Developer&nbsp;GURNERTM is plotting to create an $800 million mixed-use development on Melbourne's St Kilda Road, having secured a prime site facing Albert Park.

The plan is for between 160 to 180 residences on a 4,651 sqm site corner site at&nbsp;424–426 St Kilda Road which has three&nbsp;frontages on the corner of St Kilda Road, Toorak Road and Queens Lane.

The unnamed project will&nbsp;offer uninterrupted views over the Royal Botanic Gardens and Domain precinct, the city skyline and Albert Park Lake.

Once complete, the project will boast walkability to Anzac Station, Albert Park Lake, the Royal Botanic Gardens and Fawkner Park, and be in easy proximity to South Yarra’s retail and dining precinct.

Residences will be focused on private nature of the precinct for downsizers and lifestyle upsizers with a focus on wellness, and lifestyle, with plans for on-site retail that would complement the project’s prestigious location, and wellness amenities that will promote a healthy lifestyle among residents.

GURNERTM, led by Tim Gurner, secured the blue-chip property through an off-market negotiation after the site was taken to market by JLL’s Josh Rutman &amp; Mingxuan Li and CBRE’s Kiran Pillai and Tom Ryan in late 2022.

The site is currently home to two six-storey commercial office buildings joined by a five-level atrium, which will be demolished at the end of the current leases, to make way for the residential building.

There is a lapsed permit approval on the site, which allowed for an 18-storey building with 339 apartments and 292 car spaces. GURNERTM intends to submit a new planning scheme.

Gurner said he's had his eye on the site for over a decade.

“I have had my eye on this particular site for over a decade, having cut my teeth with Morry Schwartz on 401 St Kilda Road in 2008 across the road so it’s humbling to be able to come full circle with another site now directly across the road some 15 years later, still with the same aspirations to create a new benchmark for residential design just as 401 did at the time."

He said Saint Moritz showed the depth of this end of the market.

"We are excited to evolve and elevate this concept and take it even further with this project. With its prime iconic corner location it will become an iconic landmark for Melbourne so we cannot wait to do this site justice.

Gurner is calling the project a "longer-term play", given there's long-term tenants in the current commercial space.

This is the second acquisition in as many months for the developer after its recent purchase of a significant site in 189 Kent Street, Sydney in July for over $200 million, and is the second seed site in GURNERTM’s Build-to-Sell fund, which is supported by a global institutional investor.

GURNERTM Chief Development Officer Robert Clarke said the team are actively seeking more&nbsp;opportunities in Melbourne and Sydney, with the hope to announce more acquisitions soon.

“It’s a tough environment for developers and commercial asset owners currently, and the effects of interest rate hikes are still yet to really play out across valuations and interest covenants, so we do 
expect to see a continuing trend of office assets being put on the market at discounted 2022 prices.”

The unnamed project will offer uninterrupted views over the Royal Botanic Gardens and Domain precinct, the city skyline and Albert Park Lake

Joel Robinson

Gurner to create "the next St Moritz" at newly acquired St Kilda Road, Melbourne site

UEM Sunrise has acquired its first residential development site in <a href="/developments/subiaco-wa-6008">Subiaco East </a>in Perth, their first development outside of <a href="/developments/melbourne-vic">Melbourne</a>.

They have spent over $22 million purchase two lots at The Oval precinct in <a href="/developments/subiaco-wa-6008">Subiaco East</a> from DevelopmentWA, where they will deliver two apartment buildings.&nbsp;The precinct is part of the state’s most significant urban redevelopment at the iconic former Subiaco Oval.&nbsp;

Subiaco is a <a href="/developments/subiaco-wa-6008">suburb renowned for its eclectic architecture</a>, quaint and leafy residential streets, premier shopping, and multicultural dining scene.

Plans for the upcoming mixed-use residential precinct will include the delivery of two towers with around 430 apartments, subject to development approval. Construction is expected to start on the project, which will also include up to 12 per cent affordable housing, in 2026.

