This article is from the Australian Property Journal archive
DEVELOPER Tim Gurner and MaxCap Group have teamed up again to buy a Burleigh Heads site that will make way for a $120 million luxury residence tower, as the Gold Coast market witnesses overwhelming demand for apartments.
It represents the second foray into the Gold Coast for Gurner, who is planning a $1.25 billion luxury apartment, hotel and hospitality precinct at Budds Beach.
The new acquisition is a 1,012 sqm site at 1929 Gold Coast Highway, with a planning application for a 22-storey tower with 80 residences to be lodged in the coming months.
The tower will be designed by long-time collaborator of Gurner, architects Warren and Mahoney, and centred around the concept of a “Singaporean landscape oasis blended with elegant Japanese design”.
Gurner’s pipeline now exceeds $10 billion, while Gurner and MaxCap have a have completed over 20 transactions with an end value of about $1.5 billion in the past decade.
“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,” Gurner said.
Urbis’s latest Apartment Essentials report showed 690 apartment sales in September quarter on the Gold Coast, taking the year-to-date total to 1,882, ahead of the 2016’s full-year record of 1,556. Strong demand and pricing have been underpinned by the domestic movement, with Gold Coast coming out on top nationally for total migration.
“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 said, noting the $450 million Broadbeach development that sold out within six months last year.
“We are very excited to be starting 2022 joining forces with MaxCap on such an important acquisition, as we continue to expand our Queensland footprint on the Gold Coast – it’s a market we have great confidence in, and one that will continue to play an important role in our company’s growth,” Gurner said.
The Budds Beach development, named La Pelago, will be launched this year.
MaxCap Group executive director and founder, Brae Sokolski said, “We have high conviction in the long-term fundamentals of the Gold Coast market and this project represents another important strategic investment by MaxCap into the region”.
Warren and Mahoney design principal, Barrington Gohns said the design at Burleigh Heads “reflects the unique character of this thriving sub-tropical oasis – being both relaxed and refined”.
“The architecture focuses on delivering private sanctuaries that reflect and meld with the coastal environment.”
