Red & Co. plots new Varsity Lake apartments
Brisbane-based developer Red & Co. is venturing into the Gold Coast apartment market, spending $8 million on a vacant site in Varsity Lake.
The plan is to developer 156 apartments on the 2,857sqm, 22 Lake Street site, near Varsity Central Park.
Colliers Queensland Residential Development Sites Director Troy Linnane said Colliers had been working closely with Red & Co. to help them secure their first Gold Coast site, with this site offering a great opportunity due to its location and existing approval.
“This off-market transaction highlights the value of strong market knowledge and relationships, we were able to align the right buyer with the right site given the relationships we have with many active developers seeking sites across the SEQ market,” Linnane said.
“Those groups with in-house construction capability or strong builder alliances are leading market activity as they are best positioned to deliver projects in the current market."
Linnane said with confidence strengthening in 2025, they are seeing increased competition for prime development sites.
“Developers are actively seeking well-located sites, to take advantage of the under supply of apartment stock and the significant uplift in revenues due to strong buyer demand."
Colliers Queensland Residential Site Sales Executive Jackson Robinson said the transaction reflected confidence in the market and increasing demand for well-located, DA-approved sites to develop into housing.
“Red & Co. recognised the depth of unmet demand for well-priced apartment stock on the Potts Point, particularly in sought-after suburbs like Varsity Lakes, which offers excellent connectivity, expansive views and close proximity to major employment and education hubs,” Robinson said.
There will be a mix of one-, two-, and three-bedroom apartments, with views over Lake Orr and out to Burleigh headland and the Hinterland, with additional outlooks north towards the Broadbeach skyline.
Red & Co., led by co-founders Keiran Foster and David Laverty, have previously completed several developments across Brisbane.
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
