Anthony Moreton Group and Pryde Group will launch a $140 million residential development at Broadbeach on the Gold Coast next weekend in a further sign the glamour strip is rebounding.
Brookfield Multiplex, which built the Hilton at Surfers Paradise, will build the 219 apartments on the site of the existing Beach Hotel on the Gold Coast Highway.
Anthony Moreton Group chief executive Tony Hazell said the DBI-designed project, known as The Beach Apartments, will be a quality, design-focused offering with prices starting at $330,000.
“There has been a void in the mid and semi-prestige property market for some time on the Gold Coast and the launch of a new beachside development like this in a thriving precinct will give lifestyle buyers the choice that has been missing,” Mr Hazell said. He said the developers had more than 100 registrations of interest in the last fortnight.
Colliers International director of projects Tony Holland has been appointed to sell the apartments and said there was an undersupply of stock following a hiatus in development since the financial crisis.
“The Gold Coast is currently the most undervalued property market on the east coast of Australia, and with southern investors setting their sights on the city, existing stock is being absorbed at a fast rate,” Mr Holland said. He said there are very few beachside developments being marketed on the Gold Coast at a time when the city was charging back with major offshore investment.
China’s second-richest man, Wang Jianlin, has committed $HK12.5 billion ($1.7 billion) to invest in Australian real estate, including the construction of a $900 million beachfront resort on the Gold Coast. Middle East-based Abu Dhabi Investment Council is backing the $500 million Commonwealth Games Athletes Village on the Gold Coast to be developed by Grocon.