Developers to swoop on one of Palm Beach's largest sites
The Gold Coast's Palm Beach has become an increasingly more difficult proposition for developers in recent years, as the small coastal suburb receives more and more attention on a national scale and land valuations soar.
Development site amalgamation specialists GV Property Group have combined five properties in a line to put together one of the largest development opportunities by land size in the area. They're expecting to see a number of developers submit offers for the 19-27 Philippine Parade site, around the corner from Laguna Park and only a few rows back from the beach.
"Rarely does a parcel of land of this scale, diversity and location present itself in what is arguably one of the most desirable locations in South East Queensland," GV Property's Antonio Mercuri says.
"Palm Beach has respectfully earned itself a reputation for understated laid back luxury. With its beautiful beach front residences, luxury apartments and state-of-the-art waterfront homes, Palm Beach has become ‘the place to be’ and recorded one of the highest increases of median house prices in QLD over the past few years."
Mercuri says it's not only an opportunity to create a mixed-use precinct that will benefit the wider community.
Of the 9,000 plus properties CoreLogic has in Palm Beach, including commercial, retail, industrial, residential and land, only around 100 have a land size of over 2,000 sqm.
Last year GV Property Group sold 1177-1181 Gold Coast Highway, a 1,649 sqm site, to Samy Saad's Dascon for around $14 million. He's planning a 12-level building with 38 apartments.
In 2021, fellow Sydney-based developer Abadeen secured 26 Mawarra Street for near $16 million. That was a 2,000 sqm site, where Abadeen are developing Villea, which will have 69 apartments.
Local project marketers Pezet Matheson were engaged to offer their expertise as to what will be the most beneficial type of development for both developer and buyer, having had success as master agents locally on Seaclusion, The Tally, and The Monroe, as well as S&S Projects' Flow Residences and Esprit in nearby Rainbow Bay.
Pezet Matheson Director Todd Matheson believes the site "represents an incredible opportunity due to its central location and access to the beach, parks, and waterways of Palm Beach."
Matheson suggests the site will best yield a project with one and two-bedroom apartments on the lower levels, and larger apartments for the top floor, as well as rooftop amenity.
"We have seen a shift from larger apartments to smaller more efficient designs on the lower levels, for affordability, with larger apartment designs for the higher levels," Matheson says, also recommending the amenity to be located on the roof so the lower floor apartments with limited views can utilise the roof top to entertain and take advantage of wide open vistas.
Matheson also suggested an addition of a home office design could be a unique and well received layout from the market.
He expects a sales rate of between $9,500 to $11,000 per sqm in the current market, dependent on the final breakdown and finishes of the application.
