- A $600M luxury apartment building is expected to be built after Gurner and Windgate joined in a Gold Coast venture
- The multi-tower building is to include high-end residential, retail and hospitality areas
- Gurner has high expectations for the future of the Gold Coast's property market
A $600 million luxury apartment building is expected to join the Gold Coast skyline as property developer Gurner and investment firm Windgate announce a joint venture.
The city block in Surfers Paradise was put on the market after the collapse of property developer Ralan Group.
The site is to become a mixed-use resort precinct. Gurner has a vision for a multi-tower precinct including high-end residential areas with family-focused resort living. There will also be hotel, retail and hospitality locations on site.
There is currently a design competition in the running. Town planning is likely to be submitted in the coming months.
The ‘sea-change’ trend triggered by COVID19 fueled the property market in the Gold Coast which experienced strong growth in 2020 according to Windgate. This was also reflected in the rental market with vacancy rates falling below 1%.
Tim Gurner, the founder and director of Gurner has high expectations for the future of the Gold Coast’s property market.
“We have been looking at the Gold Coast and Sunshine Coast for a considerable amount of time, but we wanted to find a site that would allow us to do something really special and not just ‘another tower’ on the Gold Coast.”
Gurner claims the development will “…create an environment like no other in Australia.”
“We have a very ambitious goal for this site in terms of complete offering for our clients and I believe it is something that has not been delivered in the world before and will be a surprise to the market when we can reveal it in coming months.”
Mark Harrison, managing director of Windgate, said the joint venture presented a deep alignment of interests between the two entities. He hopes the precinct will become a new landmark for the Gold Coast.