Queensland property developer Spyre Group has secured an 825 square metre site on the Gold Coast, with plans to create a new boutique luxury apartment building.
The site is located on 185 Old Burleigh Road in Broadbeach and was acquired this month for $6.35 million.
Spyre's proposed apartment building would span 30 levels with 102 units, subject to planning approvals.
Brisbane architecture firm ML Design was appointed to create the future development, with an early vision for the building showing a curvaceous form that takes advantage of the corner site’s never-to-be-built out views in two ocean front directions.
The proposed development will overlook Pratten Park to the ocean and also offer expansive views to the south, over the neighbouring Broadbeach State School oval.
Spyre Group Director Andrew Malouf said it would target local owner occupiers, providing only two to three units per floor plate and expansive interiors geared to take in the views.
It will lodge a planning application over the coming weeks, with the aim to commence sales upon approval later this year.
Spyre's acquisition adds to its current $220 million pipeline which includes SOKO Waterfront in Brisbane’s burgeoning West End and boutique luxury apartment project Zahra in New Farm, where it has transacted over $20 million in sales since launching in November last year.
Acquisition of the Broadbeach site involved the consolidation of eight titles and saw the team liaise with eight individual unit holders in an off-market transaction for the sale to be successful.
“Our approach has always been to find good sites as a start and we identified this corner lot as having immense potential, particularly for high-end owner-occupiers," Mr Malouf said.
“We drove past it on a Sunday and within a fortnight the deal was being done. We came to the tenants collectively with an offer and they saw us as a group they were happy to work with and they were happy with our vision for the site."