“I don’t think Macquarie and Urban Pacific’s decision to leave will impact on the outcome of River Links.” Gay Group director Tim Gay told the AFR. “We haven’t been sitting here struggling. We’ve sold 90 per cent of the project, and they want to do other things and we want to see it to completion.”
He said two years ago, blocks within the project would have sold within a couple of months. But the global financial crisis has hit the Gold Coast hard, and its now expected the remaining blocks will take up to 18 months to sell. The last two waterfront stages of Riverfront Links went on sale more than a year ago. Upon completion, more than 1500 people are expected to call the new village home.
The Gay Group also owns a 20 hectare block on the Coomera River. It has also recently purchased a 5.5 hectare development site adjacent to River Links, which it plans to develop into a 120-unit apartment building, and 15,000 square metre office building. Two bedroom waterfront apartments are expected to be priced at less than $500,000.
Gay Group is one of four companies shortlisted to build the $1 billion Gold Coast marine development at Southport Spit.