Spyre Group acquires Broadbeach site
Queensland property developer Spyre Group has secured one of the Gold Coast’s ocean-side sites with its purchase of 185 Old Burleigh Road in Broadbeach.
The 825 square metre site was acquired for $6.35 million with the intention to develop it into a boutique luxury apartment building.
It hopes for a high-rise spanning 30 levels with 102 units, subject to planning approvals.
Spyre Group has appointed ML Design, the Brisbane architects, with an early vision for the building showing a curvaceous form.
The proposed development will overlook Pratten Park to the ocean and also offer expansive views to the south, over the neighbouring Broadbeach State School oval.
Spyre Group director, Andrew Malouf, said it would target local owner occupiers.
It will have two to three units per floor plate with the aim to commence sales upon approval later this year.
This is the first Gold Coast project for the privately-funded developer, which has extensive experience in the house and land market as well as luxury apartment developments on the Sunshine Coast and Brisbane.
Its $220 million pipeline includes SOKO Waterfront in Brisbane’s burgeoning West End, where it is poised to unveil two of Brisbane’s most luxurious penthouses for sale, as well as boutique luxury apartment project Zahra in New Farm, where it has transacted over $20 million in sales since launching November last year.
Transacting more than $100 million in apartments in 2016 to 2017, the addition of Broadbeach solidifies the strength of the developer, which has experienced year-on- year growth since its establishment in 2008.
Acquisition of the Broadbeach site involved the consolidation of eight titles and saw the team liaise with eight individual unit holders in an off-market transaction for the sale to be successful.
“Our approach has always been to find good sites as a start and we identified this corner lot as having immense potential, particularly for high-end owner-occupiers.
“We came to the tenants collectively with an offer and they saw us as a group they were happy to work with and they were happy with our vision for the site.”