AFR – Wingate sells Bryon Bay to rich families for $120m
Larry Schlesinger, May 19, 2021 Melbourne real estate financier and investor Wingate and developer Azzura have sold the (...) Read More
Multi-billion-dollar developer GURNER™ has announced its entry into the booming Gold Coast market with a prime 13,000sqm site in Budds Beach, that will be developed in joint venture with investment house Wingate, into a $600+m mixed-use and resort precinct.
The site is currently permitted for 999 apartments over 90 levels without a height limit, however GURNER™ will embark on a complete re-design to deliver a multi-tower precinct including high end residential, family-focused resort living, hotel, retail and hospitality and potentially build to rent, along with the developer’s signature luxury amenity offerings.
The new scheme will result in a reduction of apartments to approximately 500 – 600 offerings, which is expected to be developed over a series of stages.
The developer is currently seeking design competition submissions from some of Australia’s best architecture firms to ensure a best-in-class design outcome for the site, with town planning likely to be submitted in the next 8 – 12 weeks and a public launch earmarked for later this year.
This is GURNER™’s second large-scale Queensland project after the developer completed over 1000 apartments at its $500m FV project in 2019. The developer also announced a boutique hotel and luxury residences project set for Port Douglas late last year.
The Gold Coast property market has witnessed strong price growth through 2020 with some pockets experiencing growth of over 10 percent year-on-year, fuelled in part by the growing ‘sea change’ demand following the COVID-19 pandemic.
This trend has been mirrored across the rental market with Gold Coast’s vacancy rates falling below 1 percent, with little existing supply to meet the ever-growing demand.
“ We have been looking at the Gold Coast and Sunshine Coast for a considerable amount of time, but we wanted to find a site that would allow us to do something really special and not just ‘another tower’ on the Gold Coast,” said GURNER™ founder and director, Tim Gurner.
“We have a very ambitious goal for this site in terms of complete offering for our clients and I believe it is something that has not been delivered in the world before and will be a surprise to the market when we can reveal it in coming months’
“It will create an environment like no other in Australia”
“ I believe the Gold Coast is about to have its largest market run in history as Australians realise just how spectacular our eastern seaboard coastline is, and are more motivated than ever before to invest and live in a coastal destination.
“ With a site like this we have the flexibility to either stage the project if we need to, however if the market appetite is there we can launch multiple products at the same time to cater for different demands and deliver it all in one hit.
“ We would not go to the Gold Coast for a small site, we want to create something exceptional that will deliver a luxury experience like no other; a true resort-style offering that will push us professionally to go further than we have ever gone before,” he said
Wingate managing director of property, Mark Harrison said the joint venture presented deep alignment of interests between the two entities, with a shared vision to deliver a precinct that would become a new landmark for the Gold Coast.
“ Following a thorough market-testing process, we are delighted to partner with a respected developer like GURNER™. GURNER™‘s track record and ability to deliver market-leading developments at scale means not only can they identify and maximise the site’s potential, but they have the capabilities to bring their ambitious plans to life.
“ As with all Wingate co-investments, our key objective is to secure opportunities and provide value for our co-investors and we believe GURNER™ is the right partner to achieve this with us. This latest venture will allow Wingate to build upon our significant track record of funding more than $12 billion of property over the past decade.
“ Not only is the Gold Coast an attractive holiday destination but more Australians are now choosing it as their principal place of residence. We believe this project will launch at the right time to capitalise on this momentum and deliver supply across a number of different product classes,” he said.
Plans for the site’s redesign are currently being drafted with town planning submission likely in the next two to three months.
For more information on GURNER™’s latest apartment projects please visit www.gurner.com.au