This article is from the Australian Property Journal archive
DEVELOPER Rayjon Group is looking to offload a 3.7ha Urbia Burleigh site, which has approval for a $350 million mixed use community.
The site, on the corner of Reedy Creek Rd and Bermuda St at Burleigh Waters, has been owned by Rayjon since 1981 and includes Treetops Plaza, which is anchored by a Coles supermarket along 31 specialty stores and an adjacent dining and retail precinct that includes Red Rooster and Subway, as well as a freestanding Petbarn showroom.
Rayjon Group has secured preliminary approval for its Urbia Burleigh masterplan which will transform the Treetops precinct into a major new urban hub for the central Gold Coast.
The masterplan includes the expansion of the existing shopping centre, the development of office buildings and 650 residential apartments in towers of up to 20 levels in height.
Rayjon Group founder and managing director John Hembrow said the decision to sell Urbia Burleigh is a strategic one allowing the group to focus its commitment on the delivery of Vantage Gold Coast, a 357-unit apartment project at Benowa.
“Our advice is that the Gold Coast property market currently offers the best conditions in many years for the sale of premium property assets such as Urbia,” Hembrow said.
“At the same time our focus is on delivering the Vantage Gold Coast project to the highest standard.
“These two factors taken together persuade us the time is right to realise the fruits of our 35-year investment in the Urbia Burleigh site,” he added.
The site is being offered for sale by expressions of interest through Savills Peter Tyson.
Tyson says investor appetite is running hot for blue chip Gold Coast properties which offer potential for a mix of residential, commercial and retail.
“Large-scale quality sites in the major cities are increasingly hard to find, especially in the southern capitals.
“Major institutional and private investors both within Australia and offshore are looking hard at the Gold Coast.
“The fact that it offers an existing strong income stream together with approvals in place for major upscale makes it a very appealing asset,” Tyson said.
Australian Property Journal
