Draycon’s tall orders
SYDNEY group Draycon, its confidence in Southport riding high, has bought a second highrise site and is contemplating building an office tower in the suburb.
Draycon, run by brothers Howard and Robert Dabit, is paying $4.2 million for a 1593sq m site on the corner of Queen and Bauer streets.
The holding has been bought from WA’s Delstrat group, which put it on the market last year for $6.5 million.
In 2015 Delstrat gained development approval for a 14level tower, Bauer Place, with 67 units.
Robert Dabit said the group intended to retain the Burling Brown design for the tower, but with a “few tweaks”, but not the Bauer Place name.
“The tweaks might include adding resident amenities such as a pool.”
The new Draycon site is handy to a Meron St property where Draycon has started work on its debut Southport building, the 51-unit Marquee on Meron.
Mr Dabit said 20 of the Marquee units had sold and the group was retaining the balance. He said it would also keep all the apartments in the Queen St tower, which it hoped to start this year.
“We will get great income from rentals and down the track will show solid capital gain,” he said.
Mr Dabit said Draycon’s faith in that particular section of Southport was built on having a light-rail station on the doorstep, the education options, and the creation of the priority development area which was, with the city council’s help, underwriting the suburb’s future.
“We’re also looking at Southport as an attractive place to build an office tower.
“It hasn’t had a major new building for many years and there’s nothing out there that offers tenants a wow factor.
“We believe there are a lot of businesses hungry for modern space and that the right tower, in the right place, also could draw blue-chip new tenants to the Gold Coast.”
Draycon, set up in 2007, has development, construction and project management arms.
It already has ventured into Tweed Heads, being involved in a seven-level apartment building at Point Danger.