer and builder Philip Usher Constructions has put on the market its 35-storey 120 Marine Parade development at Southport as it looks to diversify its development portfolio.

Price estimates for the 279-apartment Gold Coast tower, which is in the early stages of construction, sits at around the $180 million mark.

Philip Usher bought the site in 2008 and was originally approved for a seven-storey tower with 81 apartments because of restrictions under the previous town plan.

Cushman & Wakefield's Chris Bouwer and Richard McCouaig are handling the expressions of interest campaign.

As it’s early in the construction phase buyers would be able to customise the design and sell some of the apartments or incorporate a hotel according to the agents.

The development is on a 4472-square metre site and due for completion in early 2019.

"Purchasing this type of asset is highly unique and rarely offered within Australia," McCouaig said.

Philip Usher currently owns the twin-tower H2O Broadwater Apartments on a nearby block which consists of 249 units.

"Diminishing supply [of apartments] due to lack of funding has restricted many large-scale projects on the Gold Coast. This has resulted in an uplift in 'off the plan' sale values," Bouwer said.

Established in 1987, Philip Usher Constructions specialises in townhouse development, high-rise construction and residential and industrial building across South East Queensland.

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