Australian investors are planning to have micro apartments for Gold Coast in the next coming years.
A Chicago developer paid $12.5 million for the historic Bush Temple of Music building in the Gold Coast, which it plans to convert into tiny apartments.
Cedar Street Cos. plans to build out “micro” apartments between 350 and 450 square feet in the Bush Temple property at 800 N. Clark St., said Alex Samoylovich, who confirmed the sale price. Crain’s first reported on the deal last month.
“We were very interested in the historic component of this building, and we have done a lot of historic renovation,” Samoylovich said.
The project is a “perfect addition” to the company’s core strategy of redeveloping older buildings, he added. The renovated French renaissance revival-style building will be called Flats No. 800; Flats is Cedar’s apartment brand.
Samoylovich didn’t know how many units Cedar Street will be able to fit into Bush Temple, a seven-story building with ground-level retail spaces and upper-floor office areas that have sat vacant for years. Because of their size, the apartments will offer “approachable” rents, he said.
Built in 1901, the Bush Temple served as manufacturer Bush & Gerts Piano Co.’s headquarters and showroom, according to the city of Chicago’s historic buildings survey. The City Council designated the property a historic landmark in 2001; the building also is listed on the National Register of Historic Places.
Historic remakes can be tricky, especially when developers switch a decades-old building to a different use. Samoylovich estimated that redoing the Bush Temple’s interiors alone will cost $15 million, more than what the firm paid for the property.
Facade renovations will cost at least $2.5 million, but those funds are expected to come from a venture of Chicago-based Magellan Development Group and Mac Management. Mac’s Dustin Cahan said the venture is providing the money in connection with its proposed apartment building at the former Gino’s East site in River North. The Gino’s developers are negotiating an agreement with the city that would allow them to develop a bigger building on their site if they provide the funding for the Bush project, he said.
Cedar Street, which has focused its investments on apartment redevelopments in Uptown, bought the Bush Temple from a family trust. The beneficiaries of the trust could not be determined.
The family had owned the building since the 1940s and wanted to move on, said Peter Jacobs, a principal at Chicago-based Jacobs Weiss Commercial Real Estate who represented the trust in the sale with his colleague Barry Weiss.
“It’s a building that needs a tremendous amount of redevelopment and renovating, and I think individual family members just had different interests and they wanted to devote their energies and money elsewhere,” Jacobs said. “They’re not developers.”
Cedar’s build-out at the Bush Temple building will include a fitness center, a ground-floor lobby and a garden with barbecues, among other amenities. The deal included two small commercial properties near the main building, which could be torn down for a new development.
Associated Bank provided a $7.5 million loan to finance Cedar Street’s acquisition of the property.
ASF Group sell out Hope Island’s Peninsula Collection
Peninsula Collection, the final piece of ASF Group’s The Peninsula Hope Island master-planned community, has officially sold out well before the construction completion.
Stage 3 of the gated community development is comprised of 63 three- to five-bedroom apartments (Peninsula Collection) and 22 three-storey terrace homes (Peninsula Terraces). This final stage followed sell-outs of Peninsula Homes and Peninsula Residences, which make up the waterfront community located in Hope Island Resort.
ASF Group Marketing Director Daniel Fang said there was a mix of local owner-occupiers looking to downsize and interstate migrants & investors captivated by the Gold Coast’s lifestyle and value offering.
“We saw a lot of demand from southern buyers – particularly from the dense inner-city postcodes of Sydney, Melbourne and also Canberra,” Fang said.
“They were drawn to the unique recreational lifestyle of the northern Gold Coast, with three championship golf courses connected by golf buggy tracks adjacent to the community. Furthermore, their decision to move was hastened by lockdowns over the past two years. Other interstate buyers were also attracted by the strong potential for capital gains, with the 2032 Summer Olympics set to be hosted in Brisbane.”
On the interest from locals, Fang said the majority sought to downsize to Peninsula Collection and Peninsula Terraces which feature greater accessibility and in-built buttons in each residence linked to gated community security.
Construction kicked off on the final stage of The Peninsula right before Christmas, with the final stage slated for completion around mid-next-year.
Archidiom designed the final masterplan release of Peninsula Collection and the adjacent Peninsula Terraces.
Preceding Stage 3 were Peninsula Homes, which comprised 17 townhomes and Peninsula Residences, another collection of 40 apartments.
Peninsula Collection’s apartments offer spacious backwards or balconies with views of the resort – with residential spaces blending seamlessly with the lush surrounds of the precinct.
ASF Group is well advanced on their next project, The AU – a different proposition to the Peninsula Collection.
The AU, which is development approved, will see just 14 full-floor apartments rising from the Surfers Paradise beachfront. There are only 12 full-floor apartments (spanning 255m²) and two-three storey penthouses, one of which was snapped up by a local developer earlier this year for nearly $9 million.
The 19-storey tower located on The Esplanade features striking French Deco-inspired interiors by the Sydney interior design legend, Greg Natale.
This resort-style residential tower takes full advantage of its beachside location. Residents are offered a selection of world-class amenities including an oceanview wet-edge pool, gym, sauna, club lounge and in-person concierge service.
