Construction on a 348-apartment retirement village in Hope Island is under way after launching to market in October.
The Gold Coast project spans the failed Hope Island Village Square marketplace site, a 3.4-hectare waterfront land parcel, that sold for around $17 million in 2019.
Backed by Reside Communities’, and led by CEO Glen Brown, an ex-RetireAustralia executive, the development will be built over five stages and includes five towers comprising 348 units and 15 villas.
Brown said the project had “resonated wtih downsizers”.
“More than 30 per cent of stage one has been secured through expressions of interest,” Brown said.
“Esperance will also help to address an undersupply of quality residential options for retirees on the Coast, with many of our buyers local and keen to stay within the area they know.”
Reside Communities says the Hope Island development will create close to 1200 jobs during stage one works.
Up to 200 daily contractors have started foundation works for the project’s first stage, a tower known as Esprit.
Gold Coast-based developer Aniko Group also has projects in play at Hope Island.
The $140 million project, at no. 1 Grant Avenue, has to date sold 70 per cent of apartments on offer in the weeks following its sod-turning of the project’s second stage.
Aniko’s first stage has sold out.
In December, Aniko lodged its development application for the Hope Island site at 6-8 Sickle Avenue, located opposite the No. 1 Grant Avenue site, with plans for two 8-storey buildings.
Aniko Group‘s managing director George Mastrocostas says the Hope Island project has tapped into the strength of the downsizer, owner-occupier market
“The market has remained exceptionally strong during Covid and buyers who missed out on securing an apartment in stage one have already purchased within stage two,” Mastrocostas said.
Staying on the Gold Coast’s northern end, Villawood Properties and Azure Development last month launched their terrace house project, bringing to market a 54 terrace house development dubbed the Dawn Edition.
The $30 million project forms part of the broader $500 million project plans known as The Surrounds, a project that comprises 620 lots in Helensvale.
Article Source: theurbandeveloper.com