PALM BEACH FOCUS OF PROPERTY BOOM WITH NEW TOWER
THE transformation of central Palm Beach is taking another step, with a developer unveiling plans for a tower just one street away from the city’s latest building sellout.
Developer MVGS Properties has filed plans with the council for a ninestorey building on Twenty Eighth Avenue, just a day after experienced Queensland developer Sherpa
Property Group announced it would begin construction this year on its Perspective 488 beachfront block after an influx of inquiries.
But while that project had just nine units across its seven storeys, MVGS’s unnamed tower will have a significantly higher density, with 45 units planned.
“The architectural design champions subtropical elements, which are in keeping with the established character of Palm Beach and the Gold Coast,” a planning report on the project filed with council reads.
“The use of varying materials, including stone and timber-look features, contributes to the highquality appearance of the building and contributes to an engaging, attractive streetscape supported by lush landscaping and spacious design.”
The 1215sq m site of the proposed tower was previously home to two residential towers. Palm Beach has been at the epicentre of the property buy-up with several projects fasttracked to keep pace with the city’s hot real estate market.
Ground will be broken on Ignite Projects’ Cabana Palm Beach tower in June after recording more than $80m in sales on its 34 units in two months, and Sunland’s Magnoli and Cru Collective’s $40m Siarn sold out nine months before completion.