The 4,930 sqm site, located two kilometres from <a href="/developments/perth-wa">Perth's CBD</a> on <a href="/developments/subiaco-wa-6008">Subiaco</a> Road and Haydn Bunton Drive, is within walking distance of the <a href="/developments/subiaco-wa-6008">Subiaco</a> entertainment precinct and West Leederville neighbourhood. It is also surrounded by around seven hectares of public open space.&nbsp; The <a href="/developments/subiaco-wa-6008">Subiaco</a> Train Station and West Leederville Train Station are an eight-minute walk.

<img alt="UEM" data-entity-type="file" data-entity-uuid="359ff14e-7db5-4cf9-ab85-9351baa3dc66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-16%20at%201.56.21%20pm.png?VersionId=UhDBhOT6XaSOkdwYyTfRz_1D6P_yblWc" />

UEM Sunrise Chief Executive Officer Sufian Abdullah said that the company was thrilled to secure the prized site and expand its presence in the Australian market.&nbsp;

“We are delighted to work with DevelopmentWA on this landmark project as our first venture in Western Australia’s residential market," Abdullah said.

"Following the success of our projects in Melbourne, we are also pleased to be able to bring our local and global expertise to deliver a high-quality residential precinct that will complement Subiaco Oval’s rich heritage and landscape."

Abdullah said they had been actively looking at investing in Perth for some time, due to strong fundamentals underpinning the economy, a lower housing entry point compared to other capital cities, and some of the best prospects for capital gains in Australia.

"This development represents a fantastic opportunity to deliver new housing supply at scale and generate greater investment for the city. We look forward to working with DevelopmentWA, local stakeholders and the community on next steps for this exciting project."

DevelopmentWA Acting Chief Executive Officer, Dean Mudford, said the deal was a major milestone for one of WA’s most significant redevelopment projects, which will deliver much-needed new housing supply and support the revitalisation of the Subiaco town centre and West Leederville activity centre.&nbsp;

“Having delivered over 1,650 apartments in Melbourne, UEM Sunrise has demonstrated its commitment to delivering diverse, quality homes in Australia," Mudford said.

"The design concepts presented for Lots 1 and 2 at The Oval incorporate elements that celebrate the rich history of Subiaco and will complement the public realm around the iconic Subiaco Oval.&nbsp;

“We are delighted that UEM Sunrise has successfully secured this opportunity and look forward to working with them on bringing this project to life."

UEM Sunrise, who are owned by the strategic investment fund of the Government of Malaysia, has previously developed Aurora Melbourne Central, an 86-level tower in Melbourne's CBD, as well as Conservatory, which has 446 apartments with views of Carlton Gardens.

Plans for the upcoming mixed-use residential precinct will include the delivery of dual towers with around 430 apartments, subject to development approval



UEM Sunrise move into Perth off the plan apartment market with Subiaco Oval site acquisition

Boutique Melbourne property developer Piccolo has spent around $35 million on an apartment development site in <a href="/developments/kew-vic-3101">affluent Kew</a>.

The 8,475 sqm site at 18 Barry Street, on the corner of A'Beckett Street, will offer view lines across Yarra Bend Park and Studley Park, as well as the <a href="/developments/melbourne-vic">Melbourne CBD skyline</a>.

Piccolo Managing Director Michael Piccolo said from the very beginning, they saw the AAA-rated site as a perfect fit.

"Its location, surrounded by the serenity of leafy streets and impressive vistas, combined with its scale, liveability, and character, ticks&nbsp;all the boxes for us," Piccolo says.

"This unique opportunity is a rare gem in the current market, where properties of such calibre are extremely scarce."&nbsp;

While designs are currently being drawn up by Woods Bagot, in yet another partnership between the two, the project, A Piccolo House - Barry Street, Kew, is expected to be worth around $180 million.

The newly acquired site is currently occupied by a former Residential Aged Care Facility (RACF), comprising a combination of single and two-story buildings.

<a data-entity-type="file" data-entity-uuid="77ba6615-144d-4186-a23e-c25cd1373a69" href="/new-apartments/piccolo-house-barry-st-kew-barry-street-kew-18-barry-street-kew"><img alt="Piccolo" data-entity-type="file" data-entity-uuid="77ba6615-144d-4186-a23e-c25cd1373a69" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-08-14%20at%2010.41.33%20am.png?VersionId=Ys2gpCoTiIKYRZYXANxTmUt7rauWhtxT" /></a>

"At Piccolo, we are driven by the desire to create homes that come with the promise of longevity and also enhance the lives of our residents, and the surrounding community with timeless developments," Piccolo added.

