Melbourne developer Hirsch & Faigen, a company backed by United Petroleum rich lister Eddie Hirsch, is capitalising on a solid run of projects on the Gold Coast over the past four years with plans for a $240 million Broadbeach apartment tower that will be its largest development so far in Queensland.
Hirsch & Faigen lodged a development application this week for Marbella, a 31-storey residential project earmarked for a 1,100sqm site at 7-9 Surf Parade.
Marbella, which will comprise 100 apartments, is the fourth project undertaken by the company since 2021 and takes its Gold Coast development portfolio to more than $700 million since the company first entered the market with the launch of Hemingway at Palm Beach.
Plans for Marbella are being laid as the company edges closer to completion of its latest project Yves Mermaid – which along with Hemingway and its second project, Emerson at Kirra Beach, all sold out prior to construction starting.
Hirsch & Faigen is led by Daniel Faigen and backed by Eddie Hirsch, who co-founded United Petroleum with Avi Silver in 1993 and is estimated to have a combined fortune of $4.36 billion with Silver.
After making its mark in Melbourne with projects such as Central Park at Box Hill and a recently completed office building at 222 Hoddle in Abbotsford, Hirsch & Faigen has been capitalising on the strength of the premium apartment market on the Gold Coast since the early days of the COVID-19 pandemic.
“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch & Faigen and a shareholder of the group.
“With the likes of Mosaic and Abedian & Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.”
Brisbane-based developer Mosaic Property Group is developing a $250 million, 37-level tower on Mary Avenue at Broadbeach offering 59 half-floor and full-floor apartments, while Abedian & Co, a private company established by Sunland founder Soheil Abedian, is planning a $580-million luxury project of 47 storeys down the road at 14-20 Mary Avenue.
“After four years in the Gold Coast market, and with three successful projects completed, Marbella is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country,” says Bueti.
“We continue to remain very confident in the high-end Gold Coast property market.”
Hirsch & Faigen has employed Rothelowman Architects and Hutchinson Builders to design and deliver Marbella Broadbeach respectively, the same team behind the group’s three previous Gold Coast developments.
Marbella will offer a “thoughtfully curated lifestyle” for residents which will include a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.
Designed for the lucrative Gold Coast market demographic of downsizers and interstate lifestyle investors, the company says Marbella has been crafted to offer an “increasingly rare blend of affordable luxury in a tightly held market”.
Pending approvals for the code-assessable project, the company expects construction to start in September this year.
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