Bullish developers press ahead with $1bn projects

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FOUR Queensland development companies pushing ahead with more than $1 billion worth of residential projects as owner occupiers and downsizers continue to show interest, despite the coronavirus pandemic challenging multiple sectors of the industry and broader economic conditions.

Fourth generation Sunshine Coast family the Henzells are moving forward with a $200 million residential hub within its masterplanned Pelican Waters.

“The project is code accessible and we expect to receive approval in a matter of weeks and we will be pressing ahead regardless of what others are doing. We know the demand is there for the product we are offering and we can’t wait to get going,” Mclean Henzell, director of HM Developments said.

The product, targeting owner occupiers and downsizers, is also responsible the $77 million Natura project on Burleigh Heads Esp, which launched in March this year and had sold 25 of the 33 high-end, half floor residences.

Downsizers picked up the majority of apartments sold.

The sales campaign has prompted Brisbane-based Spyre Group to fast-track its demolition and construction program, announcing the appointment of Gold Coast construction company CONDEV to build Natura, a 17 storey residential tower selling only three-bedroom apartments.

A three month demolition program will begin early next month and include the tearing down of a nine level apartment building built in 2004 by Mimi Macpherson, sister of Australian supermodel Elle Macpherson.

Andrew Malouf, director of Spyre Group, the COVID-19 crisis has had no impact whatsoever on its sales program, and this is “due to the market we targeted – owner-occupiers who generally have established, secure savings and are not reliant on income or the banks”.

“These are people who are in a position to get on with their lives despite what’s going on around them and they are doing just that.”

On the northern Gold Coast, Brisbane-based Kelyin Group and Kinstone Developments are gearing up to launch the $650 million Serenity 4212 project on the North Shore. The project has seen over 1,050 pre-launch inquiries since the start of March.

“It’s a supply and demand equation on the Gold Coast’s North Shore,” Tony Ashwin, director of Ashwin Property said. There are less than less than 40 remaining waterfront blocks on the northern Gold Coast, and Serenity will offer 110 blocks between Lake Serenity and the Coombabah Lakelands Conservation Area.

Due to limited waterfront land available, Serenity will become the final master planned, waterfront developments in the Gold Coast’s North Shore.

Meanwhile, seasoned developer Robert Badalotti is preparing to launch a $155 million residential, commercial and hotel offering in Southport to be known as Imperial Square.

The project will have an ultimate value of $1.2 billion and a 108 storey skyscraper as part of stage three that pips the 328 metre height of Auckland’s Sky Tower, the current tallest structure in the southern hemisphere.

Andrew Bell, chief executive officer Ray White Surfers Paradise Group, said he is witnessing an influx of buyers from southern states planning to move to the Gold Coast in the wake of COVID-19.

“With many people now out of work and with more time on their hands, they are using this time to re-assess where they want to reside and the Gold Coast is proving to be an attractive destination to accommodate their lifestyle change.”

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