"In addition to finding the right partners, the ability to find the perfect site for every Piccolo home is an important part of achieving this goal. A building should be about more than just the residents who occupy it – if it’s loved by the community, it will remain for generations."

Piccolo will also bring in fellow long-term partner Hecker Guthrie to transform the site into a connected community.

"We are excited to join hands once more with Woods Bagot to bring to life our vision for this exceptional development site. Their innovative approach to design, combined with our commitment to excellence, will once more result in remarkable living spaces that offer both luxury and functionality."

This site acquisition follows Piccolo’s sales success with 385 Gore Street, Fitzroy which is currently under construction after selling&nbsp;70% of the residences in less than 5 months.

Colliers Director for Development sites Hamish Burgess, who handled the transaction with colleagues Ian Sanders and Justin Hazell, said development propositions of this stature within one of Melbourne's most coveted residential locations are rarely offered to the market.

"Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.”&nbsp;&nbsp;

Piccolo Managing Director Michael Piccolo said from the very beginning, they saw the AAA-rated site as a perfect fit

Piccolo buys $35 million Kew site for next development

Property developer TWT Global is set to become one of St Leonard’s largest landowners having spent $35 million on a development site as part of its $1 billion mixed-use development, The Collective.

They've spent $35 million on a 1080 sqm site at&nbsp;50-56 Atchison Street. The Collective will span&nbsp;nearly 9,500 sqm and multiple suburban blocks and have three towers. The newly purchased site will become a part of the larger development.

<img alt="St Leonards" data-entity-type="file" data-entity-uuid="18a77ded-d973-40f5-8fb4-5411a1e5226c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-18%20at%202.57.26%20pm.png?VersionId=lmb629kIO3AJo7m33ms.kqtF69btRn3V" />

TWT Global, who have developed NewLife <a href="/developments/sydney-nsw-2000">Darling Harbour</a> and NewLife <a href="/developments/bondi-junction-nsw-2022">Bondi Junction</a>, are committed to fostering <a href="/developments/st-leonards-nsw-2065">cultural vibrancy in St Leonards</a> through its Creative Precinct initiative.

Launched in 2014, the Creative Precinct involves the conversion of several commercial buildings into creative spaces, including artist studios, galleries, rehearsal spaces, recording studios, arts business offices, and creative retail. This initiative has already supported over 800 artists and creative businesses, providing the local creative community with over 4,000 square metres of subsidised space.

<a href="/developments/st-leonards-nsw-2065">St Leonards has been a hive of activity for apartment developers</a> in recent years. New Hope Group recently launched The Landmark Quarter, having already developed The Landmark in the suburb, while Hyecorp are currently building The Audrey on Canberra Avenue.

The Collective will span nearly 9,500 sqm and multiple suburban blocks

Exclusive: TWT Global secure St Leonards site to expand $1 billion masterplan The Collective

Developer Polycell Group, who is currently developing The Rochester in Broadbeach, looks like it has it's eye firmly locked in on their next development site.

Records show they've spent $15.5 million buying 19 apartments in the Sandpiper building at 155 Old Burleigh Road. They were bought from developer Peter Priest from Trenert, who earlier in the year decided to abort their plans to buy out the rest of the owners when rival developers secured apartments to scupper the redevelopment.

The stoush went to court, with Trenert claiming the rival developers used information that was subject to a confidentiality deed, after they had made a $40 million offer to secure the whole project.

Polycell was founded in the 1970s by current director Robert Ching-Chin Hsu. Starting life as a packaging and materials company in Taiwan, Polycell branched out and is now the largest privately owned air bubble cushion producer in the world today.

No doubt they will now work on the rest of the owners in the building.

