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