Private construction firm Grocon is scoping the Gold Coast market for development sites for a planned return to apartment building in the boom-and-bust city.
Chief executive Carolyn Viney told The Australian the builder-developer was looking for premium locations across the city as it continued to roll out its $510 million 2018 Commonwealth Games Athletes Village and complete a $500m Brisbane tower.
“We’re looking at a range of projects both as a builder and as a developer-builder,” she said.
“Southeast Queensland is a great spot for us because we see the long-term strong population growth here, which ultimately we feel will fuel a whole series of projects. We see the long-term horizon for the Gold Coast as incredibly promising, so we’re happy to put our money into that market.”
Grocon built the Juniper Group’s $850m Soul tower in Surfers Paradise, which launched at the top of the boom market but with settlement coming after the price crashes of the global financial crisis. Receivers were appointed in late 2012.
Ms Viney said an announcement on a new Gold Coast site could be expected within months.
“We’re selective in what we look at and make sure we can deliver a quality product there to match market demand,” she said.
Grocon yesterday held a “topping out” ceremony on the highest level of its new Brisbane office tower at 480 Queen Street, which is ahead of its construction schedule despite 40 per cent more weather-affected days than predicted.
It announced the Fink Group hospitality operator would create a branch of its Otto restaurant in the tower when the complex opens for business next year.
The owner of Sydney’s Bennelong and Quay restaurants will take a 332sq m lease for Otto and an 83sq m tenancy overlooking St John’s Cathedral for an additional bar or cafe.
The 31-storey, six-star Greenstar tower is 81 per cent leased, with BHP Billiton, PwC and law firms Allens, HWL Ebsworth, DLA Piper and Herbert Smith Freehills the foundation tenants. It is due to open in February.
Dexus and the Dexus Wholesale Property Fund reached an agreement to buy the building on a fund-through basis last year for $544m.
Queensland Deputy Premier Jackie Trad, opening the site, said the building was “a new world order in terms of sustainable buildings”.
She also took a swipe at the under-construction 1 William Street, being built by Cbus, which was commissioned by the previous government as the future government headquarters.
“I’m a bit jealous,” she told the crowd.
“I have to move into 1 William Street and you get to move into here.”