AZZURA INVESTMENTS DOWNSIZING MONARCH PLACE TOWER TO FAST-TRACK CONSTRUCTION OF IMPERIAL SQUARE STAGE TWO

Gold Coast developer Azzura Investments has scaled back the second stage of its $3.8 billion Imperial Square development at Southport in a move aimed at fast-tracking construction of the project, backed by a strong run of preliminary sales.

Hard on the heels of the successful opening of the first stage, Regal Residences, which is anchored by hotel operator Wyndham, Azzura has sought to amend the second stage, known as Monarch Place, to capitalise on the strength of demand for accessible luxury in the Gold Coast’s CBD precinct.

Monarch Place, which was to rise 40 storeys, has been scaled back to 21 storeys while still delivering on its original plans to create a major new medical precinct as part of the Imperial Square master plan. The project value is $360 million.

Azzura has lodged a minor change application for Monarch Place with the Gold Coast City Council which the company says has become necessary to stay ahead of a challenging construction sector by getting the project off the ground much sooner.

The decision was prompted by a strong run of preliminary sales for the project, which has garnered commitments from buyers totalling more than $130 million, largely from owner-occupiers and downsizers who have made Regal Residences one of the Gold Coast’s best-selling projects in recent months.

“Reducing the scale of Monarch Place is essential from a project-delivery perspective,” said Azzura Investments founder and director Robert Badalotti.

“It means we can get the project under way sooner and completed much earlier than planned, which meets the needs of our buyers who are keen to move in as soon as possible.”

Under the amended plans, Monarch Place will comprise 21 levels and deliver 209 apartments across 14 levels, including three levels devoted to short-stay accommodation.

In line with the currently approved plans for Monarch Place, an entire floor will be devoted to medical suites, comprising 23 strata title opportunities across more than 3,212sqm of net lettable area.

Additional medical tenancies will be delivered on Level 6, comprising 1,587sqm, which will sit alongside an exclusive precinct comprising an extensive array of amenities for residents and guests.

Among the amenities unique to Monarch Place will be a music room, cinema, golf simulator, library and workshop, as well as a gym, sauna, spa, residents’ kitchen and dining room, coffee lounge, meeting room and indoor pool.

The level seven pool area will include a spectacular 800 square metre pool with sandy beach and cabanas as well as a 2000 square metre Monarch Imperial Club.

An expansive entertainment area is planned for Level 21 which will house a rooftop bar.

The development will also have parking across four levels to accommodate 403 vehicles to cater for the commercial space and for residents and their guests.

Demand for medical suites has proved to be exceptionally strong at Monarch Place, with Azzura Investments reporting that more than 50 per cent of the medical suites on offer are already under contract, reinforcing the emerging appeal of the Imperial Square master plan which is envisaged to create a ‘city within a city’ offering a diverse range of residential, commercial and leisure amenities.

“The downsizing of Monarch Place doesn’t detract from this vision,” said Mr Badalotti.

“We have always taken a long-term view in delivering on the Imperial Square master plan and our new proposal for Monarch Place is in direct response to market conditions and demand for affordable luxury.

“Every project we have undertaken over the past four decades has been with an eye on maintaining a practical and sustainable approach to development that is second to none. We’re excited to be in a position to bring the second stage of Imperial Square to the market under this guiding principle.”

Monarch Place is planned for a 5,298sqm site on the corner of Meron Street and Ferry Road, adjacent to the recently completed TRYP by Wyndham Southport Gold Coast – home to Amore Ristorante, the largest Italian restaurant on the Gold Coast which occupies more than 1,000 sqm in the Stage 1 Regal Residences tower.

Monarch Place’s 209 apartments will comprise layouts of one, two and three bedrooms with the residences centrally positioned to offer easy access to the Gold Coast’s lifestyle and employment hubs and deliver a sophisticated residential offering in one of Southport’s most sought-after addresses.