National developer Villa World has bought a major development site in Southport where it is laying plans to develop a $42 million townhouse community in one of the Gold Coast’s most dynamic employment and recreational hubs.
The 1.94ha site, located at 154 Musgrave Road, is adjacent to the Sharks Football Club and backs onto The Smith Collective within the Gold Coast’s Health and Knowledge Precinct.
The site comprises the undeveloped portion of the Sphere master-planned community which comprises 21 medium rise apartment buildings completed more than a decade ago.
Villa World has acquired the site from an entity related to Clarence Property Group for $7 million in a deal that settled on October 25 – just days after AVID Property Group’s (AVID) acquisition of Villa World was announced.
The company has lodged a development application to build 74 townhomes on the site which sits to the north of the existing Sphere development.
The site previously had preliminary approval for medium-rise residential development as part of Sphere’s stage-five release. However, Villa World is proposing a lower-density residential development for the site.
The property is located less than 1km from Griffith University, the Gold Coast University Hospital and two light rail stations. It is also adjacent to Musgrave Park and the parklands around The Smith Collective, originally established as the Commonwealth Games Athletes Village and home to a growing community that includes a mix of commercial and residential tenants.
The site acquisition comes on the heels of a strong run of sales at Villa World’s largest development on the Gold Coast in recent years, the $300 million Arundel Springs community which is set around the Coombabah Lakelands Conservation Area.
“This is quite a strategic acquisition in light of the strong demand we have experienced for quality homes in the central Gold Coast,” said Villa World’s CEO and Managing Director Craig Treasure.
“Our aim is to bring a suite of townhomes to the market in the heart of a highly active business and residential precinct that is really living up to its potential.
“We believe a lower-density development is an ideal fit to complement the existing Sphere development and that it will appeal to a broader spectrum of the market.”
Villa World’s proposal for the site comprises two-storey townhomes, most of them with double garages, connected via pedestrian pathways to communal areas for residents and to the nearby parklands and amenities.
Almost 1200sqm has been dedicated to communal open space, including pool, indoor gym, barbecue facilities.
Villa World plans to deliver the project in three stages with the community space forming part of the first stage of development.
AVID Property Group Holdings will officially own and operate Villa World on Wednesday 30 October, with the combined business offering a portfolio of 37 communities along Australia’s eastern seaboard.