BRISBANE-based Siera Group has unveiled plans for its second Gold Coast project, a $120 million Surfers Paradise residential apartment development.
Currently referred to as Enderley, for its 8 Enderley Avenue location, will comprise 54 apartments, with a four-bedroom penthouse, 11 residences with two-bedroom layouts and the remainder with three-bedrooms.
The 964sqm development site sits just 60 metres from the Surfers Paradise beachfront and was created by amalgamating eight apartment sites via off-market acquisitions over a six month period.
“Sites like this, located less than 60 metres to the beach with two-street access and a park sitting between the site and the beach, are very rare. It offered us exceptional flexibility to come up with an elegant building design that captures the amenity of the Gold Coast’s most famous lifestyle suburb and provides superb undisturbed view corridors,” said Brent Thompson, founder of Siera Group.
This latest project comes after the success of the Siera Group’s first Gold Coast residential development on Chevron Island, Tapestry, which has experienced strong levels of local owner occupier demand.
The BDA Architecture and FORM Landscape Architects-designed project will include a range of on-site resident amenities across two levels.
“We felt this provided the perfect opportunity to deliver generously sized, well-designed apartments within a building that has an abundance of amenity with a focus on health and wellness,” said Thompson.
8 Enderley Avenue also boasts a park side position, bordering Gaven Place Park and sits along the light rail corridor, placed just 120 metres out from Northcliffle Station.
“It is not only the beach that is extremely accessible, as residents will have a short 100 metre walk to the light rail station or the Northcliffe Surf Club to the south, or 10 minutes into the heart of Surfers Paradise to the north,” added Thompson.
After undertaking research into the Gold Coast market, Siera Group is looking to establish housing that is accessible to a larger range of buyers than is currently available.
“Despite the perceived level of development activity, we have found there is a genuine undersupply of quality, boutique apartments across the Gold Coast, and in particular within Surfers Paradise which continues to see the largest population growth across the region,” said Thompson.
Thompson also noted the housing shortage that is currently reaching crisis point across the country is also apparent in the coastal city, pointing to the current 0.4% vacancy rate, which anticipated supply is not meeting.
On top of this Thompson has said a large portion of the preliminary design phase for the project was dedicated to guaranteeing that the project is buildable in the current environment of shortages in labour and materials.
“This is particularly critical at a time when the delivery of projects is becoming more challenging, which we believe will lead to fewer and fewer projects coming to fruition,” concluded Thompson.
Siera Group has lodged a development application for their Surfers Paradise development and have plans to launch branding for the project in the coming months.