Coolangatta development pipeline on track with $4.6 billion worth of developments

Nicola TrotmanDecember 7, 2020

The Coolangatta development pipeline has remained stabled over the past year, with nearly $4.6 billion in development projects planned or underway, according to Colliers International.

It is a reduction of $145 million – 3% - when compared to the previous year but there are 23 projects planned or underway, three more than last year.

Development spending peaked in 2008 at $5.155 billion.

“While spending has fallen, there were actually four new projects added to Coolangatta’s development pipeline over the past year, the largest of which was the $220 million redevelopment of the Kirra Beach Hotel, followed by the $60 million redevelopment of Showcase on the Beach shopping centre,” says Lynda Campbell, Colliers International Gold Coast research manager.

“The other two projects added to the pipeline were significantly smaller and included a $12 million apartment development at Musgrave Street in Kirra and a $5 million apartment development at Golden Four Drive in Tugun,” says Campbell.

Infrastructure accounts for the greatest level of development spending at $2.83 billion – 60% - with six projects in the pipeline.

“More infrastructure is needed to provide for an increased population on the southern Gold Coast, and while there are a few projects underway, it could be years before they are completed – in fact, for some there are no dates set in stone,” says Stewart Gilchrist, International Gold Coast director.

“The $420 million M1 upgrade from Nerang to Tugun is underway, as is the $10 million Palm Beach-Currumbin Hospital extension, but the former at least will take some time to be completed.

“Other infrastructure projects such as the planned $950 million Gold Coast Light Rail Stage 2 and the $1.2 billion proposed rail link from Robina to Coolangatta have no defined deadlines.

“In particular stage two of the light rail project would have a huge impact.

“Once that stage is completed the light rail will run from the airport at Coolangatta, which would enable athletes and visitors to get off a plane and connect all the way to the Games Village at Parklands, stopping off at the tourist hubs of Broadbeach and Surfers Paradise along the way,” says Gilchrist.

Apartment projects rank third in terms of the dollar value of development spending, worth a total of $402 million across 12 projects.

Campbell says the southern beachside precinct is in need of new apartment projects.

“It now has an extremely low level of new supply, with just 14 apartments available across four projects.

“The apartment projects in the pipeline will start to alleviate this shortage, however, with some expected to be launched to the market within the next six months,” says Campbell.

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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