TOWERING AMBITION
ONE of Australia’s richest men will build a $220 million, 35-storey tower in the heart of Broadbeach.
But unlike other luxury towers, former Toll Holdings and Essendon Football Club chairman Paul Little says his project will be affordable as he tests the waters for future developments.
Mr Little has unveiled his first Queensland project, Signature Broadbeach, which will be built on a site in Philip Ave, replacing low-rise housing.
Little Projects will go to market on its 263 units before Christmas and construction is expected to begin after the 2018 Commonwealth Games.
Mr Little, a prominent Melbourne developer who has built and sold more than 2000 units and $1.7 billion in property during the past decade, said the move was a significant show of confidence and faith in the city.
He vowed his development would not represent another “false start” for the Gold Coast.
“This is not another false start, of which I know the Gold Coast has had a lot of. This is really happening,” he said.
“I hope to deliver a successful building which we will obviously be proud of, something which is iconic and something which sells well.
“Philip Ave is a good site which will allow us a bit more freedom in design.”
Mr Little filed a development application with the Gold Coast City Council in May and the project was approved last month. He unveiled his plans at a lunch at Nobby Beach’s Hellenika restaurant yesterday and said he was “testing the waters” of the city before considering whether to build further.
According to documents filed with the council, the tower will feature a lap pool on the roof of its podium as well as a shop on its ground floor.
It is expected to cater towards the residential and short-term accommodation sectors.
Mr Little said he chose Broadbeach as the site of his project over Noosa because it would allow the units to be offered at “affordable” prices.
“There will be a real affordability benefit which we will have that other developments in the immediate region will not,” he said. “And to some extent the competitive nature of how we got the site will be extrapolated to the sales prices because we bought it at a good price.”
The Melbourne-based developer said he was lured to Broadbeach by revamped infrastructure such as the light rail, as well as refreshed landmarks such as The Star Casino, Pacific Fair and the expansion of Gold Coast Airport.
He backed the push to take the light rail south to the airport and urged tourism bosses to secure further direct overseas flights.
Council city planning boss Cr Cameron Caldwell said the investment was a show of confidence in the city’s market.