The Beach Apartments project in Broadbeach is selling well before construction.|
Broadbeach will come under the international spotlight when the Gold Coast hosts the 21st Commonwealth Games in April 2018. It’s a big game changer for the popular beach tourist destination that has already benefited from more than $1 billion of revitalisation projects.
The Glitter Strip’s population is expected to double for the Games, with an influx of 690,000 domestic and international visitors to the region leading up to the 10-day event.
Gold Coast City Council documents reveal it expects 690 “unique” visitors and 1.5 million to attend ticketed events.
Broadbeach has already gained a light rail, built about a year ago and connecting it with Surfers Paradise and Southport. Pacific Fair shopping centre is having a $670 million makeover and Jupiters Hotel and Casino is in the throes of a massive $345 million renovation.
Property prospects are also bright for Broadbeach, with BIS Shrapnel predicting price rises on the Gold Coast. The research organisation’s senior manager, Angie Zigomanis, says Gold Coast property prices are expected to rise 15 per cent over the next three years, while markets in the southern states steady or dip.
It was reported in the Gold Coast Bulletin this week that a luxury penthouse in Broadbeach sold earlier this month for $8 million, making it the Gold Coast’s biggest residential sale this year. A Chinese national bought the two-level apartment in the Oracle Broadbeach and in doing so, rewrote real estate history for both apartment and house prices in the suburb.
Zigomanis says the Gold Coast market has “worked its way through an oversupply” and demand for apartments is picking up.
That’s good news for the developers of a $150 million mixed-use apartment project in the heart of Broadbeach. Developed by Anthony Moreton Group and Pryde Group, The Beach Apartments project has sold 122 units since it was released in December last year.
International contractor Brookfield Multiplex was awarded the $70 million construction contract and has started work on site. The Beach Hotel was demolished last month.
The high-rise building replacing it will soar 35 levels and offer 219 apartments to a market eager for new beachside stock.
Anthony Moreton Group chief executive Tony Hazell says the volume and pace of sales before construction was very pleasing.
“We saw value in the Gold Coast when we bought the site in 2013 and our goal from the outset was to deliver The Beach Apartments to the market well ahead of the 2018 Commonwealth Games. With construction started, we are well on schedule for completion at the back end of 2017.
“Broadbeach is considered as the Gold Coast’s No. 1 holiday hot spot for tourists and with the region about to boom and construction prices expected to rise, we think we have a real value proposition for buyers,” Hazell said.
Brookfield Multiplex regional managing director Rod McDonald says The Beach Apartments “is the most significant residential project under way in Broadbeach”. “It is a key part of the suburb’s wider rejuvenation.”
Apartments are priced from $330,000 for one-bedroom and $550,000 for two-bedroom.
It has been designed by internationally acclaimed DBI Design with impressive communal facilities including an outdoor pool and barbecue area, Zen garden, residents’ lounge and gymnasium.
The Beach Apartments is within walking distance of the beach, Kurrawa Surf Club, Jupiters Hotel and Casino, Pacific Fair, new light rail and the popular dining precinct.