Gold Coast apartment development site demand running in to 2022
The question on everyone looking at the Gold Coast off the plan apartment market is "is the growth sustainable?"
Demand has far outstripped supply over the last year or so, with migration to the Sunshine State at record highs following the exodus from the southern states, who are now seeking a more relaxed lifestyle.
Supply won't be as much of an issue in 2022, with two huge Surfers Paradise projects, Tim Gurner's La Pelago, and SPG Land's Paradiso Place, combined producing around 1,700 apartments.
And there's plenty further opportunity for development up and down the Coast, with savvy apartment owners are getting more bang for their buck when they team up and sell their apartments to a developer, who is just after the most prized asset in the area at the moment, land.
“Vendors can achieve a 15-20 per cent increase in the market value of their apartment by selling alongside their neighbours and maximising the development potential of their property,” says GV Property Group’s Luke Reaby.
GV Property Group, who amalgamate sites for developers, has just listed a site which will be one of the most in demand sites in 2022.
The prime site, an amalgamation of 2791 Gold Coast Highway and 37 Armrick Avenue in Broadbeach, will give a developer 2,235 sqm to play with.
Pezet Matheson Director Todd Matheson says the site will lend itself to a tower with one, two and three-bedroom apartments, as well as rooftop amenity allowing the residents of the lower levels still to have access to the extensive views.
The site, which comes with an indicative architectural scheme from the Melbourne-based architecture firm Cera Stribley, already has some big developers circling.
The early stages tower scheme proposed by Cera Stribley Architects. Image supplied
"Developers are always keen on seeing what architects have put together for a site pre-purchase," Reaby says.
"It gives them that level of confidence as to what can go on the site."
GVPG also has a site for sale down at Palm Beach, on the sought-after beachside of the Gold Coast Highway.
They've had six owners of a four-level building band together to sell, with the 825 sqm site at 1177 Gold Coast Highway already attracting a lot of attention.
The group initially listed the property with the intention of running an off-market campaign through its local, interstate and international developer network.
“After the volume of interest we received through our off-market discussions, we decided we’d achieve the best outcome for our vendors by bringing the listing to the public,” Reaby said.
"The property is likely to appeal to a range of developers, wanting to capitalize on its the prime location and potential views on offer, as well as the the nine-storey limit of the zone."