“What’s unique about The AU is that you can make the most of the Gold Coast’s world-class beachfront from morning til night,” Fang says.
“The Esplanade promenade offers an unparalleled level of access to the beach throughout the day, with residents enjoying a game of volleyball or having a beachside picnic on the well-lit Surfers Paradise Beach.”
“You can think of the promenade as what you would find in the beachside boardwalks of Miami or Nice – an energetic coastal strip that is a hub of culture and entertainment for the community.”
“As Surfers Paradise experiences a fundamental transformation through new infrastructure projects and precincts being built, The AU offers a unique and exclusive opportunity in a world-renowned neighbourhood synonymous with the Gold Coast.”
Article source: www.urban.com.au
MAFS stars Jules Robinson and Cameron Merchant splurge $3.65 million on Gold Coast holiday home
Married at First Sight royalty Jules Robinson and Cameron Merchant quietly dropped a cool $3.65 million on a contemporary home on the Gold Coast in March of this year.
Spread over 875-square-metres and backing onto the pristine Nerang River in the well-to-do suburb of Broadbeach Waters, the lavish family abode has a lot going for it.
Boasting a whopping 500-square-metres of internal living space, the two-storey residence has six bedrooms, five bathrooms and an abundance of luxurious features.
Opulent attributes include a stunning alfresco and pool area, grand master suite, wine cellar, home theatre room and a new pontoon with direct ocean access.
The Daily Mail first reported the transaction.
According to Domain’s Pricefinder records, the property last sold in 2018 for $2.45 million, meaning the reality TV stars had to splash over $1 million more to secure the property in less than four years.
However, considering the median house price in the well-heeled neighbourhood has skyrocketed by 31.6 per cent in 2022 alone, with the average home now costing buyers $2.05 million, it’s not surprising the celebs splurged that bit extra to secure the Master Builder’s Award-nominated home.
The sale was handled by agent Hanan Cawley of Harcourts Coastal Broadbeach, who declined to comment on the transaction.
The Married at First Sight lovebirds, parents to young son Ollie, have lived on Sydney’s Northern Beaches for almost two years.
Since season six of MAFS, in which the couple became firm fan favourites, Robinson has launched two high-profile businesses – a shapewear brand named FIGUR by Jules, and Moira Muse, her fashion label specialising in sizes 6 to 24.
Endorsement deals for the pair have flowed. Robinson is an ambassador for Jenny Craig and fans on her Instagram will have spied sponsored posts for a cleaning company and pregnancy supplements, among many others, over the past few years.
Prior to joining the MAFS cast in 2019, Merchant made his name as a first-grade cricketer.
The pair were quick to use the ‘L’ word on the show and were a rock-solid pairing from the start.
Before the arrival of Ollie in 2000, Merchant listed his Kirrbilli apartment for auction, in preparation for their growing family.
The one-bedroom art deco pad sold under the hammer for $926,000.
Within a few months, the couple purchased a $1.806 million family home in Cromer, in Sydney’s north.
Article source: www.nine.com.au
Why it’s all about Broadbeach in 2022
The central, always in demand Broadbeach is the next Gold Coast hotspot set to see a wave of new apartments.
It’s been one of the busiest spots in 2022 already, with a number of prominent developers, both local and interstate, seeking to build apartment towers in the sought-after spot south of Surfers Paradise.
Mosaic Property boss Brook Monahan says Broadie is the centre of the Gold Coast now.
“A lot of people talk about Surfers Paradise in the Gold Coast as the hub, but really for actual residents, it’s definitely Broadie,” Monahan said.
“Surfers is heavily weighted toward investors, whereas Broadie is very much a local market, either local owner-occupiers or those with a secondary home.”
Monahan says there’s a lot of nostalgia to Broadbeach for a lot of residents in South East Queensland.
“It’s a very nostalgic place for a lot of people who would have come to Broadbeach and holidayed as kids,” Monahan says, adding that the walkability factor puts Broadbeach ahead of other Gold Coast suburbs.
“You can walk to 75 coffee shops/resultants, the light rail, or the surf club in minutes, as well as being on the doorstep of Pacific Fair shopping centre and the casino, which makes it one of the most appealing areas up and down the coast.”
This year Mosaic will launch their first luxury Broadbeach project to the market.
The 29-level tower, designed by Plus Architecture at 146 Surf Parade, will have 96 apartments, starting from large two-bedders, some with multi-purpose rooms, to three-bedroom apartments and skyhomes.
Broadbeach was a no brainer for the Sydney-based Iris Capital’s first Gold Coast apartment development, Victoria & Albert.
“It was the first and only location that I would consider undertaking such a spectacular residential/resort with coastal luxury as its core design focus,” Iris Capital Chief Executive Sam Arnaout says.
“Only Broadbeach and this current Neicon Plaza redevelopment site offered us the opportunity where everything is at our buyers fingertips.
“Choosing Broadbeach as the address for our V&A project in the lively heart of its dining and retail precinct has allowed us to put our brand on our first luxury foray into Queensland,” Arnaout says.
