Brisbane-based Sunland Group have lodged an application for a 44-storey residential tower on the Gold Coast's "Millionaires' Row", Hedges Avenue.
Despite headwinds in Brisbane's apartment market -- indeed, one in five foreign buyers are failing to settle thanks to tightening capital controls -- the ASX-listed group is pushing ahead with the $230 million development.
Lodged on Friday, the proposed tower, designed by BDA Architects comprises 99 apartments, two levels of communal and recreation areas and is likely targeted at the owner-occupiers market.
The developer has sought approval for short-term accommodation in order to provide future apartment owners with "greater flexibility in the use of their apartment, to enable them to be rented for use as holiday accommodation for periods for less than three months".
Sunland paid $13.4 million for the 1821sq m Hedges Avenue site in June this year.
[Related reading: Sunland Ready for 2018 After Reporting $35.3 Million Profit]
The Gold Coast Bulletin reported residents had already vowed to oppose the development.
Sunland managing director, Sahba Abedian, said the proposed height of the tower was in line with existing and future high-rises nearby, including the approved 43 and 50-storey developments on Mermaid Avenue, and The Star’s 54-storey development on Casino Drive.
“Within the context of its urban surrounds, 272 Hedges Avenue presents both unparalleled design and location amenities, reflecting the high standards of lifestyle, quality and craftsmanship sought by the owner-occupier market,” he said.
Abedian said the philosophy of the proposed design is to complement the scale of the neighbouring residential towers, while introducing a "curvaceous new architectural language" to the Mermaid Beach skyline.
“272 Hedges Avenue is designed to present as an elegant, curvilinear landmark providing a sculptural marker at the southern edge of the expanding Broadbeach precinct,” Abedian said.
“It is a design befitting the truly unique location and nature of the site.”
Pending statutory approvals, Sunland Group intends to launch the project in 2018.