Sherpa Pumps Up Pipeline in Buying Spree

Gold Coast developer Sherpa Property Group is bullish about the Glitter Strip. 

Hot on the heels of the sell-out success of its Perspective Broadwater project and strong sales performance on its Perspective on Albatross at Mermaid Beach, the developer has put its foot on three more sites. 

Sherpa Property Group founder Christie Leet said the business was focused on finding new opportunities on the Gold Coast as its existing projects neared completion. 

Leet said Sherpa had acquired a 1710sq m site at 107 Stanhill Drive, Chevron Island, a 915sq m site at Labrador, and a 17ha site at Terranora for future residential projects. 

“We’re very bullish on the Gold Coast market and these latest acquisitions will enable us to continue to build and grow Sherpa brand as a residential developer of choice for discerning buyers,” he said.

“We believe and have long held the belief that the Gold Coast is poised for remarkable growth in the years to come, and we are thrilled to be able to provide high-end luxury residential offerings as the city matures and grows.

“We see tremendous potential in Chevron Island, Labrador and Terranora as three of the best sites available in the Gold Coast region. Choosing these locations for our new projects aligns with our vision of creating premium living spaces that contribute to the vibrant character of the Gold Coast.”

▲ Sherpa's Palm Beach project has been scaled back from 14 to 9 storeys.

Leet said the Chevron Island site was slated for a luxury riverfront project and would be added to Sherpa’s Perspective brand. 

Further down the coast, the Terranora site is planned as a large-lot subdivision and the Labrador acquisition is earmarked as a small-lot subdivision, which Leet said was indicative of the future of housing on the Gold Coast.

Sherpa Property Group is in the planning stages for the three projects, with a development application expected to be lodged for the Chevron site in late 2023.

Leet said he was confident in the growth trajectory of the Gold Coast market. 

“Apartment sales have increased, and stock levels have decreased—we are keen to fill that void,” he said. 

New data from Urbis has revealed a significant increase in apartment sales (470) compared to the previous quarter (200). Most of these sales were centred around the traditional apartment precincts of Surfers Paradise, Broadbeach and Main Beach.

Sherpa has undertaken 11 projects on the Gold Coast in the past six years.

These included Scenic Ridge at Bilambil Heights, Freedom Caba at Cabarita, Freedom Rainbow Bay at Rainbow Bay, Freedom Skyline at Ashmore, The Golden Four at Bilinga, Perspective 202 at Bilinga, Perspective 488 and Perspective Two Sea at Palm Beach, Perspective Broadwater at Biggera Waters, Perspective on Albatross at Mermaid Beach and Perspective Nexus at Palm Beach.

The developer recently filed new plans for a 32-apartment code-assessable development for a Palm Beach site after its original plans were knocked back on appeal in August.

The Gold Coast developer went back to the drawing board to find a new way forward for its 1583sq m site at 949-953 Gold Coast Highway.

The Gold Coast City Council approved a 14-storey tower for the site in 2022 but an appeal against the approval was upheld in the Planning and Environment Court in August this year. 

The new plan for the nine-storey apartment building includes two half-floor penthouses and would be the developer’s 12th project on the Glitter Strip.