Veteran developer David Devine will break ground on a $100-million apartment tower at the northern end of Burleigh Heads after securing planning approval.
Devine, who co-founded listed developer Devine Development Group and Metro Property Development, plans to build a boutique apartment project to cater to growing demand for wealthy downsizers and those seeking high-end holiday homes.
The slender tower, to be called Alba Residences, is planned for a 1000sq m site at 264 The Esplanade—adjacent to the North Burleigh Surf Life Saving Club. It will replace an ageing three-storey walk-up building.
The approved Bureau Proberts-designed project has been scaled back from earlier plans lodged in early 2021 to construct a 21-storey tower.
The City of Gold Coast approved the 19-storey oceanfront tower, despite still being higher than the suburb’s building code and receiving almost 400 objections.
Devine agreed to re-centre the apartment tower, allowing for increased setback to the north and south.
The owner-occupier-targeted development will comprise full-floor residences, with interiors by Mim Design and apartments priced from $2.25 million.
The project will feature three- and four-bedroom apartments spanning 218sq m and 436sq m respectively. It will be topped with a two-level penthouse, rooftop area, lounge and pool.
Devine, known for past projects such as Melbourne’s Victoria Point Docklands and the $500-million Hamilton Harbour precinct in Brisbane, is now waiting on council to see if its Royale project in Surfers Paradise will also be granted approval.
The $340-million project is planned for a site at 9 Northcliffe Terrace, closer to Broadbeach.
The 38-storey tower includes 108 apartments and will be similarly positioned towards the top end of the market with apartments priced from $3 million.
So far, Devine has sold upwards of $200 million of apartments in the project.
Burleigh Heads and the wider Gold Coast area has become one of the country’s busiest apartment markets since the start of the pandemic.
Beachfront properties and sites have benefited from demand from local and interstate developers looking to build for pandemic-inspired sea-changers as apartment supply levels continue to hit historical lows.
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Strong demand for apartments has been most acute in the southern beaches, making it the most expensive market for new apartments on the Gold Coast.
Last year local developers Chris and Letitia Vitale of Pointcorp, alongside Nielson Properties, sold out their $450-million Burleigh Heads development within six months.
The project, which includes 92 residential apartments, will also feature the country’s first Mondrian Hotel and Mondrian-branded residences.
Sydney developer Sam Arnaout has also kicked off an $800-million high-rise project at Niecon Plaza that will include 330 apartments across two towers.
Gurner also has mooted plans to build a $120-million apartment tower at 1929 Gold Coast Highway after picking up the 1000sq m site earlier this month.
The Melbourne-based developer has earmarked a 22-storey tower, to be designed by Warren and Mahoney, comprising 80 apartments.
