The Oxley, Nobby Beach apartment development site listed for sale
The Oxley, a proposed 12-storey residential tower site at Nobby Beach, has been listed for sale after failing to secure council approval.
Gold Coast developer Daniel Veitch has decided not to proceed with pursuing approval for the plans he unveiled mid-year for the 88 Oxley apartments.
Veitch is selling to focus on other high end residential projects, including Laani at Mermaid Beach.
Half of the units were set to be allocated for short term accommodation.
The Oxley was a proposed two-storey arched retail podium with an eight-storey residential unit tower, taking inspiration from the former nearby iconic Pink Poodle Hotel.
It is a 2406sq m site at 2217 Gold Coast Highway with plans by BDA Architecture with a “subtropical” theme.
The consolidated site cost $14 with the 1925 sqm block that fronts the Gold Coast Highway and Lavarack Road costing $11 million in January last year.
The council had advised the developers it would have to be redesigned at permissible levels before its assessment could continue with the State Assessment and Referral Agency (SARA) currently still reviewing the development application. SARA has received a request to extend the relevant period for fresh documentation from the developer until February 2022.
The site comes with current approval for a three storey complex, with a new retail village and A-grade office space.
The application came with insights from Think Economics that the estimated residential population of the local area in 2019 was 13,241, growing by an average of 202 people per annum, or less than 30% of the forecast rate of growth for the suburb.
"There is an existing and increasing undersupply of residential product on the Gold Coast," it suggested.
CBRE agent Daniel Doran is taking offers until December 3.