GOLD Coast fund manager LM Investment Management (LM) will develop its $800 million master-planned community at Coomera following a DA today from Gold Coast City Council.
The 1450 lot ‘Arrowtown’ project received unanimous council approval for construction of Stage One. The 112ha project will be developed by LM on behalf of investors in one of its income funds, which participates in ownership positions in Australian property.
It includes apartments in and around a central lifestyle hub, townhouse sites, small allotment and terrace housing to address affordability needs, and traditional premier homesites.
Retail, commercial and dining precincts, district quality sporting amenities, state-of-the-art leisure facilities and wellbeing centres, sprawling parklands and landscaped open space will also be a key component.
Council approval for the 18ha Stage One includes 134 allotments sized from approximately 300sqm to 900sqm. Facilities include 5.7ha of dedicated open space featuring a 1.2ha central park, amphitheatre-style village green, health and lifestyle facilities, a resident’s pool and gymnasium, playgrounds, picnic and BBQ areas.
The central park will be home to a professional beach volleyball complex providing a pathway to the Olympics, managed by Olympic Gold Medallist Natalie Cook, for the recreation and serious tuition of aspiring beach volleyball athletes.
Construction and an off the plan sales and marketing campaign is scheduled to commence later this year, with first homes anticipated for delivery in 2012.
LM founder chief executive Peter Drake, says Arrowtown presents an ‘outstanding opportunity’ for return to be delivered back through the fund to investors as income.
“The fund is now in its tenth year of positive performance. Its target performance is currently 4.00 per cent pa above Official Cash Rates, and projections for Arrowtown and similar strategic assets will enable us to continue our demonstrated track record,” says Drake.
The fund targets assets located in metropolitan and wider metropolitan areas, where population growth supports strong demand.
“Arrowtown will service a critical demand for housing in what is arguably Australia’s fastest growth corridor, and on completion will be home to more than 3500 residents,” says Drake.
City planning chair Cr Ted Shepherd says the project is a major shot in the arm for the building industry on the northern Gold Coast and a catalyst for development growth in surrounding residential precincts.
“This area needs houses built now to also progress the much needed proposed town centre. I am confident that LM will deliver a high quality product the region can be proud of,” he says.
Local area Cr Donna Gates also welcomes the approval.
“It provides a diverse range of housing product to suit a variety of needs, which will include a commercial and retail core adjacent to the central park. I'm delighted that this approval will create additional jobs within the construction industry for residents of the Gold Coast,” she says.
Around 35 hectares of environmental reserve will be dedicated to the Gold Coast City Council for the protection of environmental areas and the provision of parklands, six kilometres of bush walking tracks connected to a wellbeing centre and a district sporting precinct.
The central park will feature the beach volleyball centre, a resident’s pool and gymnasium, playgrounds, picnic and BBQ areas and an amphitheatre style village green hosting weekend markets, local concerts, carols and special events for the Arrowtown community.
Arrowtown is located on Rifle Range and Nambucca Roads off the M1 on the western side of the highway opposite Dreamworld, and will benefit from a number of government initiatives to upgrade the region, which is fast becoming a major urban centre between the Gold Coast and Brisbane largely due to its close proximity to established transport infrastructure.
“The fund will continue to focus on assets which provide affordable housing solutions in established areas with existing transport and community infrastructure to take advantage of Australia’s well documented housing shortage,” says Drake.
LM is a privately owned Australian, specialist funds manager providing a global pathway to Australian investment solutions, and operating internationally from nine offices (Gold Coast, Sydney, Hong Kong, London, Auckland, Queenstown, Dubai, Johannesburg and Bangkok). With approximately AUD1billion assets under management, LM currently distributes its financial products via licensed advisers and intermediaries spanning some 60 countries.
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