Gold Coast $1bn Triple-Tower Masterplan Revealed

The great shopping centre air space race is on in earnest on the Gold Coast.

Grand new mixed-use plans—topped by a trio of towers comprising 700 apartments—have been filed for an approved “retail resort” site at Mermaid Waters.

Sydney-based Panthera Group has reworked the original vision into a $1-billion-plus masterplan proposal to be built over a decade.

It includes 19,375sq m of retail and commercial space as well as a 4310sq m gym and wellness centre and lakeside amphitheatre.

The 10.5ha The Lanes site fronts a large manmade lake at the corner of Hooker Boulevard and Bermuda Street—one of the city’s biggest and busiest intersections.

It was acquired three years ago from Sunland Group for $45.8 million.

Initially slated for a $200-million, two-level retail, entertainment and lifestyle destination in 2017, the plans were significantly scaled back in the wake of the pandemic.

Ground was never broken on the project and it was sold to Panthera, which subsequently made moves to offload the site in 2023.

▲ Renderings of the new triple tower masterplan proposed for The Lanes site at Mermaid Waters.

The latest plans indicate a revised strategy to secure increased density across the site in a bid to make it a feasible development proposition.

“Due to the extent of time which has passed since the issue of the original preliminary approval and subsequent development permit(s), changing economic circumstances and escalations in construction costs have necessitated the applicant to reconsider viable development outcomes for the subject premises,” a Zone Planning Group assessment report said.

“It has been determined the scale of development permitted…is not viable in its approved form. This is, in part, due to a variety of density and commercial floorspace caps.”

Of the original 950-bedroom density cap, only 118 bedrooms remain developable under the existing approval due to previous residential development—including four 10 to 12-storey towers built by Sunland, according to the documents. 

Panthera is seeking to establish 1466 bedrooms within the site.

The report said it was “prudent” to revisit the intended residential density outcomes of  the site given its large, open nature, accessible location and south-east Queensland’s significant housing supply challenges.

▲ The trio of towers rising up to 30 storeys would accommodate 700 apartments.

“Noting the contextual circumstances of the subject site…it is considered it is suitable for increased building residential density beyond what is currently contemplated without causing any unacceptable planning impacts or compromising nearby residential amenity,” it said.

“The proposal seeks to increase the residential density outcomes…through the establishment of the [three] residential towers.” 

Two 30-storey towers are proposed, each accommodating 284 one, two, three and four-bedroom apartments, with an additional centrally located 17-storey tower comprising 132 units.

Under the scheme designed by Kris Kowalski Architectsplans, they would sit above a two-storey podium and three levels of basement parking for 977 cars.

Each of the proposed towers also includes 1500sq m to 1700sq m of communal open space spread across their rooftops and the top of the podium—featuring pools, decks and daybeds, barbecue areas and community rooms.

▲ Renderings of the new mixed-use masterplan proposal for The Lanes site at Mermaid Waters.

Retail, including an anchor supermarket, dining, commercial and entertainment uses are planned for the ground floor and level one.

“Given the scale of the development and planned 10-year life span of the project, the development is intended to be delivered across three stages,” the documents said.

Panthera’s application follows the recent lodging of a proposed redevelopment masterplan for the Benowa Gardens Shopping Centre, which includes 397 residential and short-term accommodation units across three towers rising up to 13 storeys.

The apartments would sit above three basement levels and a four-level podium comprising 10,000sq m of retail tenancies, 3000sq m of office space/medical suites and 1460 carparks.

The site spans 17660sq m and is bordered by Carrara Street as well as Ashmore and Benowa roads—next to Benowa State School and Pindara Private Hospital.