Melbourne-based developer Little Projects is plotting its second apartment tower in Broadbeach as momentum continues to gather across the Gold Coast’s residential market.
Little Projects, founded by former Toll Group boss Paul Little, has submitted plans with the Gold Coast City Council for a $73-million residential tower that will rise 30 storeys at 20 Mary Avenue.
The 600sq m site, currently occupied by a two-storey apartment block, is opposite the Broadbeach State School.
Little Projects plans to build 29 full-floor and double-storey apartments on the narrow site with prices starting from $2 million and penthouses expected to cost upwards of $7.75 million.
Little, who founded the development company in 2006, sold out his controlling stake in early 2019 to directors Paris Lechte and Leighton Pyke.
Pyke said each floor of the apartment tower, designed by Elenberg Fraser, would house a three-bedroom residence designed exclusively for the owner-occupier market.
“We made a conscious decision to change course from the high-density projects prominent on the coast, instead conceiving an expansive full floor collection that offers a middle ground in spacious living for the discerning downsizer,” Pyke said.
“[The site] is part of a very tranquil enclave just a little bit away from the heart of the vibrant retail and dining precinct but within walking distance to all that Broadbeach has to offer, and only metres from the beach.”
The proposed development comes off the back of the developer’s debut Gold Coast project, Signature Broadbeach, a $210-million, 245-apartment tower on Philip Avenue being delivered as a joint venture with KM Develop, a subsidiary of insolvency firm KordaMentha.
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The Rothelowman-designed tower, due for completion in 2022, features a mirror-like facade, 50m infinity edge pool as well as a private lounge and dining spaces on the deck.
In early 2019, Little Projects sold the management rights to the 35-storey tower to timeshare scheme operator Ultiqa for about $15 million and appointed Icon, the builder of Sydney’s troubled Opal Tower, to construct its high-rise apartment project.
The move by Little Projects to return to the Gold Coast market is an astute one as momentum in the region continues to accelerate post-Christmas with apartment sales activity surging by 97 per cent on the previous quarter.
Migration from Victoria has been one of the main growth drivers, however, the bulk of the buyers have been from Queenslanders relocating to the coast.
Downsizing owner-occupiers have displaced investors as the primary purchasers, a trend reflected in the increased development of larger apartments with more bedrooms.