NIFSAN DEAL BOOSTS LAGGING CONSTRUCTION

Written on the 10 June 2010

NIFSAN DEAL BOOSTS LAGGING CONSTRUCTION

CONFIRMATION of a $250 million joint project between Nifsan and South Australian developer Urban Construct is a major shot in the arm for the Gold Coast’s struggling property development sector.

The joint venture deal to develop the 25,000sqm Harbour site at Nifsan’s $1 billion asset Emerald Lakes could produce up to 300 apartments and 3,000sqm of retail and commercial space.

With speculation circulating the Coast’s property development sector as existing projects start winding-up faster than new developments are announced, the Harbour development is likely to be the biggest of its type announced in the near future.

Nifsan chief operating officer Sean Wardrop instigated the joint venture strategy and directed the national campaign to find a partner.

“This project represents the tipping point for Emerald Lakes to become one of the most vibrant masterplanned communities in Queensland,” says Wardrop.

“We have already successfully developed the adjacent Porto Bellago precinct and Town Centre, and have just completed the French Quarter, with the Harbour site DA approved and ready to go.

“Developing with a joint venture partner of an outstandingly high calibre such as Urban Construct allows Nifsan to redirect our resources to other areas of the community, as well as spread the risk of undertaking a project on this size and scale.”

Adelaide-based Urban Construct is South Australia’s largest development company with more than $6 billion of visionary projects in various stages of planning and construction.

The company is behind South Australia’s three most State significant developments and has delivered more than 3,500 dwellings and 100,000sqm of commercial space over the last decade.

As Urban Construct’s first foray into Queensland, company CEO Todd Brown says the opportunity provides the perfect vehicle to launch itself in the state.

“We have been analysing opportunities in South East Queensland for some time, and the board of Urban Construct has made a long-term commitment to being a major force in the development scene in Queensland,” he says.

“The Harbour site represents an immediate opportunity to make our presence in the state known. The appeal of Emerald Lakes for us is that it’s a perfect fit with our specialty, being the delivery of large scale, multi-staged master planned communities.

“We are completely dedicated to South East Queensland and will be opening our first Queensland office in the near future. In the short-term we’ll be adding a fresh and exciting perspective to Emerald Lakes.”


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