<img alt="Sandpiper" data-entity-type="file" data-entity-uuid="d692b541-1154-4a16-a8dc-7a20a7f1b059" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-06%20at%202.29.58%20pm.png?VersionId=.APH4BEfZiqPkz0Mc2xDm2L7s7MBZxg1" />

Despite being gazetted earlier in the year, the rules for developers to take control of a building if they have over 75 per cent of the apartments, have yet to come into force.

There have been two sales in the development this year, aside from Polycell's purchases. Two two-bedroom apartments sold for $650,000 and $755,000.

The 1,828 sqm site is located directly opposite Kurrawa Park, which will offer never-to-be-built-out views across the beach and ocean.

It sits on the corner of Broadbeach Boulevard and Albert Avenue. The other side of Albert Avenue is the towering ULTIQA Beach Haven, while behind is the under construction, twin tower development Victoria &amp; Albert by Iris Capital.

<img alt="Sandpiper" data-entity-type="file" data-entity-uuid="75803a6c-d65f-4976-a0e6-df5587ceaf33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-07-06%20at%202.33.13%20pm.png?VersionId=XBhB9EA31195oJoOsMhJLG57q4GKjIAj" />The current view from Sandpiper

Polycell is currently developing The Rochester, around 700 metres away on Surf Parade. That has 170 two and three-bedroom apartments.

It prides itself on it's extensive resident amenity. The $250 million tower features over 2,200 sqm of facilities.

[smartcode_project:default project_id=112276 project_image_fid=211183]

The whole of level four, some 1,350 sqm, will be dedicated to a health and wellness centre, which will feature a state-of-the-art gym, dry and wet saunas, a cold bath and a yoga lawn.

There will be an outside podium with a lap pool, a second leisure pool, heated spa, sun decks, barbecues, and alfresco dining spaces, all with views of the Pacific Ocean and the Gold Coast hinterland.

[smartcode_project:default project_id=112276 project_image_fid=211186]

Level 26 will home a further 930 sqm of amenity.&nbsp;

Dubbed The Executive Club, residents will have access to a sky lounge and private and communal dining spaces, anchored by a commercial kitchen for catering. A cellar room will feature individual wine and whiskey lockers.

The Executive Club will also feature state-of-the-art workspaces, including a&nbsp;boardroom, private office suites and workstations. A six-seat cinema, games room, and outdoor lounge areas, complete the amenity.

Polycell is currently developing The Rochester, around 700 metres away on Surf Parade

Exclusive: The Rochester developer Polycell locks sights on next Gold Coast apartment project

Sydney developer Coronation Property has expanded its presence in the heritage-conservation suburb of Ashbury in Inner West Sydney.

They've secured the neighbouring development site to their current project, Ashbury Terraces, spending $45 million on the 1.64 hectare site that was listed by Michael Teplitsky, Felix Milgrom and Boris Markovsky.

The shovel-ready project at&nbsp;149-163 Milton Street has plans for 59 apartments and 68 multi-level townhouses designed by SJB.

Coronation's Managing Director Joe Nahas called the acquisition a "no brainer."

&nbsp;

<img alt="Render of the proposed second Ashbury development" data-entity-type="file" data-entity-uuid="a2651fa7-5014-45e0-9dbe-2d3c62e38703" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ashbury%20Stage%202%20-%20001.jpg?VersionId=RDPtg5BW.z83wcNnf_PXMe6ZhusmsGGD" />Render of Coronation's new Ashbury development site. Credit: SJB

&nbsp;

“Off the back of the incredible sales success at Ashbury Terraces with more than 50 percent of the terraces and over 50 percent of apartment sales, it was a no brainer for us to acquire the adjacent site to offer additional quality housing stock to our purchasers," Nahas said.

“SJB’s early engagement, coupled with the existing involvement of our in-house design team, dedicated development, construction, and sales and marketing teams working on Ashbury Terraces, it will be a seamless and efficient progression for us to extend our efforts next door."

The original Ashbury development was a shortlisted finalist in the 2022 World Architecture Festival (awards) for Future Projects. That too features a mix of apartments and terraces. They recently announced they've sold out 80 per cent of stage two of the project, with the final release of residences expected hit the market at the beginning of next year.&nbsp;

Ashbury Terraces is on track for completion by the end of 2024.

