Leading south-east Queensland developer Siera Property Group has purchased a prime absolute beachfront site at Bilinga on the southern end of the Gold Coast for $16 million.
The 1,214 sqm at 303 Golden Four Drive has existing development approval for an 11-storey residential building comprising 19 three and four-bedroom apartments and penthouses, and premium resident amenities.
Siera Founder and Managing Director, Brent Thompson, said the site’s beachfront location, existing DA approval and advanced construction negotiations added significant value and made it a strategic addition to the group’s growing Gold Coast portfolio.
“The existing development approval is 50 per cent higher than other existing approvals in the area, enabling the penthouses and apartments on the upper levels to access sweeping ocean views, north to the Broadbeach-Surfers Paradise skyline and out to the hinterland mountains,’’ Thompson said.
“The existing approval also cuts 12 to 15 months off our project timeline, allowing us to move quickly on construction.
The current designs for 303 Golden Four Drive
“We have been talking with several builders who are keen to be involved in this project, with one highly engaged builder working toward a June 2023 start.”
Thompson said Ellivo Architects, who completed the original development application, are continuing on the project and will soon lodge a minor change to the DA to improve the floor plans.
“We are leaving the rest of the building design untouched as it already is very beautiful,” he said.
“Sites with direct beach access are becoming increasingly rare and our research demonstrated a growing undersupply of luxury apartments in what remains an
affordable beachside suburb.
“Absolute beachfront at
Bilinga generally is between $13,500-$15,000 per square metre, compared to other areas of the Gold Coast that command up $20,000 per sqm.’’
Antonio Mercuri, of development
site amalgamation specialists GV Property Group, sold the prime site. Mercuri said the site offered a rare proposition which doesn’t come around often.
“True uplift was supported here from its unique 11 level approval, where the majority of projects are maxed out at seven or eight levels in the area,” Mercuri says.
The approved DA brings a quality designed building that is backboned by the A-Grade beachfront position in the highly demanded southern
Mercuri and his team sold 309 Golden Four Drive, now Si Bilinga, and then 313 Golden Four Drive, now the apartment project Navani, and neither project pushed for the 50 per cent uplift in height that that 303 Golden Four Drive achieved.
Bilinga development will be Siera’s third tower development on Gold Coast.
The group’s sculptural 22-storey
Tapestry development on Chevron Island is now selling and last month Gold Coast City Council approved its application for a 25-storey tower on Enderley Avenue in Surfers Paradise. “Siera has made a long-term commitment to the Gold Coast, delivering high standards of design and lifestyle amenity in established locations,’’ Thompson said.
“Our niche is identifying locations that are undervalued and are commencing their “coming of age” and we then look to design, or in this case modify the design, to suit our future residents.
“Our vision for
Bilinga is to provide a premium owner-occupier experience that reflects the area’s relaxed beachside lifestyle, with all residences enjoying high-end facilities and uninterrupted ocean views. It will be as unique as it is stunning.” Bilinga and neighbouring Tugun and Kirra are undergoing a significant regentrification with several new cafes and restaurants under development. The location is also close to local surf clubs, Southern Cross University, Gold Coast Airport and the Coolangatta-Tweed Heads entertainment precinct.