Fast track for Kirra revamp
THE biggest development in the southern Gold Coast’s history has been redesigned and fast-tracked in a bid to cope with “dynamic” property market conditions.
Construction on $380m four-tower Kirra Point project on the old Kirra Beach Hotel site, will ramp up in coming months as its developer KTQ Group moves to build the precinct in two stages rather than one.
The move, first earmarked earlier this year, will mean the precinct will be completed in 2026, three years ahead of schedule.
With its first stage, the 188-unit Miles Residences, under construction KTQ group director Peggy Flannery said the second and now final stage of Kirra Point will deliver 88 apartments, a 92room five-star hotel and the expanded retail and dining precinct.
“We have enhanced our plans for Kirra Point, but the philosophy behind our development hasn’t changed,” she said.
“Kirra Point has always focused on providing local needs first and the feedback we have received for this development has been exceptional and prompted us to modify our original proposal.”
The project’s first stage, which will feature the new Kirra Beach Hotel, a second bar and event space, is expected to be completed in September 2023.
KTQ developments director, Jeremy Holmes, said the revamped plans would allow for a greater mix of tenants than the original proposal.
He said the decision to fast-track and modify the second stage of the project was “driven by dynamic market conditions that have seen buyers and retailers respond positively to the transformational development”.
“We are cognisant of the changes in the marketplace, and we see advantages in delivering the project earlier than anticipated when some projects are not proceeding due to rising construction costs,” he said.
“The new retail and commercial spaces are designed to accommodate a diverse mix of offerings and services.”
The Kirra Beach Hotel was closed in February 2021 after 65 years.
Figures lodged with Gold Coast City Council in early 2021 showed more than 1200 direct and indirect jobs will be created full-time, and more than 840 construction jobs by the project.