[smartcode_project:default project_id=112253 project_image_fid=193253]

NSW Premier Chris Minns recently announced plans to help tackle the existing housing crisis by streamlining and accelerating the approval process, given the&nbsp;population of New South Wales estimated to increase by 85,000 residents per year until 2041, meaning there is an urgent need for 314,000 new dwellings over the next five-year period.

To expedite new housing supply, the Premier’s proposal will provide developers access to a fasttrack approval process through a ‘state significant development’ pathway for projects exceeding $75 million and comprising a minimum 15 percent affordable housing.

Nahas welcomed Minns’ announcement, saying it’s encouraging to see the Premier taking significant steps to facilitate an increase in affordable housing availability in the market and an overall boost in the number of new homes for the residents of New South Wales.

"As a company, we value our capacity to offer highly sought-after, quality residences. With this new initiative, we firmly believe that we can efficiently deliver a balanced combination of quality off-the-plan, build-to-rent, and key worker dwellings within a reduced timeframe," Nahas said.&nbsp;

"This will not only provide a broad range of housing options but importantly will make a significant contribution to meeting the escalating demand for new homes across Sydney in particular.”

[smartcode_project_cta:default project_id=112253]

The shovel-ready project at 149-163 Milton Street has plans for 59 apartments and 68 multi-level townhouses designed by SJB

Coronation Property expands its Ashbury Terraces site with $45 million purchase

Melbourne-based developer Primeland is planning to create a $120 million luxury apartment and townhouse project on the site of Brighton's former Savoy Hotel.

The developer has ambitious plans to transform the 3400 sqm site into a mix of two and three bedroom apartments with unobstructed views across the bay from all three levels, private rooftop gardens for the penthouses, and a separate collection of luxury townhouses to the rear of the site.

Set to cater to the high-net worth local Bayside community, the residences will be priced between $5 million and $20 million, with the penthouse slated to be around 600 sqm.

Located at 150 Esplanade, Brighton, the site was first established as a private residence in 1909 before it was transformed into the Savoy Hotel in 1959 and later purchased by the Lee family in 1967, where it had remained under ownership for 55 years until Primeland’s acquisition.

The site is located less than 100 metres from Brighton’s most famed assets – the Brighton Bathing Boxes that proudly line Brighton Beach. They fetch between $300,000 - $400,000 when they ever come up for auction, but are more likely to stay in families for many generations.

Primeland chairman Robert Brij said the acquisition of the Savoy Hotel underpinned the developer’s strategic focus on the ultra-luxury residential sector.

“This site is a prime jewel in the crown of Brighton; the fact that it has only transacted once in 55 years underpins its rarity and location overlooking the bay," Brij said.

“The vision for this project is to create a luxury experience that is befitting of this superior address, that will stand as a landmark for not only Brighton but all of Melbourne.

“The last few years have seen significant growth in our portfolio and capabilities as we focus on building a mixed-use pipeline across Australia in the hotel, industrial and residential sectors."

Brij believes there's a huge opportunity in Melbourne's ultra-high end residential market.

"We are confident in the continued demand for ultra-high end assets noting that this end of the market is largely unaffected by macro-economic factors or interest rate rises."

On the Savoy, Brij said it's the&nbsp;type of development site that will allow them to create something that will honour its location along one of Australia’s most famed Esplanades.

"We are excited to appoint a leading architect that shares this vision in the coming months and progress to the planning stage with council in due course,” he said.

Primeland has super-charged its pipeline in the residential sector in recent years with a string of acquisitions adding a number of hotel, mixed-use, residential and community-based infrastructure developments to its established industrial portfolio, taking the developer’s pipeline to a combined end value over $1 billion.

The more recent acquisitions include a boutique hotel/hospitality development to be designed by Cera Stribley, and a joint venture residential project with Pelligra - both in East Melbourne - where multidisciplinary design practice Carr is currently designing 14 ultra-luxury residences for the high-end market.

Set to cater to the high-net worth local Bayside community, the residences will be priced between $5 million and $20 million, with the penthouse slated to be around 600 sqm

Primeland buy Brighton's former Savoy Hotel, plan $120 million residential redevelopment

Sydney developer JQZ has paid $110 million for the South Quarter site in the heart of Parramatta, the former project mooted by now collapsed developer Dyldam.

