Residential developer Sunland has received approval from the Gold Coast City Council for its $240 million lakefront apartment development in Mermaid Waters on the Gold Coast.
The residential development is part of the Queensland-based developer's masterplanned community The Lakes, a 42-hectare $1.3 billion project that will eventually have its own community and leisure-lifestyle retail village.
Plans, lodged late in 2018 for 289 new high-end apartments spanning four buildings, were revised in June increasing the number of apartments to 310.
The four mid-rise towers, designed by ex-Zaha Hadid designer Contreras Earl, will offer one, two and three-bedroom apartments overlooking the newly-named “Lake Unity” and ground level retail.
The two 10-storey buildings at the centre of the design feature ground-level retail and commercial spaces that will link to the future retail village, while the two 12-storey buildings will accommodate extensive resident amenities.
The approved buildings form part of a mega-site bordered by Bermuda Street and Hooker Boulevard that was acquired by Sunland Group in 2014 for $61 million.
Managing director Sahba Abedian said the project would provide unique opportunities capturing lakefront, city skyline, and hinterland views.
“The Lanes Residences combines leading architecture with retail, lifestyle and leisure amenities of an unprecedented scale.”
“The buildings will link to the future retail village at The Lanes and feature their own ground-level retail and commercial spaces, as well as extensive resident amenities.”
The development will also feature a 4,500sq m community lakeside green, which will form the centrepiece of project and become a focal point for the outdoor retail promenade.
The ASX-listed developer, which builds apartments and housing lots, currently holds a portfolio of 4,292 residential homes with a total end vale of $3 billion.
Earlier this year, Sunland offloaded the convenience retail asset Lakeview Retail Centre adjoining The Lakes precinct for $20 million in order to up capital to invest back into the masterplanned community.
Early works have already commenced, with two tower cranes installed on site with the project set to be launched to the market early 2020.
Construction is also under way at Sunland’s $250 million high-rise development on Hedges Avenue in Mermaid Beach.
The developer has plans with the Gold Coast City Council for a 16-level boutique apartment project located at 180 Marine Parade in Labrador.