URBAN CONSTRUCT SET FOR ITS BIGGEST COAST PROJECT
Written on the 17 July 2014 by Nick Nichols
URBAN Construct, the former Adelaide-based developer that has taken a foothold in south-east Queensland, is poised to start on its biggest Gold Coast project to date at Emerald Lakes.
The private company, headed by Todd Brown, has just received development approval for The Harbour at Emerald Lakes, a $150 million apartment project earmarked for a lakefront site in the master-planned estate at Carrara.
Urban Construct is currently working on stages three and four of its existing Emerald Lakes project, a $46 million townhome development known as Lakeside.
The final two stages of Lakeside have just been released as Urban Construct moves to bed down its project timetable for The Harbour.
Both projects have been undertaken in a joint venture with Emerald Lakes developer Nifsan.
While a start date has not been set for The Harbour, Urban Construct is planning to launch the project to the market in a few weeks and is taking expressions of interest from prospective buyers.
The Harbour, to be developed on a 2.45ha site adjacent to the Emerald Lakes village, will comprise 316 apartments across four buildings and will be released in two stages.
Apartments will be priced from $299,000, well below the $549,000 starting price set for The Islands.
Brown says Urban Construct is hoping to capitalise on the sales momentum achieved at The Islands which has led to a near sellout of the first four stages.
"There isn't a great deal of waterfront property currently being developed on the Gold Coast, particularly at an achievable price point,” says Brown, who is the managing director of Urban Construct.
“The Harbour's position overlooking the lake is unparalleled. It is the prime position within Emerald Lakes."
Brown says while Emerald Lakes has strong owner-occupier appeal, he expects The Harbour to garner interest from investors.
Urban Construct first entered the south-east Queensland market in 2010, targeting Emerald Lakes at a time when the property market was in the doldrums.
The company is still highly active in its home town of Adelaide where it is responsible for three of South Australia’s most significant developments.
The company’s South Australian portfolio includes the $600 million Holdfast Shores redevelopment of the Glenelg foreshore, the $1 billion The Precinct, which is Adelaide CBD’s largest mixed-use redevelopment, and the Newport Quays redevelopment.
Urban Construct is ramping up activities residential high rise activities in Brisbane where it is now based and the company is seen as an emerging player in the south-east Queensland development sector.
Author: Nick Nichols