The Gold Coast’s apartment market is gaining momentum with local developers looking to take advantage of two-decades highs as interstate home-hunters continue to prove a major buying force.
Brisbane-based Spyre Group has returned to the surging market, lodging plans for another boutique beachfront apartment project, this time in Coolangatta.
The development application now takes the developer’s investment on the Gold Coast to $250 million since 2017.
The proposed 4,000sq m residential project will replace the well-known Komune Resort—frequented over recent years by Quicksilver and Roxy professional surfers.
The previous owner's proposal for the 860sq m site was for a 27-storey development. The new plan for 144 Marine Parade, is for a 12-storey Bureau Proberts-designed scheme - to be known as Cala Dei Residences.
“We have significantly reduced the footprint and instead propose to create luxury residences that complement the world class surfing reserve status of the southern Gold Coast beaches,” Spyre director Andrew Malouf said.
The previously proposed 100-suite hotel, which would also have had 94 apartments, cafes and restaurants overlooking Greenmount Beach, was approved by the council in April 2017.
Two months later neighbours at the Lindor Apartments appealed, taking the decision to the Planning and Environment Court. Council withdrew its support for the 27-storey project in early-2018.
Its revised development will feature 31 apartments, parking spaces for 59 cars and 25 bicycles, as well as a ground floor pool and recreation area, set to be surrounded by subtropical gardens.
The Komune Resort redevelopment is not the first time Spyre Group has chosen to redevelop a site already occupied by an existing multi-level building.
The company recently demolished the eight-storey Aspect apartment building, developed by Mimi McPherson on the Esplanade at Burleigh Heads, to start construction on its 17-storey Natura project.
After spending the better part of a decade focusing on developments in Brisbane, Malouf said the Gold Coast market was shaping up as a long-term proposition for the company.
The development comes as the Gold Coast’s southern markets clock their best performance in two decades, according to Domain’s latest house price report.
Unit prices on the Gold Coast have witnessed a 7.1 per cent hike over the last 12 months, surging by 2.3 per cent in the past three months alone.
“The challenge always starts with securing the right site,” Malouf said.
“We’ve been fortunate on the Gold Coast over the past few years targeting only the best beachfront sites in each area.
“The market is well supported by locals and increasingly by interstate buyers, and remarkably we see that trend continuing for some time.”
Cala Dei Residences is Spyre Group’s fourth Gold Coast project, following on from its $79 million Elysian Broadbeach tower, $25 million boutique Maya Kirra Beach, and Bureau Proberts-designed Natura development which is on track for completion in December.
Elsewhere in Coolangatta, developer Paul Gedoun has begun construction of his $74 million Flow Residences at Rainbow Bay after securing $70 million in sales over a two month period late last year, and in December filed plans to redevelop the Cafe D-Bah.
Sunland Group had also planned to redevelop the Greenmount Resort site but shelved the project and put the site up for sale.
Meanwhile, Brisbane-based KTQ Group is planning a $380 million redevelopment of the old Kirra Beach Hotel.
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.