FINANCIERS PLAN $140M BROADBEACH TOWER PROJECT
9 December 2014, Written by Nick Nichols
BRISBANE-based property partners Anthony Moreton Group (AMG) and Pryde Group are increasing their profile on the Gold Coast with plans for a new $140 million high rise apartment tower at Broadbeach.
The announcement comes on the heels of AMG acquiring a number of assets once held by property developer John Fish.
This includes Marina Quays International Resort, which has since been rebranded Ramada Hotel Hope Harbour following an agreement with Wyndham Hotel Group.
The latest high rise project, The Beach Apartments Broadbeach, will capitalise on the growing appetite for low-priced apartments on the Gold Coast as available stock continues to dwindle.
According to LandMark White, overall supply at Broadbeach remains at a record low level despite the construction of Morris Property Groups Synergy apartments adding new stock to the sub-$500,000 market.
The Beach Apartments will comprise a mixed-use development located on the Beach Hotel site, which was bought last year by AMG from Fishs company Rothmont Projects for $6 million.
The 35-level project is located next to Harry Triguboffs Pegasus towers on the Gold Coast Highway and will add 219 apartments to the market, comprising a mix of one and two bedrooms as well as ground-floor retail.
AMG has appointed Surfers Paradise Hilton developer Brookfield Multiplex as development manager and builder.
Apartment prices will start from $330,000, but according to AMG chief executive Tony Hazell the project will focus on a quality product.
"It is expected to have strong appeal to both local and interstate markets, offering an excellent value proposition in terms of location, surrounding amenity, quality and price, Hazell says.
He says a number of potential buyers have already registered interest in the project.
The Beach Apartments has been designed by Surfers Paradise-based DBI Design and will include a podium-level outdoor pool and barbecue, Zen garden, residents lounge and a gymnasium.
Colliers International has been appointed marketing agency.
"It will be the first new apartment development to be offered to buyers off-the-plan in Broadbeach since Eclipse and Synergy were released," says Colliers director of projects Tony Holland.
"There are currently very few beachside developments being marketed on the Gold Coast, and with confidence returning to the market, combined with the level of infrastructure under way and in the pipeline in the city leading up to the Commonwealth Games, lifestyle buyers are becoming increasingly active.
"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.
"The Beach has already attracted strong interest and given the undersupply of beachside stock - and new apartment stock in general on the Gold Coast which is sitting at a 30-year low - we expect the apartments to sell quickly."
Construction of the project is scheduled for 2015.
AMG has been project funder for a number of Gold Coast projects over the past 13 years, including Raptis Groups Chevron Renaissance.
More recently it has backed the first four residential tower developments completed by Metro Property Development in Brisbane.
The company also owns the former Marina Quays Tavern, another former Fish asset, which has since been rebranded the Hope Island Tavern under the management of Wesfarmers Liquorland business.
AMG was established by Hazell in 2001 and since then has provided more than $2 billion in development funding to the property industry.
Pryde Group has an extensive industrial, retail and residential property portfolio in south-east Queensland and has previously partnered with AMG on a number of high rise projects.
Author: Nick Nichols