RESIDENTIAL developer Spyre Group has built a reputation catering for Brisbane locals seeking a sophisticated lifestyle in the city’s inner suburbs, and now it plans to inspire Gold Coasters to do the same at Broadbeach.
The company, which has more than $250 million in work in train, is planning a luxury apartment development on an 825sqm site in Broadbeach it bought a year ago for $6.35 million.
It is Spyre Group’s first venture for the Gold Coast, a market that managing director Daniel Laruccia says has matured for high-end owner occupiers in the past five years.
“There’s been a really tangible change in the dynamics of the Gold Coast market in that time and we believe it will underpin stability over the longer term, particularly in beachfront suburbs,” said Mr Laruccia.
“The net effect of major infrastructure spending in the city has been a really subtle change in the fabric of the Coast and its appeal is now founded on the diversity the city offers from restaurants to retail and leisure activities.
“Broadbeach is at the heart of that change and has benefitted the most from big ticket redevelopments such as Pacific Fair and The Star casino.
“It’s become a foodie and shopping haven, and we’re starting to see the Gold Coast property market being driven by the same lifestyle buyer trend across our existing portfolio in the Brisbane’s inner suburbs.
“It’s one of the reasons we’re taking more than passing interest in the Gold Coast.
“It also helps that the Gold Coast apartment market is among the most stable in the country at the moment. Supply is limited and projects that are well planned and strategically located are finding buyers.”
Spyre Group’s Brisbane projects include the $78 million SOKO Waterfront Apartments and the $6 million SOKO Sky Homes, both in West End, and the $41 million Zhara New Farm luxury boutique development.
Company director Andrew Malouf said the proposed tower at Broadbeach has been architecturally crafted in a similar vein to cater for the luxury owner-occupier market. He also believes it will become a landmark development for the sought-after beachfront suburb.
The tower will comprise 65 luxury apartments over 21 levels, all with ocean views and an innovative design.
“As this is our first development for the Gold Coast, we’ve been particularly focused on creating something special,” Mr Malouf said.
“It’s curvy and it has a lot of style, and we are implementing some cutting edge technology that will benefit residents immensely, so we think it will be very well received by the market.
“That’s essentially the approach that has given us such an edge in the Brisbane market where we’ve been very successful over the past few years.
“We think there is more potential than ever before for quality boutique developments on the Gold Coast to capitalise on the lifestyle trend for high-end owner occupiers.
“Baby boomers are driving the lifestyle trend in Brisbane at the moment, with many of them downsizing from homes to apartments.
“The same is happening on the Gold Coast, driven by increases in the price of homes in sought-after areas close to the water.”
The Spyre Group development, located on a corner site at 185 Old Burleigh Road opposite the Broadbeach Primary School oval, will overlook Pratten Park to the east and offer absolute beachfront views that can never be built out.
The site, which houses a small two-level apartment block, was amalgamated by Spyre Group via an off-market negotiation process involving eight individual owners.