A tsunami-like surge in buyer demand and interstate migration is driving developers to advance plans for luxury apartment towers on the Gold Coast.
Queensland developer Devine Development Group is moving on long-held plans for a $105-million beachfront apartment tower in North Burleigh Heads.
The group, led by seasoned property player David Devine, has mooted plans for the Alba Residences at the 264 The Esplanade site.
The Bureau Proberts-designed project would comprise full-floor and half-floor residences on 21 levels, with apartments priced from $2.25 million.
Given current market conditions, Devine said the Gold Coast market was leading the way nationally.
“Interstate migration to the Gold Coast is strong as is the value that the Gold Coast offers compared to the southern states,” he said.
On the Gold Coast’s southern end, local developer Cru Collective has purchased a 635sq m site at Kirra and has plans to build a 14-storey tower.
Cru purchased the 2 Musgrave Street property with existing development approval for 14 full-floor, high-end apartments.
Cru Collective managing director Chris Bolger said its design team would refine the existing plans and aimed to start construction in early 2022.
“We expect strong local and national interest in the project, given the influx of high-end purchasers to the Gold Coast from all over the country,” Bolger said.
The company is also nearing completion on its $40-million Siarn apartment project in Palm Beach North.
In Main Beach, Polites Property Group and Descon Group Australia have lodged plans for a 32-storey project with luxury apartments to be priced from $2.2 million.
The $95-million tower, called La Mer, would have 29 full-floor, three-bedroom residences.
And Brisbane-based Marquee Development Partners were this month given the green light by the Gold Coast City Council to advance plans for its 84 apartment tower in Surfers Paradise.
Marquee was granted approval for the 19-storey tower to be built on a 1658sq m site by the Nerang River.