ONYX Property Group has laid plans for its biggest development to date, a $42 million medium-rise project for Palm Beach.
The seven-storey development comes as the Gold Coast company, headed by Chris Bolger and Adam Lacey, completed a quick-fire sell-out of its Currumbin Pocket homes project developed in joint venture with the Neumann family at Currumbin Waters.
Onyx has lodged a development application with the city council for the Palm Beach project, which will be located on the corner of Gold Coast Highway and Third Avenue on a 2170sqm site.
The mixed-use development will comprise 68 apartments of one, two and three-bedroom configurations and a ground-floor café.
Construction of the project, designed by BDA Architects and Real Space Creative, is expected to start in mid-2016.
"This development comes hot off the heels of our very successful sold out Currumbin Pocket homes, so we're excited to further our portfolio in the southern Gold Coast market and the booming suburb of Palm Beach," says Bolger.
"We feel the project will be a welcome addition to the revitalisation and café culture of the area and will satisfy buyer demand in an historically undersupplied property market.
"Already the interest and support we have received from buyers and local agents has been overwhelming."
Lacey says careful though has been given to the design of the development.
"This project will boast stunning unobstructed beach and hinterland views and is undoubtedly positioned in one of the best beachside locations of the Gold Coast," he says.
"Being a unique and prominent corner block, the design and landscaping was carefully considered from all angles, creating an open Boulevard feel.
"We wanted to create a holistic response that breathes new life to the neighbourhood and provides enhanced public amenity and a fresh offering in beachside apartment living."
Onyx has ramped up its exposure to the Gold Coast market in recent years, after a strong run of projects on Brisbane's northside.
The Currumbin and Palm Beach developments have a combined end value of $50 million, bringing Onyx's total project pipeline to $100 million.
Onyx returned to the Gold Coast in 2013 with the $16 million Allisee Villas at Hollywell at a time when the local market was just turning the corner.
In 2014, the company was placed at 32 on the BRW Fast 100 list after just five years of operation and is now considered to be among the Gold Coast's largest private developers.
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