In a sign that the heat has yet to come out of the Gold Coast property market, veteran developer David Devine has scrapped plans for a sold-out tower at Burleigh Heads after buying the site next door and laying plans to upscale his ambitions with a bigger $400 million project.
Devine’s private company DD Living has lodged a development application for the new project to replace the $105 million Alba Residences originally planned for a 1012sqm site at 264 The Esplanade across the road from the North Burleigh Surf Life Saving Club.
Construction of Alba was expected to have started last month after DD Living secured development approval for the 19-level project earlier this year.
However, Devine says the opportunity to double his Burleigh Heads development footprint to 2024sqm by acquiring the 1012sqm next door at 266-268 The Esplanade prompted him to take advantage of the amalgamated site’s scale, including a 40-metre frontage overlooking the beachfront.
Devine is planning to feature larger apartments in the new development, to be named Burly, as well as improved six-star amenities for residents on the lower levels.
The move to upsize the development also comes in response to some Alba buyers previously looking to amalgamate apartments within the original development. Purchasers of Alba apartments are understood to be transferring their contracts across to the new development.
“It’s not easy to amalgamate sites on The Esplanade, but when you do, it delivers a better result for both the apartment purchaser and the Gold Coast community as a whole,” says Devine.
“When the opportunity presents itself, you need to grab it with both hands.”
The plans for Burly will double DD Living’s development portfolio on the Gold Coast to $800 million after the company kicked off construction of its $400 million Royale Gold Coast in Surfers Paradise in August.
At the time, Devine told Business News Australia he was confident of further price growth for Gold Coast apartments which he said were still lagging prices in southern capitals.
DD Living has lodged a development application for Burly with the Gold Coast City Council and will have to navigate the pushback of local residents opposed to large-scale development at Burleigh Heads.
The company had to scale back its original Alba development from 21 storeys to 19 storeys as part of its original approval process following close to 400 local objections to the proposal.
Devine says he is looking forward to working with the council to secure development for Burly which will comprise 100 luxury apartments across 24 levels.
“We are making the most of this opportunity with a new architectural design that improves the residential offering, which is only possible now after doubling the space we originally had,” says Devine.
“With the 40-metre frontage of the combined site, we are now able to provide a wider building separation between this and neighbouring buildings, as well as delivering significantly more landscaping at street level.”
TOTAL Property Group has been engaged as project marketer for the development.
“The Esplanade at Burleigh is one of Gold Coast’s most desirable places to live and Burly will meet the demand we have been seeing for prestige property in locations of this quality,” says TOTAL’s managing director Adrian Parsons.
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