Developers pushing ahead in QLD to the tune of over $1bn

FourQueensland development companies are pushing the green light on major projectsto the tune of more than $1 billion despite challenges facing some sectors ofthe development industry caused by the pandemic-inspired economic slowdown.

Fourthgeneration Sunshine Coast family the Henzells are pushing ahead with a $200million residential hub within its masterplanned Pelican Waters, undeterred bythe COVID-19 crisis.

“Wehaven’t even got Development Approval and we have people lining up to buy thefirst stage of our $200 million Cove community within Pelican Waters,” saysMclean Henzell, Director of HM Developments.

“Theproject is code assessible and we expect to receive approval in a matter ofweeks and we will be pressing ahead regardless of what others are doing. Weknow the demand is there for the product we are offering and we can’t wait toget going.”

Andthat product, targeting owner occupiers and downsizers who appear relativelyimmune from the economic impacts of the pandemic, is also responsible for oneof 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 the33 high-end, half floor residences in its exclusive project on the BurleighHeads Esplanade.

Themajority of apartments were sold to downsizers who appear to be unhindered bythe economic fallout impacting on other property market sectors across thecountry.

Thesales campaign has also resulted in Brisbane-based Spyre Group fast-trackingits demolition and construction program – this week announcing the appointmentof Gold Coast construction company CONDEV to build Natura, a 17-storey residentialtower selling only three-bedroom apartments.

CONDEVwill begin a three-month demolition program early next month – in the processtearing down a nine-level apartment building built in 2004 by Mimi Macpherson,the sister of Australian supermodel Elle Macpherson.

“Whenthe demolition is over we will be straight into construction and are hoping todeliver Natura to our buyers by the beginning of 2022,” said Andrew Malouf, Directorof Spyre Group.

“TheCOVID-19 crisis has had no impact whatsoever on our sales program and this isdue to the market we targeted – owner-occupiers who generally have established,secure savings and are not reliant on income or the banks.

“Theseare people who are in a position to get on with their lives despite what’sgoing on around them and they are doing just that.”

Onthe northern Gold Coast, Brisbane-based developers Kelyin Group and KinstoneDevelopments are gearing up to launch the long-awaited $650 million Serenity 4212project on the North Shore – a project which has seen over 1,050 pre-launchinquiries since the start of March.

“It’sa supply and demand equation on the Gold Coast’s North Shore,” says Tony Ashwin,Director of Ashwin Property. “Outsideof Sanctuary Cove there are less than 40 remaining waterfront blocks on thenorthern Gold Coast.”

“Peoplehave known about this amazing offering for a long time and we have beencompleting major site works implementations before we launch in a few weeksfrom now.

“Theinquiry rate, particularly from locals, has been nothing short of unbelievable,especially given we are in the middle of a pandemic.”

Serenitywill offer 110 blocks on a pristine parcel of land nestled between LakeSerenity and the Coombabah Lakelands Conservation Area.

Due to the limited waterfront landavailability in the area, Serenity will become the final master-planned,waterfront development in the Gold Coast’s North Shore.

Andfinally, one of the city’s most seasoned developers Robert Badalotti ispreparing to launch what is being described as ‘the new cosmopolitan heart’ ofthe Gold Coast’s CBD of Southport – a $155 million residential, commercial andhotel offering, to be known as Imperial Square.

ImperialSquare will ultimately be a $1.2 billion development and include Australia’stallest tower.

Theadvantage of Imperial Square is that it will be rolled out in stages and instep with the market, according to Mr Badalotti, whose company Azzura has deliveredmore than 2,600 residential dwellings, 24 commercial projects and sixinternational resorts over the past 30 years.

Havingwon numerous awards for excellence in design, Azzura’s extensive projectportfolio includes the Mantra Wings and Wyndham resorts in Surfers Paradise andthe Azzura Greens Resort in Hope Island.

AndrewBell, CEO of the largest agency in the global Ray White network, Ray WhiteSurfers Paradise Group, said he is witnessing an influx of buyers from southernstates planning to move to the Gold Coast in the wake ofCOVID-19.

“With many people now out of work and with more time ontheir hands, they are using this time to re-assess where they want to reside andthe Gold Coast is proving to be an attractive destination to accommodate theirlifestyle change,” said Mr Bell. 

“The increasing infrastructure, developmentand growth of the Gold Coast is making the city highly appealing to thoseseeking a new destination for their permanent-residence,” said Mr Bell.