The southern Gold Coast’s ageing Greenmount Resort site is a step closer to renewal after Sunland Group lodged an application for its redevelopment with the Gold Coast City Council on Friday.
The existing, primely located, Greenmount Resort is a 151-room, 3 Star resort hotel constructed in 1980. It is less than 100 metres from the patrolled Greenmount and Rainbow Bay Beaches and close to Coolangatta’s retail and restaurant precincts.
Sunland purchased the 8266-square metre site in 2016 for more than $28 million. It will continue to operate as usual until early-2019.
The proposed $370 million redevelopment features two curvilinear residential apartment buildings ranging from 14 to 17 storeys. The buildings, which overlook Rainbow Bay, the Tweed River, and Coolangatta Beach, will comprise 247 residential apartments.
Some of the building height is buried below road level, to reduce the scale.
[Related reading: Sunland Acquires Greenmount Beach Resort]
Sunland managing director, Sahba Abedian said this week at the company’s annual meeting that the project would target owner-occupiers rather than the investment community.
“Our view is that the Gold Coast has reached a level of maturity and there are particular precincts, particularly on the southern end Gold Coast, that have not had the opportunity to cater to owner-occupiers,” he said.
The redevelopment will add height to the existing building although Abedian said that the group would not seek to build to the maximum level allowable under the town plan.
Abedian said the group’s vision for the site is of a scale and character which complements Coolangatta’s natural beauty and contributes to its continued renaissance.
[Related reading: Sunland Ready for 2018 after Reporting $35.3 Million Profit]
“This is undoubtedly one of the finest sites on the southern Gold Coast and requires a design response befitting its unique location,” he said.
Abedian said striking landscape design will enhance its tropical feel, with rooftop gardens, terraced planters, water features, and hanging gardens over lower-level structures.
“A restaurant [and] café tenancy is also included within the proposal, featuring an expansive outdoor dining terrace on the corner of Hill Street and Eden Avenue, to provide an active meeting place in this popular area of Coolangatta,” he said.
Pending statutory approvals, Sunland Group intends to launch the project during the second half of the 2018 calendar year.
This week Sunland said its FY18 guidance included net profit being slightly lower than FY17 at between $27 million and $30 million.
Early this month Sunland received approval from the Gold Coast City Council to develop a new twin tower residential development at Palm Beach to be known as Magnoli Apartments.
It also lodged an application for a 44-storey residential tower on the Gold Coast’s “Millionaires’ Row”, Hedges Avenue.