Melbourne’s most prolific apartment developer will turn its gaze to reshaping the Gold Coast’s skyline with a $500-million luxury tower.
Central Equity will develop the 56-storey luxury apartment tower, Pacific One, at Garfield Terrace, Northcliffe, its first outside Melbourne.
Central Equity has acquired 19 titles since about 2015 to amalgamate and create the 3259sqm block.
The developer initially bought a house on a 1621sq m block at 8 Frederick Street, and then the two neighbouring blocks of nine apartments at 10 and 16 Frederick Street for a total of about $12.6 million.
Central Equity co-founder and chairman Eddie Kutner said the Gold Coast was ripe for transformation.
“There is a permanent change that has come over the Gold Coast and we want to be a big part of it,” Kutner said.
“We have developed 85 residential projects with a 100 per cent completion rate … this will be our first tower outside Melbourne.
“I’ve been coming to the Gold Coast since the ‘60s so I’ve seen it grow and this has been a long time coming.”
Kutner said Central Equity had taken a long-term view on the development prospects of south-east Queensland.
“We can see the city is really coming of age and it’s not just going to be one or two good years so we’re establishing ourselves as a permanent operation on the Gold Coast,” Kutner said.
Brisbane-based architectural firm Marchese Partners have been engaged to design the 486-apartment tower at Northcliffe, which would include 302 apartments and 184 serviced apartments.
The property will be officially launched later this year with construction due to commence in mid-2022.
Ray White Surfers Paradise Group will be the exclusive marketing agent for the property and head of projects Caitline Rosenboom said it would be a “stunning addition to the Gold Coast skyline”.
“It’s perfect timing by Central Equity as the demand in the city’s residential property sector is showing no signs of slowing,” Rosenboom said.
