Wingate has announced a $34 million investment into Anthony Moreton Group and Pryde Group’s The Beach Apartments development on the Gold Coast, bringing the Group’s total investment in the region to more than $125 million.
Wingate now has interests in pipeline of over $1 billion in apartments in the Gold Coast region. The investment follows Wingate’s recent decision to invest $36 million in partnership with Ralan Group to develop Stage 1 of the Paradise Resort redevelopment known as Ruby with a combined worth in excess of $400 million on completion.
Wingate’s Managing Director, Property Mark Harrison said he was confident the strength of the current South East Queensland macro-economic environment would continue for some time.
“The region has recovered from the impact of the GFC, and we are seeing an influx of investment from both domestic and foreign players, as well as significant government, local council and private sector commitment to infrastructure ahead of the 2018 Commonwealth Games,” he said. “There is keen appetite from both local and offshore investors who have been waiting for this market to recover – demonstrated by the high pre-sale rate of apartments for both The Beach and Ruby developments.”
The Beach Apartments will comprise 35 levels, including 219 residential apartments together with an al fresco bar and restaurant and podium level residents amenities. On completion, the property will be managed by Minor Hotel Group under their premium “AVANI” brand and will be known as AVANI Broadbeach Residences.
Anthony Moreton Group Chief Executive Officer Tony Hazell said the sales reflected the demand for a premium product in one of Gold Coast’s most sought after destinations. “Broadbeach is one of the most popular areas on the Gold Coast so it’s no wonder The Beach is securing strong sales,” he said.
“Within a hundred metres you can be in the centre of Broadbeach’s cosmopolitan restaurant scene, swimming at the beach or shopping in the recently redeveloped Pacific Fair. We are extremely happy to have Wingate join our project team as a funding partner. They have been a strong supporter of the project and share our confidence in the underlying fundamentals of the Gold Coast market.” Paradise Resort will encompass four stages, with Stage 1, Ruby featuring a 30-storey residential apartment building and a variety of amenities on Gold Coast Highway, Surfers Paradise.