Neighbourly rivalry
Sunland Group won’t have to look far to find another aspiring developer at Broadbeach
THE Sunland Group might have some almost neighbourly competition when it makes its return, after an absence of more than 20 years, to highrise development overlooking the ocean at Broadbeach.
The company last week settled the $13.4 million purchase of an amalgamated tower site at the northern end of Millionaires’ Row, Hedges Ave.
It’s mooting a luxurious 40storey tower overlooking the ocean and in which apartment prices will average more than $2 million.
A so-called rival, but perhaps not in the same price bracket, is looming around the corner in Alexandra Ave as the result of an amalgamation exercise that started last year.
Company Oceans 11, apparently linked to developer Daniel Veitch, started buying units in low-rise buildings at 2 and 4 Alexandra Ave and bought outright a house at No.6.
The three properties, if fully controlled, would make up a site of nearly 1800sq m, slightly less than the Sunland holding.
Developer Daniel and his Dankav group were among the first out of the project starting gates south of Broadbeach as the GFC wound down, launching a sellout 15-unit building in a Mermaid Beach side street.
A tower called Lanikai has just been completed in Southnine and the Veitch camp is preparing to start the Ivy 95 tower in Old Burleigh Rd, Broadbeach.
Last year a beachfront site in Mermaid Beach’s Albatross Ave was added to the Veitch family’s portfolio for $4.5 million. Property records show Oceans 11 owns three of the titles in Kundu Lodge at 2 Alexandra Ave and four of the six in neighbour Oceanis.
That buying, plus picking up No.6, has seen it outlay more than $6.6 million.
Pulling all of No.2 together is not, by all accounts, proving an easy exercise and thoughts of adding the Blue Pacific building, which is at the end of Hedges Ave and abuts 2 Alexandra Ave, into the equation are on the backburner.
It’s been suggested some of the 17 Blue Pacific owners believe their site, which neighbours the Sunland holding but is far smaller, is worth as much as $16 million.
Meanwhile, Sunland apparport ently already is being deluged with inquiry for its planned “boutique” 90-apartment Hedges Ave tower, which will sit next to the Stella Marais Catholic Church.
Some of that inquiry might well come from previous Sunland customers, including those in the Carmel by the Sea tower.
Carmel, which looks over parkland to the ocean and was completed in the early 1990s, is four blocks north of Sunland’s Hedges site and is far from “boutique”.
It sits on a site more than four times larger than the new Hedges Ave holding and has 125 apartments.
THE THREE PROPERTIES, IF FULLY CONTROLLED, WOULD MAKE UP A SITE OF NEARLY 1800 SQ M, SLIGHTLY LESS THAN THE SUNLAND HOLDING.