Chapter Two will break ground on a $110-million boutique apartment project in Rainbow Bay on the Gold Coast after securing planning approval.
The development group, formed a little over a year ago by corporate property veterans Jon Quayle and Oliver Bagheri, will now press forward with plans for its 1900sq m site at 44-50 Eden Avenue in the Point Danger precinct overlooking Snapper Rocks.
Three existing houses and a block of flats across a four-title holding assembled over six months will make way for the Eden Avenue development.
Chapter Two’s 12-storey development, to be know as Holm, will comprise 94 apartments, including three ground-level town houses, topped by a rooftop communal area with infinity pool.
The Plus Architecture-designed project is one of 13 across Brisbane and Gold Coast, totalling over $300 million in gross value, that Chapter Two has amassed in the past 12 months.
The project is being delivered in partnership with Summa Group, the third joint-venture between the companies on the Gold Coast after Callista Palm Beach and the Eden Collection in Tugun.
“Rainbow Bay is recognised as one of Australia’s premier beach destinations,” Quayle said.
“The beachside suburb is north facing, like Noosa and Byron Bay, but more accessible and attainable, with stunning lifestyle amenity, natural beauty and some of the coast’s best dining and entertainment.”
Quayle said CBRE Gold Coast had now been enlisted to handle the sales campaign with apartments within the project expected to start from $800,000.
It will be aimed at owner-occupiers due to its location—behind Greenmount headland—and will offer two- and three-bedroom apartments.
Nearby, S & S Projects is also waiting on development consent for a 12-storey and 8-storey residential precinct comprising 97 one-, two- and three-bedroom apartments.
If approved it will be S & S Projects’ third development in the Rainbow Bay area, following the Flow and Awaken developments.
Its 12-storey Awaken apartment tower on Coolangatta Hill won approval last year with construction now under way while the developer’s $74-million Flow Residences at a neighbouring Rainbow Bay Site, with all 22 apartments sold off the plan within four months.
Urbane Homes also has plans pending for a 14-storey luxury beachfront apartment tower comprising 39 apartments at 4 Musgrave Street in Coolangatta.
Further down the road, construction was due to start mid-2021 on the site of the old Kirra Beach Hotel, which would make way for a $380-million, two-tower apartment development.
Brisbane-based KTQ Group will build the development over three stages, with the first stage comprising a 15-storey tower of 118 luxury apartments aimed at the owner-occupier market.
