12-storey luxury tower will be gold for Coolangatta Spyre’s beach beauty
THE boss of Brisbane-based developer Spyre Group says its commitment to the Gold Coast is for the long term after building up a workbook that is worth more than $250 million.
Spyre’s latest project – called Cala Dei Residences – is a 12-storey tower on the site of the Komune Resort at Coolangatta after it secured the land in an offmarket deal.
The new plan is in contrast to the previous proposal for the site involving a 27-storey tower.
“The site was originally intended for a 27-storey development, but we have significantly reduced this footprint,” Spyre director Andrew Malouf said.
“Instead, we propose to create luxury residences that complement the world class surfing reserve status of the southern Gold Coast beaches,” he said.
After spending the better part of a decade focusing on developments in Brisbane, where luxury projects have been the norm for Spyre Group, Mr Malouf said the Gold Coast market was shaping up as a long-term proposition.
“The challenge always starts with securing the right site, and we’ve been fortunate on the Gold Coast over the past few years targeting only the best beachfront sites in each area, especially with our latest acquisition at Coolangatta,” he said.
“The Gold Coast’s natural environment may be what attracts people in the first place
but creating luxury residences at this level provides a reason for many to stay.”
It’s not the first time Spyre Group has chosen to redevelop a site already occupied by an existing building.
The company demolished the existing eight-storey apartment building, developed by Mimi McPherson on the Esplanade at Burleigh Heads, to start construction
on its Natura project. Only one apartment remains for sale. Apartments ranged in price from $1.6m to $3.5m.
Spyre Group’s plans for the Komune site builds on the formula that has seen it launch projects worth $250m on the Gold Coast since 2017.
This represents a significant share of the $300m in developments completed by the company during the past decade.
The Komune development comes as Spyre Group nears a sellout of its existing Gold Coast portfolio.
Its debut project, the $79m Elysian Broadbeach, has been completed with just two of the 61 apartments remaining for sale.
The follow-up project, Maya at Kirra Beach, has just one apartment left from 14, while Natura also has two of the 33 units on the market.