This article is from the Australian Property Journal archive
LOCAL developer Cru Collective has teamed up with ASX-listed CVC Limited to plan a $1.5 billion waterfront development on the Gold Coast, amid overwhelming demand for apartments on the glitter strip.
They have paid $45 million for a 14-acre site at Lake Orr on Southport Burleigh Road that will make way for a master-planned project with waterfront residential, retirement, retail, commercial, medical, and childcare offerings.
Cru Collective managing director Chris Bolger said the site presented a unique opportunity for the group within the Gold Coast’s ‘golden triangle’ of Burleigh Heads, Broadbeach and Robina.
“We’re thrilled with the acquisition, which was a strategic move for Cru Collective in taking a step from boutique residential into large scale mixed-use and masterplan development,” Bolger said.
Chris Bolger and Craig Treasure
“In the midst of record levels of apartment demand and low rental vacancy rates, we’re eager to create this masterplan precinct which will deliver targeted housing and amenity in a prime corridor of the Gold Coast.”
Gold Coast apartment supply plummeted to a multi-year low last year as the city welcomed an influx of new residents looking for a seachange during the pandemic.
Developers have flocked to the city meet demand, including Tim Gurner with his recently approved $1.75 billion La Pelago development and a $120 million luxury residential tower in Burleigh Heads in partnership with MaxCap Group.
Cru Collective and CVC Limited recently partnered on the Sur development, a luxury sky home project at Kirra Beach, which is currently under construction. Meriton, Star Entertainment, Property Solutions, and Little Projects are among dozens of developers with projects in the city’s pipeline.
CVC Limited executive chairman Craig Treasure said, “Lake Orr is a true mixed-use infill development site and provides the potential to really shape the area for decades to come,”
The site was sold by Colliers and CBRE, on behalf of an international vendor represented by Tony Hickey.
Colliers’ Brendan Hogan said the sale was the largest deal in the area for 2022.
“It’s a genuinely unique site, which has true flexibility in the approved development application, allowing Cru Collective to take on a mixed-use development that comprise all the elements that make it a well-rounded community.”
Mark Witheriff of CBRE said Lake Orr presented the last development site of its size on the Gold Coast, and drew interest nationally and also from south east Asia.
Lake Orr is amongst the largest and one of the final masterplan sites on the Gold Coast, boasting 600m of prime water frontage.
The site sits between Pacific Fair, Robina Town Centre and Burleigh Heads, and has unlimited planning flexibility.
The site is within three kilometres of Varsity Lakes Train Station and stage three of the Gold Coast Light Rail project will connect Broadbeach to Burleigh and through to the Gold Coast Airport.
Cru Collective last year sold off the Palm Gardens shopping centre site where it had planned a controversial $50 million, nine-storey residential complex.
