Central Equity Resurrects Gold Coast Skyscraper Plans

Melbourne’s most prolific highrise developer is nothing but determined to finally make its mark on the Gold Coast skyline. Three years after construction headwinds forced it to abandon plans to build its $500-million Pacific One luxury Surfers Paradise skyscraper, Central Equity is having another crack. It has filed revised plans for the 3259sq m site at 18 Garfield Terrace and 8-16 Frederick Street, this time for a tower with 347 apartments rising 52 storeys plus private rooftop terraces. “A number of subsequent change applications have been made since the original approval, demonstrating the applicant’s intent to deliver,” an Urbis planning report said. The latest scheme—re-designed by Brisbane-based Marchese Partners—is the third set of plans the developer has submitted since its first foray outside of Victoria was approved in June of 2017. Initially given the green light for a 56-storey tower comprising 486 apartments, it was subsequently changed to 55 storeys with 368 units in 2021 and then last year to a 48-storey scheme accommodating 386 apartments. The major change in the newly-lodged iteration aligns with the increasing development trend on the Gold Coast of no-dig towers with larger but cost-saving podium levels for carparking. “Development on the Gold Coast is facing challenges due to labour shortages and rising material costs, impacting project deliverability and increasing financial risks for developers,” the planning documents said. “To mitigate these issues, reducing the number of in-ground basement levels in favour of above-ground podium parking can simplify construction, lower costs, and improve project viability. “This approach helps manage costs and timelines, enabling more projects to proceed and addressing the housing supply shortage on the Gold Coast.” ▲ A rendering of Central Equity’s resurrected and reworked tower proposal at Surfers Paradise. Under the new plans, the height of the approved tower’s podium would be doubled from three to six levels to accommodate the reallocated carparking provisions, necessitating the removal of some lower-level apartments fronting Frederick Street. However, two extra storeys would be added to the proposed development resulting in 46 residential levels and four additional apartments. “Design refinements have been incorporated to enhance the residential character of the building and ensure it integrates seamlessly with the surrounding area,” the documents said. “The podium design will feature landscaped balcony projections and glazing to create the illusion of residential apartments, effectively disguising the above-ground car parking and maintaining a high standard of appearance. “Overall, the proposed changes aim to enhance the feasibility and deliverability of the development while maintaining compliance with planning requirements and improving the overall design. These amendments will secure the deliverability of the project while contributing positively to the urban landscape.” A communal recreation space would sit atop the podium featuring two pools, a spa, poolside cabanas, barbecues and outdoor dining areas, sauna, gym, rejuvenation room and club lounge and banquet dining room. Parking spaces are planned for a total of 426 resident, visitor and staff cars. Central Equity pulled the plug on its Pacific One tower development in July of 2022, less than a year after unveiling the proposed development. ▲ Renderings of Central Equity’s reworked Gold Coast skyscraper. It cited “turmoil” within the Queensland building industry for its decision. “As a result of ongoing discussions with builders and quantity surveyors regarding the global supply-chain turmoil and Queensland construction industry crisis, Central Equity has decided not to proceed with the development of their Pacific One apartment tower on the Gold Coast,” the developer said. “The malaise facing builders, including staff shortages and supply-chain disruption, had resulted in the unprecedented escalation of construction costs for developers, making Pacific One economically unviable.” Central Equity’s drawn out development debut on the Gold Coast has been a decade in the making. It began amalgamating the 19 titles in 2015 to create the tower site. The developer initially bought a house on a 1621sq m block at 8 Frederick Street, and then the two neighbouring blocks of nine apartments at 10 and 16 Frederick Street for a total of about $12.6 million. At the time of lodging its original plans in 2021, Central Equity co-founder and chairman Eddie Kutner said the Gold Coast was ripe for transformation. “There is a permanent change that has come over the Gold Coast and we want to be a big part of it,” he said. “I’ve been coming to the Gold Coast since the ‘60s so I’ve seen it grow and this has been a long time coming.”

Central Equity Resurrects Gold Coast Skyscraper Plans

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