SOUTHPORT HOTSPOT IN 'YEAR OF THE CRANE'

Written on the 31 January 2014

SOUTHPORT HOTSPOT IN 'YEAR OF THE CRANE'

 THE Gold Coast development “machine” is cranking up again with Mayor Tom Tate naming 2014 “the year of the crane” on the back of a surge in construction approvals.

And in sign that Southport is emerging as a hotspot for developers, it has been revealed that the former Star of the Sea school on Marine Parade has been snared by a mystery buyer just two weeks after hitting the market.

Details of the sale are still under wraps, but news of the sale was broken this morning by Southport‘s Cr Dawn Crichlow during a press conference called to herald the surge in construction activity across the Gold Coast.

Cr Tate says there are currently nine cranes across the Gold Coast skyline with more to come this year as confidence continues to rise in the city’s property sector.

“A traditional indicator of a city’s economic activity and health is the number of cranes on its horizon,” says Cr Tate.

“We know that there are more than nine cranes around the city, signalling the Gold Coast is well and truly open for business.”

Cr Tate this morning toured one of those work sites where construction is advancing on the $50 million Brighton Grand residential development.

The three-building project, located at Brighton Parade, is due for completion in September. It will cater for the luxury end of the market and target owner-occupiers.

Brighton Grand is one of 30 multi-unit projects approved on the Gold Coast in 2013 – a figure almost double the level of two years ago.

Total development approvals across the Gold Coast in 2013 hit 5442, which is up 20 per cent on approvals in 2012.

Cr Tate attributes some of that growth to the city council’s Kickstart Construction program which he says has proved a major catalyst for many new projects.

Brighton Grand developer Sol Sahhr says the council incentives had brought his development forward by six months, creating 100 jobs for the city.

He says Brighton Grand has already fielded a number of enquiries from potential buyers of luxury apartments and he was confident the Gold Coast market had turned the corner.

Less than 200 metres away, one of Australia’s richest men, Harry Triguboff, has started work on the last stage of the Brighton on Broadwater development.

The 55-level tower, which will also house a Woolworths supermarket, has been on the backburner for two years.

Triguboff has moved to take advantage of falling supply in the apartment market, buoyed by the sell-out of the troubled Southport Central development this year.

“Developers are coming here in their hundreds,” says Cr Crichlow who sees the light rail system, expansion of education facilities and the Chinatown project as major catalysts for growth in Southport.

In a bid to stay abreast of the growth, the city council has established a new dedicated planning office in Southport to cater for developers and property buyers.

Cr Tate says the council also may need to expand its planning department to cope with the volume of planning approvals.


Latest News

SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

FIERCE rivals Slater & Gordon (ASX: SGH) and Maurice Blackburn have secured funding for class actions against Bel...

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter