- Family-owned KTQ have owned the site since 2010
- Kira Beach Hotel opened back in 1956
- Once completed, the site will inject $61.3M into the economy per annum
Family-owned KTQ Group, which has owned the Kira Beach Hotel and surrounding land since 2010, are redeveloping the historic Gold Coast site with construction now underway.
The $380 million redevelopment is set to create a destination precinct.
The new Kirra Beach Hotel will feature four individual buildings comprising apartments alongside a five-star hotel and a new retail and dining hub.
The original pub opened back in 1956 and has a strong association with Australia’s surfing culture.
A report compiled by property advisory company MacroPlan Dimasi says the project will create a total of more than 1200 full-time direct and indirect jobs during all three stages of construction and upon completion.
It is expected the initial construction expenditure will inject $136 million into the local economy with an additional $61.3 million pouring in annually.
“The redevelopment of the Kirra Beach Hotel will provide an economic injection for the Southern Gold Coast in terms of capital investment, construction employment, additional short-stay accommodation provision and ongoing tourist expenditure,”
MacroPlan Dimasi Report regarding Kirra Beach Hotel
Since launching in December, Miles Residences, the first tower to be constructed on the site, has achieved $100 million in sales with the average apartment selling for $1.5 million. The tower will be built by Brisbane company Hutchinson Builders.
KTQ Group, who recently reshaped the luxury Elements of Byron resort in Byron Bay, hopes the new property will enhance the unique Kirra beachfront character whilst recreating the legacy of the long-serving pub.
Jeremy Holmes, KTQ Group’s Development Director, hopes the development also adds value to the local community.
“We’re on the cusp of a renaissance for Kirra Beach that will deliver an exciting new destination in its own right where locals and visitors will be able to live work and play,”
“Our plans have drawn on the history of the site that for generations was the social heart of the southern Gold Coast.
“The incredible market response to our first-stage release affirms our faith in our vision for the site which will be delivered over the next few years.”
Jeremy Holmes, KTQ Group Development Director