Main Beach turns on the luxury
21 September 2007, Shannon Willoughby, The Gold Coast Bulletin
 

A LUXURY $51 million boutique high rise will be built on Main Beach's only remaining vacant block of land.

A consortium headed by the Macquarie Group of Companies yesterday revealed it was the buyer of the council-approved high-rise redevelopment site for $10.3 million.

Macquarie Real Estate Equity Funds snapped up the Breaker Street site with Sydney-based Parkview Group.

The joint venture acquired the property from the Gold Coast-based HSP Group, linked to the late Eddie Kornhauser. HSP was associated with apartment projects including Pivotal Point at Southport and Hedges 252 at Mermaid Beach.

The announcement comes as developers push to give the suburb -- once considered the most glamorous on the Coast -- a facelift.

Gold Coast developer Dr Jim Abrahams is behind the proposed five-storey Tedder One, a high-end mix-use residential development.

It has been approved by Gold Coast City Council, but the Main Beach Progress Association is appealing the decision, saying it would destroy the 'village life' atmosphere. The battle is before the Brisbane Supreme Court.

Meanwhile, work on Samtay's $43 million 16-apartment Milan tower on Tedder Avenue began earlier this year.

Recently completed luxury apartment projects include Mirvac's Liberty on Tedder and Willemsen Group's $55 million Axis tower.

Scott Ponton, from the Macquarie Group of Companies, said the joint-venture partnership was eager to develop the property immediately.

The 2248sqm site has an existing development approval for 26 apartments over 25 levels.

"We're certainly of the view that this site represents one of the few remaining re-development opportunities within the Main Beach area," said Mr Ponton.

"We believe there is pent-up demand for luxury living in Main Beach and we are working on design plans that will entice a strong underlying market.

"Main Beach is the traditional prestige beachfront apartment suburb on the Gold Coast and it is a very strong market for residential end users because of the location and the well-established amenities such as Tedder Avenue."

The project will include 19 whole-floor apartments, six half-floor apartments and an on-site manager's unit.

Mr Ponton said the joint-venture partners were hoping to market the project in coming months and start building early next year.

The Main Beach acquisition follows the joint venture's highly successful partnership debut on the Gold Coast, the $95 million Kirra Surf Apartments, under construction on one of the Gold Coast's most high-profile sites.

Kirra Surf is 80 per cent sold and due for completion early next year.

The Macquarie Real Estate Group is involved in several developments including a 37-level, $89 million luxury building known as the Macrossan in Brisbane's CBD.

It is also participating in joint venture with Leighton Properties to develop the $300 million Viridian development at Noosa.