Gurner, with financier MaxCap Group, has picked up a second Gold Coast development site, this time at Burleigh Heads.
The 1012 square metre parcel, 1929 Gold Coast Highway, is speculated to be costing about $5.5 million.
A 22 level tower with 80 apartments and an activated rooftop – forecast to have an end value of c$120m – is planned.
The property presently contains seven flats in an older style two storey complex.
It abuts the Burleigh Heads Apartments complex with two, connected 25 level octagonal shaped structures.
The purchase comes three months since Gurner, backed by Wingate, appointed a builder for a $1.25 billion mixed-use village, La Pelago, at Surfers Paradise’s Budds Beach, which is set to contain 1000 dwellings in four towers, the tallest rising 55 floors.
Demand outstripping supply: Tim Gurner
Gurner chief executive officer Tim Gurner said Gold Coast apartment demand continues to outstrip supply.
“It’s a market we have great confidence in and one that will continue to play an important part in our company’s growth,” he added (story continues below).
“There is no doubt that Burleigh Heads is the hottest market in Australia right now and it’s a place we have to be in,” according to the executive.
“Following on from the incredible revitalisation that Chris Vitale is bringing with the Mondrian, we want to be able to enter the market and offer buyers all the amenity on offer in the area with residences that are attainable for local buyers”.
Gurner general manager Tim Mills said “despite the challenges posed by the last two years, the top end of the market has continued to stand up, and one area that is reaping the benefits of this is the Gold Coast – buyers are seeking ultra-luxury residences with hotel-style amenities and service”.
The company’s development pipeline is now worth $10b.
GV Property Group’s Luke Reaby and Antonino Mercuri marketed 1929 Gold Coast Hwy.
Burleigh Heads is about 14 kilometres south of Surfers Paradise.
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