Miles Residences at Kirra Beach now 80% sold as fast-tracked construction begins
It's been one of the best performing sales campaigns the Gold Coast has seen in a number of years, which is bad news for the punters of the Kirra Beach Hotel.
The Peggy Flannery-led developer KTQ Group have fast-tracked their luxury $380 million redevelopment of the historic Kirra Beach Hotel demolition of the historic Kirra Beach Hotel which will see Marine Parade site home four new mixed-use towers comprising a number of apartments and a five-star hotel.
The good news for Kirra regulars is they won't be out in the cold (or the lovely South East Queensland heat) for long.
The $180 million first stage will see a new pub and pavilion replace the 65-year-old Kirra Beach Hotel. Part of the first stage is Miles Residences, the hotly sought-after collection of 118 apartments.
It took just three weeks following the December launch of Miles Residences for 50 per cent of the apartments to be snapped up.
Now the KTQ group has reached another milestone. Over 80 per cent of apartments have now sold, for a total of $145 million.
Hutchinson Builders won the building contract for Miles Residences, which has its one bedroom apartments priced from $550,000 and the three bedroom plus multi-purpose room apartments starting from $3 million.
The masterplanned project is expecting to create more than 1200 full-time direct and indirect jobs throughout the three stages of construction and on completion.
Property advisory company MacroPlan Dimasi have indicated that the redevelopment will provide an economic boon for the southern Gold Coast, injecting $136 million in initial construction expenditure and an additional $61.3 million a year into the local economy.
“The redevelopment of the Kirra Beach Hotel will provide an economic injection for the Southern Gold Coast in terms of capital investment, construction employment, additional short stay accommodation provision and ongoing tourist expenditure,” it states.
KTQ Group, whose Elements of Byron has reshaped the luxury resort and hotel market in Byron Bay, prides itself on adding value to the community and developing high quality and functional large-scale spaces.
When completed the Kirra Beach project will include a second stage, comprising 90 apartments, and a final stage that will deliver an 80-room, luxury hotel and 15 retail outlets within a dining and retail precinct.
“We’re on the cusp of a renaissance for Kirra Beach that will deliver an exciting new destination in its own right where locals and visitors will be able to live work and play,” KTQ Group development director Jeremy Holmes said.
“Our plans have drawn on the history of the site that for generations was the social heart of the southern Gold Coast.
“The incredible market response to our first-stage release affirms our faith in our vision for the site which will be delivered over the next few years.”
KTQ Group, a family-owned company, has owned the Kirra Beach Hotel and surrounding land since 2010 and has crafted its plans for the property with a view to enhance the unique character of the famed Kirra beachfront and to recreate the legacy of the pub that has operated there for so many years.
The Kirra Beach Hotel was considered a major development of its time when opened in the 1950s, drawing an official opening by then Queensland premier Vince Gair.
Originally known as Lennons Kirra Hotel, the site has an extensive history with Australia’s surfing culture and was a popular social venue for the budding southern Gold Coast community in the 1950s and 1960s.