Construction has commenced at Sunland Group’s $250 million high-rise development on Hedges Avenue in Mermaid Beach.
Sunland Group, the developers behind Q1 and Palazzo Versace, has appointed Hutchinson Builders to deliver the preliminary phase of works.
The Brisbane-based developer paid $13.4 million for the 1,821sq m Hedges Avenue site in June 2017, moving quickly to lodge an application for a 44-storey residential tower late last year.
Approval was awarded in February for the 97 apartment development which will be the first high-rise on the gold coast in over a decade.
“More than 90 per cent of purchasers at 272 Hedges Avenue are local owner-occupiers who understand the unparalleled lifestyle benefits of its location, and the privacy and amenity afforded by the absence of short-term accommodation provisions,” Sunland Group managing director Sahba Abedian said.
The project, already 60 per cent sold, will include a dedicated concierge service, lounge, boardroom, function room, swimming pool, spa, gym, sauna, steam room, and treatment rooms.
Abedian welcomed the appointment of Hutchinson Builders on the Mermaid Beach development.
Stage one basement works have now commenced on site, with tower construction commencing in 2020 and completion billed for 2022.
Sunland released its full-year results in August, revealing a net profit of $31.3 million, above guidance of between $27 million and $30 million.