SUNLAND Group continues to ramp up its development activities on the Gold Coast with plans for a $136 million medium-rise apartment project at Palm Beach.
The project marks a growing interest in high-density construction by Sunland, with a particular focus on the mid-rise sector.
It also brings to about $1 billion the value of new development projects it has planned for the Gold Coast, including a major redevelopment planned for Mariner’s Cove that has yet to be revealed.
Sunland, which is poised to move its headquarters to Brisbane on Monday, has earmarked the Palm Beach project for a 4.7ha site it has acquired in an unconditional deal for $18.4 million.
The property is occupied by the Pryke family’s Palm Beach Mobile and Tourist Park, which is set to close its doors on August 6 to make way for development next year.
The Palm Beach project follows a strong run of sales by Sunland for its latest medium-rise Gold Coast project, the Marina Residences at Royal Pines.
Sunland managing director Sahba Abedian says the Palm Beach development aims to capitalise on an emerging urban renewal of Palm Beach in recent years.
He says the trend began in Coolangatta several years ago and extended to Burleigh more recently, with Palm Beach now on the radar for developers – although he concedes big development sites are hard to find.
“It was fortuitous that we secured this development site, because larger scale developments and the availability of suitable sites are limited at Palm Beach,” he says.
Abedian says the medium-rise market has been a strong focus for Sunland recently, although the company is edging back into high rise projects with the 40-storey Abian apartment project in Brisbane and plans for a new high rise at Labrador.
“It’s a market that’s been performing soundly over a number of years and provides us with greater opportunity to proceed with master-planned communities on a greater scale,” he says.
The Palm Beach development will comprise 162 luxury apartments and 86 townhomes, mostly targeting owner-occupiers.
“We feel there is a strong level of d owner-occupier demand on the Gold Coast,” says Abedian.
He says Sunland will put its distinctive stamp on the design of the new project.
The Palm Beach townhomes will be priced from around $600,000 and the apartments from around $500,000.
“Palm Beach is currently experiencing a gentrification process, with new restaurants and retail, and strong demand from first and second home buyers,” says Abedian.
“Our proposed development seeks to connect and contribute to this renewal by creating a quality master-planned enclave which will enhance the architectural landscape and social fabric of the community.”
The development is expected to start contributing to Sunland’s bottom line in the 2016 financial year.
Get our daily business news
Sign up to our free email news updates.