- Plans have been lodged for a 12 storey boutique beachfront apartment in Coolangatta
- Three residencies per floo
- Follows the Natura development which only has one apartment left for sale
The Spyre Group, who has been highly active in the Gold Coast region in recent times, has lodged plans for a boutique beachfront apartment development on the Kommue Resort at Coolangatta.
The developer – whose current Gold Coast workbook is worth more than $250 million – purchased the site off-market, which was intended to home a 27 storey development.
Spyre’s new proposal for the site is different; a 12-storey residential development called Cala Dei Residencies with three residences per floor.
“The site was originally intended for a 27-storey development, but we have significantly reduced this footprint. Instead, we propose to create luxury residences that complement the world-class surfing reserve status of the southern Gold Coast beaches,” said Mr Malouf, Spyre’s director.
Traditionally, the group has focused on luxury projects in Brisbane, however, Mr Malouf is optimistic projects in the Gold Coast present a highly valuable long-term opportunity for the company.
“The challenge always starts with securing the right site, and we’ve been fortunate on the Gold Coast over the past few years targeting only the best beachfront sites in each area, especially with our latest acquisition at Coolangatta,” he said.
“The Gold Coast’s natural environment may be what attracts people in the first place but creating luxury residences at this level provides a reason for many to stay.
“The market is well supported by locals and increasingly by interstate buyers, and remarkably we see that trend continuing for some time.”
Previously, Spyre has redeveloped sites already occupied by multi-level buildings. The eight-storey Aspect apartment building was demolished in order to build the Natura project.
Only one apartment remains for sale from this development with all the others fetching between $1.6 to $3.5 million each.
Mr Malour is confident the development will stand out.
“The Komune property is ideal from our perspective because it is a rare north-facing site, where we can create some of the most incredible living space at the doorstep of nature’s ultimate playground.
“We have taken a lower density approach than the original proposal to give our newest project a level of sophistication that we know the market appreciates.
“Our plan is to create an exclusive, boutique development that will set itself apart from other buildings in the area.”