Four Queensland development companies are pushing the green light on major projects to the tune of more than $1 billion despite challenges facing some sectors of the development industry caused by the pandemic-inspired economic slowdown.
Fourth generation Sunshine Coast family the Henzells are pushing ahead with a $200 million residential hub within its masterplanned Pelican Waters, undeterred by the COVID-19 crisis.
“We haven’t even got Development Approval and we have people lining up to buy the first stage of our $200 million Cove community within Pelican Waters,” says Mclean Henzell, Director of HM Developments.
“The project is code assessible and we expect to receive approval in a matter of weeks and we will be pressing ahead regardless of what others are doing. We know the demand is there for the product we are offering and we can’t wait to get going.”
And that product, targeting owner occupiers and downsizers who appear relatively immune from the economic impacts of the pandemic, is also responsible for one of the biggest success stories in recent years on the Gold Coast.
The $77 million Natura project, which launched in March this year, sold 25 of the 33 high-end, half floor residences in its exclusive project on the Burleigh Heads Esplanade.
The majority of apartments were sold to downsizers who appear to be unhindered by the economic fallout impacting on other property market sectors across the country.
The sales campaign has also resulted in Brisbane-based Spyre Group fast-tracking its demolition and construction program – this week announcing the appointment of Gold Coast construction company CONDEV to build Natura, a 17-storey residential tower selling only three-bedroom apartments.
CONDEV will begin a three-month demolition program early next month – in the process tearing down a nine-level apartment building built in 2004 by Mimi Macpherson, the sister of Australian supermodel Elle Macpherson.
“When the demolition is over we will be straight into construction and are hoping to deliver Natura to our buyers by the beginning of 2022,” said Andrew Malouf, Managing Director of Spyre Group.
“The COVID-19 crisis has had no impact whatsoever on our sales program and this is due to the market we targeted – owner-occupiers who generally have established, secure savings and are not reliant on income or the banks.
“These are people who are in a position to get on with their lives despite what’s going on around them and they are doing just that.”
On the northern Gold Coast, Brisbane-based developers Kelyin Group and Kinstone Developments are gearing up to launch the long-awaited $650 million Serenity 4212 project on the North Shore – a project which has seen over 1,050 pre-launch inquiries since the start of March.
“It’s a supply and demand equation on the Gold Coast’s North Shore,” says Tony Ashwin, Director of Ashwin Property. “Outside of Sanctuary Cove there are less than 40 remaining waterfront blocks on the northern Gold Coast.”
“People have known about this amazing offering for a long time and we have been completing major site works implementations before we launch in a few weeks from now.
“The inquiry rate, particularly from locals, has been nothing short of unbelievable, especially given we are in the middle of a pandemic.”
Serenity will offer 110 blocks on a pristine parcel of land nestled between Lake Serenity and the Coombabah Lakelands Conservation Area.
Due to the limited waterfront land availability in the area, Serenity will become the final master-planned, waterfront development in the Gold Coast’s North Shore.
And finally, one of the city’s most seasoned developers Robert Badalotti is preparing to launch what is being described as ‘the new cosmopolitan heart’ of the Gold Coast’s CBD of Southport – a $155 million residential, commercial and hotel offering, to be known as Imperial Square.
Imperial Square will ultimately be a $1.2 billion development and include Australia’s tallest tower.
The advantage of Imperial Square is that it will be rolled out in stages and in step with the market, according to Mr Badalotti, whose company Azzura has delivered more than 2,600 residential dwellings, 24 commercial projects and six international resorts over the past 30 years.
Having won numerous awards for excellence in design, Azzura’s extensive project portfolio includes the Mantra Wings and Wyndham resorts in Surfers Paradise and the Azzura Greens Resort in Hope Island.
Andrew Bell, CEO of the largest agency in the global Ray White network, Ray White Surfers Paradise Group, said he is witnessing an influx of buyers from southern states planning to move to the Gold Coast in the wake of COVID-19.
“With many people now out of work and with more time on their hands, they are using this time to re-assess where they want to reside and the Gold Coast is proving to be an attractive destination to accommodate their lifestyle change,” said Mr Bell.
“The increasing infrastructure, development and growth of the Gold Coast is making the city highly appealing to those seeking a new destination for their permanent-residence,” said Mr Bell.