This article is from the Australian Property Journal archive
The Gold Coast City Council has approved the first residential stage development at Patrick Lu’s Verge Point, which is part of the $250 million Helensvale Plaza urban renewal project.
The conditional approval paves the way for the start of a $30 million, 69-apartment development, Verge Point, which will start early next year.
The first stage will mark the start of a 10-year development program by Verge Point to create a world class, new urban precinct on a 4.7 hectare site it purchased last year for $23 million.
“This is the next chapter of the urban renewal of Helensvale and the council’s decision reinforces the importance of adding residential product to this important new urban precinct. The approvals process has been lengthy because of the desire by us and the council to carefully and design a precinct that will meet the needs of the community into the future,” he added.
A $2.5 million refurbishment of the Helensvale Plaza is also in the pipeline as well as the construction of additional retail space, a showroom, and additional car parking.
The site is at the heart of the region’s fastest growing precinct known as North Shore on the northern Gold Coast, and is strategically located next to the recently completed Westfield Shopping Centre.
Verge Point’s re-development plans include a multi-million upgrade of the existing 8500 sqm shopping centre, which is anchored by a 2700 sqm Bi-Lo supermarket, and the creation of a $150 million apartment development within the plaza precinct.
Recent research from independent property analyst Michael Matusik show that urban precincts located near major transport hubs have become increasingly popular as rising fuel prices and future traffic gridlock impacts on driver habits throughout south east Queensland.
Matusik said the popularity of new urban precincts will be generated by a trend toward smaller living, rising fuel prices and easy access to services such as shopping centres and transport hubs.
“Areas like Helensvale, for example, are set to emerge as new urban precincts because the infrastructure is either in place or close to being implemented and they are centrally located in relation to Brisbane and the Gold Coast,” he added.
Verge Point is a privately-owned family company based in Brisbane. The company has held significant Brisbane properties in Queensland over the last 10 years.
Last year, it sold the Wynnum Shopping Centre for $10.8 million after purchasing the property in 2003.
Lu, with joint venture partners, is currently amending a Development Application for a $40 million house and land subdivision in the Brisbane suburb of Parkinson which he is planning to unveil next year.
By Adam Parsons
