Developer Gurner has teamed up with MaxCap Group to purchase a development site on the Gold Coast with ambitions to build a $120 million apartment tower.
The 1,012 sqm site is located at 1929 Gold Coast Highway, Burleigh Heads and will feature a 22-storey tower with 80 residences and rooftop amenity.
Gurner said the project, which follows in the footsteps of its $1.25 billion La Pelago project on the Gold Coast, is expected to hit the market in 2022.
The developer expects to lodge a formal planning application in coming months, having already begun initial discussions with council.
The deal is the latest for the pair, having partnered on more than 20 transactions with an end value of about $1.5 billion in total over the past decade.
“There is no doubt that Burleigh Heads is the hottest market in Australia right now, and it’s a place we have to be in,” Gurner CEO Tim Gurner said.
“Following on from the incredible revitalisation that Chris Vitale is bringing with the Mondrian, we want to be able to enter the market and offer buyers all the amenity on offer in the area with residences that are attainable for local buyers.”
MaxCap Group executive director and founder Brae Sokolski said they had high conviction in the long-term fundamentals of the Gold Coast market, with the project representing another important strategic investment by MaxCap into the region.
“Despite the challenges posed by the last two years, the top end of the market has continued to stand up, and one area that is reaping the benefit of this is the Gold Coast – buyers are seeking ultra-luxury residences with hotel-style amenities and service, and we will continue delivering that,” Gurner general manager – mixed use Tim Mills said.
In recent development news, developer Golden Age Group was approved to develop a new 21-storey tower in the Queen Victoria Market precinct in Melbourne’s CBD last month.
In Brisbane, Vicinity Centres announced plans to redevelop the Buranda Village shopping centre into a mixed-use precinct with offices and more than 600 homes.
Japanese developer Mitsui Fudosan entered the Australian market last week after partnering with Frasers Property to develop an 269-apartment project in Sydney, while Mirvac bought an 80ha parcel of zoned land in Cobbitty, NSW to develop into a masterplanned neighbourhood.
Primewest bought a Woolworths-anchored retail centre under construction in Sydney from Fridcorp for $41.5 million, while Singapore-listed Keppel REIT purchased a grade-A office development in North Sydney for $327.7 million.