Local developer Greyburn has lodged plans for a 19-storey residential tower in Coolangatta as demand for the Gold Coast’s red-hot apartment market continues to outstrip supply.
The 63-apartment project is planned for a 1000sq m site on the corner of McLean and Musgrave streets, one block back from the beach and Coolangatta’s RT Peak Memorial Park.
The high-rise apartment complex, to be called 39 McLean Street, will replace an ageing surf shop on the western end of the site.
The BDA Architecture-designed development has been inspired by the triangular Flatiron building in New York City—a 22-storey office tower and destination in the city that has been popular with photographers and artists for more than a century.
Greyburn director John Kearney told The Urban Developer the site had been selected due to its position at the intersection of Griffith Street, the suburb’s major shopping and dining strip.
“As a Gold Coast-based developer we follow the market here with great passion,” Kearney said.
“Over the last several years we have been investigating where we believe is the best place to deliver well priced high quality homes and circled in on Coolangatta.
“I’ve always been passionate about Coolangatta having grown up on the Gold Coast surfing the famous Coolangatta surf breaks along with being a competitive freediver of the Tweed Gold Coast Freediving club.
“This site has all the major features we thought highlight the liveability of the Gold Coast being central to all the amenity of Coolangatta’s beachside retail as well as the best beaches in Queensland.”
Greyburn’s latest proposal follows the completion of its 83 townhouse estate in Mudgeeraba adjacent to Somerset College.
Its oceanfront tower will be targeted at the local owner-occupier market and is close to to Coolangatta and Kirra beaches, and nearby retail, dining, entertainment and other businesses.
The tower will offer four apartments per floor in two- and three-bedrooms, two three-bedroom penthouses and will be topped with a rooftop area with gymnasium, barbecue area, lounge and pool.
It will be built above three basement levels with 80 spaces for cars and 44 for bicycles.
“Development within the beachside strip of the Gold Coast appears to be going through a really good phase where renewed emphasis is being placed on the experience and liveability of the property,” Kearney said.
“We engaged two sets of architects to design the most liveable product for this site and tried to maximise the features that count.
“It’s a small boutique complex within walking distance to everything and we really wanted to create residences where occupiers could leave their car in the garage and enjoy everything on foot.”
The development will neighbour a future 23-storey apartment tower at 31-35 McLean Street, also designed by BDA Architecture.
That $130-million development, being overseen by Melbourne-based Beckdev, will be built on a 2400sq m site and have 175 apartments with sea views.
At 144 Marine Parade, Spyre Group is well advanced on a $50-million, 30-apartment project development designed by Bureau Proberts.
The 4000sq m residential project, due for completion in 2022, replaces the well-known Komune Resort—popular with professional surfers competing in the Quicksilver and Roxy Pro events.
At nearby Rainbow Bay, plans have also been put forward for a $100-million-plus apartment tower.
That 12-storey development, being led by CapDev Partners, Kingbella Group and Steer, will comprise 94 apartments, including three ground-level “town homes”, topped by a rooftop communal area with infinity pool.
The project is the trio’s third joint-venture on the Gold Coast.
Sizzling demand due to pandemic-inspired sea-changers and downsizers has led to record apartment sales on the Gold Coast, dragging supply levels to new historical lows.
According to Urbis, the Gold Coast’s southern beaches from Mermaid Beach to Coolangatta currently hold just 2.1 months supply.
Strong demand for apartments in the precinct has now made it the most expensive for new apartments on the Gold Coast.
The weighted average sale price in this market has surged by $142,000 to $1.36 million, compared to the first quarter of this year, up more than 42 per cent in just two years.