They've secured the former Auto Alley at 57-83 Church Street, which has plans in place for a mega development with over 750 apartments and around 40,000 sqm of retail and commercial space.

Five towers were part of the original application, one of which was set to home an international branded hotel. No word from JQZ if they'll be pushing on with the $876 million project exactly as Dyldam had intended. The plans had towers ranging from 10 levels to 42 levels.

They'll no doubt stick to Dyldam's application to weave community parks throughout the huge 1.4 hectare block which is just&nbsp;450 metres from the Parramatta Rail and Bus Interchange and 260 metres from Westfield Parramatta.

<img alt="JQZ Parramatta" data-entity-type="file" data-entity-uuid="408baf84-4e15-4dc6-8304-3aa831f76196" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-05-30%20at%209.07.22%20am.png?VersionId=dx77LnyautHnGdyynLdX57.IUDJGV2L9" /> 
CBRE, Colliers International, and Moxham Commercial, sold the site to JQZ recently.

They marketed the project as an "outstanding opportunity for an incoming developer to secure a large scale, approved, mixed use development site at the southern gateway into Parramatta CBD."

Allen Jack + Cottier designed the plans for Dyldam, noting in the submission that the concept design reinforces the “gateway” location and provides a distinct sense of arrival from the south to the Parramatta city centre through the scale, form, and architectural design of the development.

They said the residential component of the development, which is over 64 per cent of the total gross floor area, will support the economic viability of the retail uses and the viability of local businesses beyond the subject sites.

JQZ, who recently completed 88 Christie in St Leonards, are soon to launch stage two of Lidcombe's $560 million Vivacity project which will have nearly 600 apartments.

Their website says they've&nbsp;successfully completed 18 residential projects across Sydney.

They've secured the former Auto Alley at 57-83 Church Street, which has plans in place for a mega development with over 750 apartments and around 40,000 sqm of retail and commercial space

JQZ secure South Quarter, Church Street, Parramatta site for next apartment development

A prime inner city development site with uninterrupted views of the CBD and development approval for a 12-storey residential apartment complex has been sold.

After a competitive expressions of interest sales process, the corner site consisting of three lots, 37 Leichhardt Street as well as 8 and 10 Downing Street, was sold to ACT based Addval Developments.

Colliers Director Investment Services Nick Wedge said the property represented one of the best ‘infill’ residential development sites, in the tightly held and highly sought-after suburb of Spring Hill.

“With development approval in place for 15 luxury residential apartments over 12 levels, with the refurbishment of the existing heritage dwelling on site, this provided a great investment opportunity,” Wedge said.

“We had a lot of interest in the site due to the exceptional demand for established and new housing in Brisbane."

“Based on historical demand and likely anticipated supply, Inner Brisbane will experience a shortfall of 16,000 new apartments over the next four years," he added.

Colliers National Director Investment Services Hunter Higgins said Spring Hill was one of Brisbane’s premier inner city suburbs with unmatched locality through its connectivity to amenity including Brisbane CBD, Roma Street Parklands and Train Station and two major private hospitals and schools.

“Opportunities to develop boutique apartment or townhouse projects on the doorstep of the CBD are exceptionally rare,” Higgins said.

“This site presented an unrepeatable development opportunity, especially with market conditions continuing to improve and opportunities like this virtually non-existent."

“Both the established and new housing markets have seen exceptional demand and increased pricing across Brisbane."

“This coupled with the site-specific attributes will result in premiums being paid for the end user product,” Higgins added.

Colliers Residential Site Sales Executive James Matley said located less than one kilometre from Brisbane’s CBD this site provided a great opportunity for the purchaser.

“While it already has development approval for residential units, it is zoned as mixed-use one, allowing for a range of development outcomes," Matley said.

“The zoning provides opportunities including residential, mixed use, retirement/aged care, build to rent, student accommodation, office, a hotel or serviced accommodation, commercial, medical, retail as well as child care, all subject to council approval."

