$1 billion apartment development pipeline to transcend Garfield Terrace
It was 2007 when the last apartment development was completed on Garfield Terrace, the exclusive stretch of real estate in Surfers Paradise.
That was Jade Apartments, which still holds cache among locals. Some of those apartments, which were selling shortly before the global financial crisis, were fetching over $6 million.
Fast forward 15 years and there's over $1 billion of developments in the pipeline, the majority targeting the high-end buyer pool.
A number of the developers who are tackling the beachfront have brought their money up from Sydney.
The Sydney-based, ASX-listed ASF Group are onto their next project. Having seen success at the nearby The AU, they've recently offered a limited release of residences at Aura on the Beach at 59 Garfield Terrace, just 26 full-floor residences and a single multi-level penthouse, one of the largest on the beachfront.
The 31-level tower offers a unique point of difference to other projects. It sits on one of the only corner blocks on the exclusive street with the beach entry just steps from AURA's front door.
59 Garfield Terrace
ASF have also previously developed the masterplan Peninsula Collection on Hope Island, which is sold out and currently under construction.
Also offering a point of difference due to its site is AALTO, the new project from Sydney's Weiya Holdings, another who has already cut their teeth in the local market with DE-LUXE in Burleigh Heads.
AALTO, at 75-79 Garfield, sets itself apart by having 24 metres of beachfront, more than any other project currently in development. It is also located across the road from the BMD Northcliffe Surf Life Saving Club, which will protect the views down to the south.
The luxury tower has been in high demand since launching late last year, with a number of whole floor apartments snapped up.
Prices start from $2.32 million for the two-bedroom apartments, which span nearly 200 sqm of living space. There are 66 apartments in the 38-level tower, including a luxury two-level penthouse which is priced at $15.8 million.
Another Sydney developer, Iris Capital, who are prominent in both Sydney and Newcastle and are developing the $800 million Victoria & Alberted-use precinct on the site of Broadbeach's famed Niecon Plaza, are awaiting to launch their beachfront project.
Next door to AALTO, the development approved 71 on Garfield will have 51 apartments across its 38 levels.
Floorplans will range from three-bedroom half floor layouts, through to four-bedroom plsu study full floor apartments with their own private plunge pool.
The tower will be crowned by an exclusive collection of dual storey five-bedroom sub penthouses and a triple storey penthouse complete with its own rooftop retreat.
The Sydney-based Sammut Group were debutants when they launched their luxury development Coast, which will be the first to be completed on the strip.
There are local development firms however who are taking on the beachfront.
KTQ Group, who are redeveloping the Kirra Beach Hotel down in Kirra Point to a contemporary mixed-use precinct, have recently secured approval for Seren at 27 Garfield Terrace.
Seren will comprise an independent luxury, 60-room hotel, with some suites offering over 100 sqm of living space.
The hotel will occupy levels three to six, then above is the hotel and the residences pool and recreation decks. Then above the level nine wellness level are the 60 residences, the smallest on offer spanning a huge 350 sqm and offering three-bedrooms and a multi-purpose room.
Frank Licastro's Frank Developments recently secured approval for MIRA, which will have just 11 two-level apartments, which are being pitched as "vertical beach homes".
The 25-level tower will be the first of it's kind for the Gold Coast.
“A double-level floor plan is traditionally reserved for the penthouse purchaser," Licastro says.
"At MIRA, every apartment is dual-level, meaning every resident will experience the penthouse way of life – private, elevated and life enhancing."
There's a few projects lined up just off Garfield Terrace, which are pitched at a different type of buyer.
Malaysian developer MRCB's first development on the Gold Coast, 26 Vista, starts from $600,000 for a one-bedroom apartment, and up to $15 million for the penthouse.
Matt George, national sales and marketing agency Urban Activation, says the apartments have been well received since launching.
“We’ve had a great amount of traffic throughout the display since opening – a number of groups from Melbourne, Sydney and Brisbane and a lot of people who are looking for a property on the Gold Coast.”
Set to rise 51 levels home to six three-storey townhouses, 267 apartments, six sub penthouses and a full floor penthouse, 26 Vista will reside within walking distance of everything Northcliffe has to offer, from the iconic beach to acclaimed restaurants.
An extensive range of amenities will be on offer at 26 Vista including an internal wellbeing precinct featuring a spa, gym, outdoor yoga space, pool, sauna, and steam room, alongside a private dining room equipped with a professional chef’s kitchen, an in house cinema room, co-working spaces and business meeting rooms and a resident’s lounge.
Level 51, which offers 360-degree views over the Gold Coast, will house a secondary residents lounge located beside the level observation deck, bordered by a lush rooftop garden.
“26 Vista presents a rare opportunity for buyers in pursuit of lifestyle, a coastal destination, and unparalleled amenity at their fingertips,” said George.
George says the whole Garfield Terrace precinct has really come to life in the last two years and there are a lot of significant players circling around sites to be a part of the area’s transformation.
“It is certainly the number one strip on the Gold Coast when it comes to new ultra-luxury apartments."
Brent Thompson's Siera has development approval for a high-end project just off Garfield Terrace at Enderley Avenue.
They'll be developing just 54 apartments across the 25-level BDA Architecture-designed tower at 8 Enderley Avenue, offering a maximum of three apartments per floor.
Residents will enjoy extensive amenities in the project, which is becoming a signature of Siera's Gold Coast developments with their recent tapestry development showcasing a rooftop amenity not yet seen before on Chevron Island.
There will be two levels of amenity, with the lower level hosting a communal mezzanine with a spa, gym and sauna, and the upper level with a lap pool with pool deck, barbecue alfresco and dining space, a private dining area with a bar and cellar room, a games room, and a space with work from home facilities.