David Higgins, Colliers Director of Residential who is handling the sales at V&A, says Broadbeach is recognised as the heart of the Gold Coast lifestyle precincts.
“The walkability of the location to over 30 restaurants, GC Convention Centre, Pacific Fair, The Star Casino, the Beach and Kurrawa SLSC makes it the most lifestyle rich village locations to undertake a premium development,” Higgins says.
“Being from Sydney, I often think that Broadbeach is our Double Bay with the dining, high end retail, laneway cafes, beautiful Kurrawa parkland, the beach, and the amenity that is uniquely Broadbeach all within five mins walk.”
Evan Raptis, co-Managing Director of the family-ran Raptis Group, says that while economic conditions have been good, Broadbeach has been among the most sought-after addresses in Australia.
“The pandemic has made a lot of people reset their priorities: with a laptop and good WiFi, they can live where and how they want, and that’s underpinning much of the demand for Broadbeach right now.”
Raptis has had a longstanding connection with Broadbeach, developing projects in the suburb for over four decades, their most recent being The Gallery Residences, completed late last year.
They have a solid work book in the area too, with plans in 2022 to launch three projects; a 40-level Koichi Takada-designed tower dubbed The Sterling at 6-8 George Avenue, a 41-level tower on Chelsea Avenue, and a 35-level tower at 5-9 Anne Avenue.
Raptis says the buyer demographic is quite eclectic, which is representative of all the different amenities that Broadbeach offers.
“There are a lot of young professionals in the suburb as well as a lot of early-stage retirees. We’re seeing a lot of interest for three-bedroom apartments. Young professionals are seeking a third bedroom for when they may start a family, while retirees want to have the space for the children and grandchildren to visit,” Raptis says.
“But beyond age groups, the common bond between buyers is their interest in leading a healthy life. Parks, bike and walking trails and the beach are all outside the doors of residents, keeping them fit without the need for a gym membership.”
The local developer Anthony Quinn of QNY Group, who is plotting a boutique owner-occupier tower on his recently acquired 511 sqm block at 21 Broadbeach Boulevard, says Broadbeach is the live, work and play Mecca of the Gold Coast, which is endorsed by its number one ranking walk score.
“Broadbeach has always been in demand,” Quinn says.
“Through each good property cycle Broadbeach delivers a large share of the projects for the Gold Coast.”
Quinn says it’s not so much about Surfers, but more about what each of the suburban pockets offer.
“Both Main Beach and Broadbeach are unique in their offering and cater to different demographics and markets,” Quinn says, adding that the buyers are a healthy mix of downsizers and young professionals, with a strong market for owners and renters
A recent entrant to the Broadbeach market is the Brisbane-based West Homes.
West Homes Director Brett Kennedy says they chose that part of town because it has always had higher quality apartment buildings, great access to the beach, restaurants, Pacific Fair, and a much quieter and calmer pace of living that Surfers doesn’t offer.
“There’s less tourist trade in Broadbeach, and a lot more owner-occupiers,” Kennedy says. “People actually live there, they’re not just visiting like most of the Surfers Paradise market.”
Kennedy grew up on the Gold Coast, and has always been aware of the value of Broadbeach. “It has always been a go-to destination,” he says.
West Homes has just lodged plans for a 22-level tower of just 20 apartments at 75 Old Burleigh Road, a site they secured late last year.
Each apartment will have nearly 400 sqm of internal living space, unprecedented even for the whole-floor apartment trend that has swept the Gold Coast over the last 12 months, as developers pivoted toward more high-end, owner-occupier friendly stock. One apartment, on level three, will have 430 sqm.
Inarc Design describe the sculpted tower as an “urban lighthouse.”
GV Property Group’s Antonio Mercuri, who sells amalgamated sites to apartment developers up and down the coast, says Broadbeach is a suburb for everyone.
“It’s a beachside coastal city suburb by the ocean, surrounded by parklands, and is in the pinnacle of three Gold Coast city locations; the Star Casino precinct, the Gold Coast convention centre, and Pacific Fair.
Mercuri is marketing a prime 1,294 sqm site on Armrick Avenue, with approved plans by Rothelowman for a 22-level, 84-apartment tower.
“Armrick Avenue (park front) is the next best thing to beachfront because of the expansive views over the bowls clubs / parks lands, while still being located beside the beach,” Mercuri says.
“The attraction of Broadbeach to developers is the mixed buyer pool, alongside the blue sky value add (which going up), and taking advantage of the favourable high density zoning (unlimited height potential subject to council approval).
Mercuri says there are three areas of Broadbeach which all have high demand, value, and attraction to both developers and buyers.
“The northern pocket of Broadbeach is a huge catchment area for locals (coming from suburbs like Broadbeach Waters, Isle of Capri etc). It’s just outside the fringe of Broadbeach hub area and close enough to enjoy but still be in an area of it own.
“Then there’s central Broadbeach, the hub of Broadbeach which incorporates the Anne Avenue precinct, while the southern pocket is popular due to its closer proximity to the Broadbeach Primary School.”
Article source: www.urban.com.au
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