Drew Group's $395 million Lagoon Main Beach set to rise, backed by Hutchinson Builders and global investors

Gold Coast developer Drew Group has teamed up with Hutchinson Builders and global investors to commence construction of the company’s Lagoon Main Beach project after securing $120 million in sales for the landmark development.

The partnership brings on board YieldStack, which manages the international funding of global investors and Australia’s largest privately owned builder to deliver the $395 million twin-tower project which is earmarked for a near 4,000sqm site at 11-23 Cronin Avenue in the heart of Main Beach.

Drew Group managing director Jon Drew said he was excited to bring Lagoon Main Beach to fruition with the support of YieldStack and Hutchinson Builders.

“Hutchinson has an enviable reputation as a builder with a quality of standards that gives our buyers confidence to commit to the project off the plan,” said Mr Drew.

“With the financial backing of YieldStack, we now have a world-class team to deliver our vision for this wonderful site.

“The preliminary market response to Lagoon Main Beach and the pivotal partnerships we have now forged have positioned us to begin construction, with the demolition of the site complete and building to commence immediately.”

Lagoon Main Beach will comprise of two buildings - the Sunrise Tower and Sunset Tower - each strategically positioned to capture sweeping views across the length of the Broadwater and the Hinterland, or the Pacific Ocean from Stradbroke Island to Coolangatta.

The Sunrise Tower will offer a combination of two and three-bedroom apartments and Drew Group’s Signature Collection residences across 31 levels, whereas the Sunset Tower will rise 24 levels and feature 116 apartments comprising of one-, two- and three-bedroom configurations.

The project offers generously sized, liveable apartments, just 50 metres from the famed Tedder Avenue dining and entertainment precinct and 150 meters to the beach, it will feature high-end amenities designed to complement a coastal lifestyle, including a secluded lagoon pool oasis with private cabanas, indoor and outdoor lounges, fitness centre, yoga deck, surfboard and wet items storage, business hub and heated spa.

Hutchinson Builders, a diverse construction company with a comprehensive portfolio of residential and commercial projects, brings to Lagoon Main Beach more than 110 years of construction experience and a completed workbook totalling more than $35 billion. The company has an unparalleled industry reputation for project delivery with a strong balance sheet of more than $388 million underpinning its performance. 

“We currently have an extensive workbook of projects on the Gold Coast, and we are delighted to be working closely with Drew Group to bring a development of this calibre to Main Beach,” said Hutchinson Builders’ chairman Scott Hutchinson.

“We see Lagoon Main Beach as a significant opportunity on the Gold Coast, a market that continues to be well supported by strong fundamentals. Our partnership with Drew Group on this project is founded on the company’s excellent track record of premium developments within the Gold Coast market,” says Yield Stack’s Investment Director Neil Kumar.

Established in 1982, the Main Beach-based Drew Group is a family-owned property developer with a sound understanding of market principles, and a strategic focus on delivering projects which offer continued value to purchasers.

Lagoon Main Beach is being marketed by Jayde Pezet and Todd Matheson of Pezet Matheson who have overseen $120m worth of sales.

“We’ve seen incredibly strong traction from interstate and local buyers who appreciate the high quality of Lagoon Main Beach and the fundamental appeal to the area. The fact that Lagoon Main Beach is fully funded and poised for construction commencement in January 2023, is very appealing to purchasers and provides them with complete certainty,” says Pezet Matheson’s Managing Director Jayde Pezet.