Colliers Director Investment Services Nick Wedge said the property represented one of the best ‘infill’ residential development sites, in the tightly held and highly sought-after suburb of Spring Hill

alisonwarters@gmail.com

Addval Developments pay $5.1 million for Spring Hill apartment development site

Leading south-east Queensland developer Siera Property Group has purchased a prime absolute beachfront site at Bilinga on the southern end of the Gold Coast for $16 million.&nbsp;

The 1,214 sqm at 303 Golden Four Drive has existing development approval for an 11-storey residential building comprising 19 three and four-bedroom apartments and penthouses, and premium resident amenities.&nbsp;

Siera Founder and Managing Director, Brent Thompson, said the site’s beachfront location, existing DA approval and advanced construction negotiations added significant value and made it a strategic addition to the group’s growing Gold Coast portfolio.&nbsp;

“The existing development approval is 50 per cent higher than other existing approvals in the area, enabling the penthouses and apartments on the upper levels to access sweeping ocean views, north to the Broadbeach-Surfers Paradise skyline and out to the hinterland mountains,’’ Thompson said.&nbsp;

“The existing approval also cuts 12 to 15 months off our project timeline, allowing us to move quickly on construction.&nbsp;

“We have been talking with several builders who are keen to be involved in this project, with one highly engaged builder working toward a June 2023 start.”&nbsp;

pipi[smartcode_project:default project_id=138311 project_image_fid=217333]

Thompson said Ellivo Architects, who completed the original development application, are continuing on the project and will soon lodge a minor change to the DA to improve the floor plans for the new project, <a href="/new-apartments/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">Pipis Bilinga</a>.&nbsp;

“We are leaving the rest of the building design untouched as it already is very beautiful,” he said.&nbsp;

“Sites with direct beach access are becoming increasingly rare and our research demonstrated a growing undersupply of luxury apartments in what remains an affordable beachside suburb.&nbsp;

“Absolute beachfront at Bilinga generally is between $13,500-$15,000 per square metre, compared to other areas of the Gold Coast that command up $20,000 per sqm.’’&nbsp;

[smartcode_project:default project_id=138311 project_image_fid=217334]

Antonio Mercuri, of development site amalgamation specialists GV Property Group, sold the prime site. Mercuri said the site offered a rare proposition which doesn't come around often.

"True uplift was supported here from its unique 11 level approval, where the majority of projects are maxed out at seven or eight levels in the area," Mercuri says.

"The approved DA brings a quality designed building that is backboned by the A-Grade beachfront position in the highly demanded southern Gold Coast."

[smartcode_project:default project_id=138311 project_image_fid=217340]

Mercuri and his team sold&nbsp;309 Golden Four Drive, now Si Bilinga, and then 313 Golden Four Drive, now the apartment project Navani, and neither project pushed for the 50 per cent uplift in height that that 303 Golden Four Drive&nbsp;achieved.&nbsp;&nbsp;

The <a href="/new-apartments/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">Bilinga development</a> will be Siera’s third tower development on Gold Coast.&nbsp;

The group’s sculptural 22-storey Tapestry development on Chevron Island is now selling and last month Gold Coast City Council approved its application for a 25-storey tower on Enderley Avenue in Surfers Paradise.&nbsp;

[smartcode_project:default project_id=108641 project_image_fid=192964]

“Siera has made a long-term commitment to the Gold Coast, delivering high standards of design and lifestyle amenity in established locations,’’ Thompson said.&nbsp;

“Our niche is identifying locations that are undervalued and are commencing their "coming of age" and we then look to design, or in this case modify the design, to suit our future residents.&nbsp;

“Our vision for Bilinga is to provide a premium owner-occupier experience that reflects the area’s relaxed beachside lifestyle, with all residences enjoying high-end facilities and uninterrupted ocean views. It will be as unique as it is stunning.”&nbsp;

Bilinga and neighbouring Tugun and Kirra are undergoing a significant regentrification with several new cafes and restaurants under development. The location is also close to local surf clubs, Southern Cross University, Gold Coast Airport and the Coolangatta-Tweed Heads entertainment precinct.&nbsp;

The 1,214 sqm at 303 Golden Four Drive has existing development approval for an 11-storey residential building comprising 19 apartments


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