This article is from the Australian Property Journal archive
PROLIFIC developer Tim Gurner has been given the green light for his $1.75 billion ultra-luxe Gold Coast project that will deliver four new towers at Budds Beach.
Known as La Pelago, and designed by longstanding collaborator Warren and Mahoney,
the development promises a “private island theme” with each of the four towers is surrounded by a waterway lagoon, tropical landscaping and poolside water retreats, in addition to food and beverage tenancies, retail and open space.
Three residential towers will rise 25, 30 and 34 storeys, while the centrepiece will be a hotel and residences tower soaring 60 levels.
There will be over 900 residences in total, and 200 hotel suites in the central tower.
Also in the proposal are two levels plus one mezzanine level of basement, three storeys of a consolidated podium and 1,257 car spaces. Recreation facilities, open areas and green spaces will sit atop the podium level, with additional indoor communal recreation areas throughout the development.
Icon Construction has been appointed as builder, with an estimated build price of $350 million. The project is largest single development to have been approved by Gold Coast Council.
Works will begin in the September quarter and the first tower will take 40 months to complete.
“La Pelago will be the culmination of all our work over the past 15 years – we have been working tirelessly, researching all over the world, to ensure we raise the bar and that we can offer something beyond what has previously been possible,” Gurner said.
“We have looked to the world’s best private islands to emulate a true 7-star resort-style precinct and I can speak from the heart when I say there is nothing else like it on the Gold Coast.”
Gurner’s pipeline exceeds $10 billion worth of projects along the east coast. Showing his confidence in the Glitter Strip, Gurner has just teamed up with MaxCap to acquire a Burleigh Heads site for a $200 million, 22 storey luxury residence tower.
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.
Nearly 40 towers are currently under construction on the Gold Coast.
Gurner said design plans are being finalised with an initial VIP launch to the group’s client database planned for the middle of this year, before commencing a wider project launch later in the year.
“We have already been absolutely overrun with enquiries through our website for this landmark project – I think people know this is going to be something incredible that will really push the boundaries,” he said.
