This article is from the Australian Property Journal archive
FUND manager, LM Investment Management has received approval from the Gold Coast City Council for the $800 million development, Arrowtown.
The council has approved stage one of the 1,450 dwelling masterplanned community located on the northern Gold Coast. The 112ha development will be developed by LM on behalf of investors in one of its income funds.
The community is expected to be home to more than 3,500 residents.
Council approval for the 18ha stage one includes 134 allotments sized from approximately 300 sqm to 900 sqm. Facilities include 5.7ha of dedicated open space featuring a 1.2ha central park and health and lifestyle facilities. The central park will be home to a professional beach volleyball complex providing a pathway to the Olympics, managed by Olympic Gold Medallist, Natalie Cook for the recreation and serious tuition of aspiring beach volleyball athletes.
Construction and an off the plan sales and marketing campaign is scheduled to commence later this year, with first homes anticipated for delivery in 2012.
LM founder and CEO Peter Drake said Arrowtown presents an outstanding opportunity for return to be delivered back through the fund to investors as income.
“The fund is now in its tenth year of positive performance. Its target performance is currently 4.00%pa above official cash rates, and projections for Arrowtown and similar strategic assets will enable us to continue our demonstrated track record,” he added.
Chair of City planning, Cr Ted Shepherd said Arrowtownis a major shot in the arm for the building industry on the northern Gold Coast and importantly, is the catalyst for development growth in surrounding residential precincts.
“This area needs houses built now to also progress the much needed proposed town centre. I am confident that LM will deliver a high quality product the region can be proud of,” he said.
Arrowtown is located on Rifle Range and Nambucca Roads off the M1 on the western side of the highway opposite Dreamworld.
Australian Property Journal
