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Gold Coast developer Sherpa Property Group has secured council approval for the second tower in its $500 million Flourish mixed-use precinct in Palm Beach, paving the way for 286 apartments and a retail and dining hub across dual towers on the Gold Coast Highway.
The approval of the north tower at 1156-1164 Gold Coast Highway follows the earlier sign-off of an 18-level south tower at the adjoining site on the corner of Sixth Avenue and Gold Coast Highway, completing the development approvals for a block formerly occupied by Cash Converters and other commercial tenants.
The north tower will house 154 apartments while the south tower will deliver 132, with Sherpa reserving all one- and two-bedroom, one-bathroom configurations exclusively for first-home buyers.
Sherpa Property Group says the latest approval will progress a "long-overdue transformation" of the commercial heart of Palm Beach covering the block between Sixth and 7th Avenues, with plans for the site including a major retail and dining precinct that will incorporate boutique offerings.
Christie Leet, founder of Sherpa Group, says the decision to lock out investors from the project's most affordable stock is deliberate, with smaller-format apartments earmarked for owner-occupiers entering the market for the first time.
“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach but a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast”, says Leet.
The project will be developed under the company’s growing Flourish brand, which is designed to allow locals and downsizers a pathway into the beachside suburb.
“Our vision through Flourish is to create a vibrant retail and lifestyle focal point in the Palm Beach centre zone in thriving communities underpinned by lifestyle-rich locations," says Leet.
“So far, Flourish has been an incredible success, and we hope to carry this momentum as we start the process on the two new Flourish projects in Palm Beach.”
Sherpa acquired the two Palm Beach sites last year for a combined $30.5 million and has invested about $42 million on site acquisitions in the coastal suburb over the past year.
Sherpa Property Group's project pipeline now exceeds $1 billion led by the Flourish concept, which total about six either completed, under way or planned for South-East Queensland.
The approval comes after Sherpa lodged revised plans for the north tower in January, increasing the apartment count from earlier proposals.
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