$80m up in the sky
A RIVERFRONT Surfers Paradise site immediately next to the light rail tracks will be transformed into an $80m, 31-storey high-density residential tower with incredible views of the city
The development is earmarked for a 1095sq m site fronting the Gold Coast Hwy and Nerang River and is the latest in a wave of new towers planned for the Glitter Strip.
Plans filed with council this week by experienced Melbourne developers Auriton Group reveal construction will begin in early 2023, with the tower to open in mid-2024.
The project has been described as having a “subtropical” design and will contain 108 units, including a giant four-bedroom penthouse at its peak.
It will be served by 120 carparking spaces and 32 bicycle spaces and will have a “ceremonial entry statement”.
“This entry creates a pedestrian laneway experience which is lined by subtropical landscape planting,” the planning report reads.
“This laneway ultimately leads to a large lifestyle lobby which overlooks resident communal open space and the Nerang River.”
The tower’s open space for residents will include a combination of lounge areas, dining areas, sauna and large swimming pool on the ground levels, plus a gym, dining suite and boardroom on level 18.
The proposal, which will replace an existing house on the site, will be considered by council’s planning committee later this year.
It comes on the back of the Gold Coast’s biggest property and development boom in more than 15 years.
Just last week, developers behind a new luxury Surfers Paradise tower announced they had sold more $55m worth of units in just 10 days.
Marquee Development Partners revealed it has sold 65 per cent of its $80m, 19-storey One Cannes tower in the handful of days since the project was approved by council in April.
The city’s real estate industry continues its rollercoaster ride, with more than $750m worth of units having changed hands in less than six months.
CoreLogic data released this week shows property values increased 15 per cent in the year to April 2021, the highest since 2006 and behind the record-setting 1986 and 2001.
Scores of developments have sold out in record time.