Private developer Andrews Projects has secured approval for a $75 million residential development at the Gold Coast’s Main Beach.
The local developer will now press forward with plans for a narrow, 15-storey, high-end apartment tower at 3513 Main Beach Parade.
The project will mark the developer’s first collaboration with architecture firm Rothelowman which has designed the scheme following a competitive tender process.
Andrews Projects, led by Danny Andrews, secured the 617sq m waterfront site in July for $10 million before lodging plans for its ninth high-rise residential project.
The project will feature 11 apartments, eight of which will be single floor residences offering 277sq m floor plates and three double floor, at 526 square metres.
The apartment tower will feature a full floor of amenities on its ground floor including a gym, pool, cold and hot spa and sauna.
Residents will also be provided with between two to four car spaces across a basement car park.
The developer, which started out delivering upmarket houses in Main Beach, Paradise Waters and Hope Island, moved into boutique apartment projects with its initial project Metro 88, located in Southport.
It is also finalising another project, Encore, in Broadbeach while approval has also been secured for another Broadbeach site with plans to build 12 apartments across its Beach House project.
“Following the development of Vue and Encore projects in Broadbeach we saw the increasing demand for larger ‘sky home’ style apartments,” Andrews Projects director Danny Andrews told The Urban Developer.
“When we were presented with this site in mid-2020, we saw a perfect opportunity to deliver one per floor residential-only apartments that would be attractive to both current and new Main Beach residents.”
The developer, which has secured full bank funding for the project, has held a strict site acquisition discipline since forming in 2003, targeting sites situated only in prime Gold Coast locations and delivering no more than one project over a 12 month period.
“Main Beach is very tightly held and is traditionally a small, well-established community [and] we are aiming to deliver something that exceeds any other new beachfront development on the Gold Coast,” Andrews said.
“We have the opportunity to redefine beachfront living on the coast, [as] no other new buildings in Main Beach offer amenities such as a whole level dedicated to wellness and recreation while providing three or more car spaces per apartment.”
The Gold Coast has been leading a modest rebound in the new apartment market, with higher off-the-plan sales rates and better prospects than Sydney and Melbourne.
The oceanfront city has also shot up Knight Frank’s Prime Global Cities Index, placing 18th in the latest release.
Prime property is generally defined as the top 5 per cent of each market and often has an international bias with buyer profile.
Andrews said construction on its Main Beach project will commence in early-2021 with completion slated for late-2022.
Nearby, Ignite Projects has also recently landed approval for a 23-storey, 25 apartment development, dubbed The Monaco, at 2-4 MacArthur Parade.