Citimark in $1 billion Gold Coast play

One of Queensland’s most successful and longest established developers will deliver more than $1 billion in residential projects on the Gold Coast over the next five years.With a reputation for targeting capital city and early cycle markets, award winning Citimark Properties will begin its investment program by transforming a prime development site immediately south of the landmark Q1 tower in Surfers Paradise.Planned is a $160 million approved project on a 2020sqm beachside site at the corner of Markwell Avenue and Surfers Paradise Boulevard.Above: Citimark's Markwell Avenue project The as-yet unnamed high-rise will soar 45 levels and offer 206 apartments to a market eager for new apartment stock.Citimark Properties joint managing director Angus Johnson said the company’s decision to invest heavily in the Gold Coast residential market was based on timing, public and private infrastructure spending in the region and in-depth experience in understanding the property market cycle.“The Gold Coast market is offering exceptionally good value when compared with the Brisbane and southern markets and we believe the market there is changing significantly,” he said.“Historically when the Sydney market heats up the Gold Coast follows sometime after.“There is now a very enticing value proposition, not only for local buyers but interstate investors seeking to invest in a location offering capital growth opportunities.”Mr Johnson said the Gold Coast, particularly Surfers Paradise, was entering a new development cycle.“We’ve seen a shortage of new apartments due to a lag in high-rise development since the GFC,” he said.“The Gold Coast is benefitting from significant investment in public and private spending on transport, health, education and tourism infrastructure projects.“As the Gold Coast’s premier lifestyle destination, Surfers Paradise is experiencing a revival on the development, tourism and retail fronts and we are looking forward to being a part of this exciting new cycle.”Mr Johnson said Citimark was thrilled to have secured a development site in Surfers Paradise, just 200 metres from the beach and adjacent to the city’s new light rail track.Citimark purchased the property earlier this year for $11 million which included Development Approval. Ctimark has subsequently amended this Approval.The company has also purchased prime sites opposite the Markwell Avenue site and on Chevron Island and are assessing several other high-rise and townhouse sites.Established in 1990, Citimark has an outstanding track record of delivering residential, commercial, retail and industrial projects located throughout Australia and in Japan.Citimark currently has a $1.8 billion project workbook including residential, retail and commercial projects throughout South East Queensland.Its previous residential projects include the $155 million Central Brunswick urban renewal project in Fortitude Valley, the $130 million Evolution riverfront tower in Brisbane’s CBD, the $95 million multi-award winning Felix tower in Brisbane’s CBD, a 25ha Mitsubishi Motors industrial redevelopment in Adelaide and the 330-lot Emmadale Gardens estate at Gladstone.Headed by brothers in law Angus Johnson and Robert Pullar, Citimark has a reputation for savvy market cycle moves including the selling down of assets and projects ahead of the GFC.