ONYX STEPS UP INVESTMENT ON GOLD COAST
Written on the 10 February 2015 by Nick Nichols
ONYX Property Group has moved its focus to the southern Gold Coast after swooping on a development site at Palm Beach and stepping up plans for a new joint-venture project at Currumbin Waters.
The Surfers Paradise-based developer, listed among BRW's Fast 100 companies in 2014 and fresh from a strong sales run with a northern Gold Coast development, is planning a luxury apartment project on a 2170sqm site at 1013 Gold Coast Highway (render pictured).
The mixed-use Palm Beach project will comprise one, two and three-bedroom apartments with beach views and ground-floor retail tenancies that Onyx says will add to the growing amenity of the area. Construction is still likely to be a year away with the project in the design and planning approval phase.
"We definitely feel Palm Beach is evolving in a positive way," says Onyx director Adam Lacey (pictured below right), who founded the company five years ago with Chris Bolger (pictured below left).
"We've engaged an international architect well versed in projects of this nature to assist us during our preliminary planning on the site and we'll be making careful consideration to ensure our development maximises the beach location," he says.
Meanwhile, Onyx is poised to make a start on its latest Gold Coast project, comprising 16 designer terrace homes, which is being developed in joint venture with the Neumann family at Currumbin Waters.
The development, to be named Currumbin Pocket, draws inspiration from similar award-winning projects undertaken by Onyx in Brisbane's north.
"We've taken a very practical approach to the design of the Currumbin terrace homes and will be delivering an affordable product without compromising on modern appeal," says Lacey.
"The surrounding environment and landscaping features will be attractive aspects of the project, with homes boasting functional open plan living and generous storage to accommodate the lifestyle that residents will enjoy when living so close to the waterways of Currumbin."
Marketing for Currumbin Pocket will kick off in May and the project is expected to be completed by November.
The Currumbin and Palm Beach developments will have a combined end value of $50 million, bringing Onyx's total project pipeline to $100 million.
It also signals rising confidence in the Gold Coast property market by Onyx, which has focused largely on the booming northern Brisbane region until returning to the Gold Coast in 2013 with the $16 million
Allisee Villas at Hollywell. Allisee Villas is close to selling out as Onyx tapped into solid market demand at the time of its release.
"We have a lot of confidence in the fundamentals of the southern Gold Coast property market," says Bolger.
"Over the last five years there has been a shortfall in new projects being delivered, which has resulted in very strong rental market and significant demand for new projects.
"There is a great infrastructure base in the area with close proximity to the airport, tourism infrastructure, Southern Cross University - not to mention the lifestyle benefits of coastal living and some of the best beaches in the world.
"Our repeat buyers and investment agents are already indicating significant demand for Onyx quality homes in these emerging suburbs so we're confident these projects will be very well received."
Author: Nick Nichols