- Comes as demand continues to outstrip supply along the Gold Coast
- MaxCap and GURNER have partnered over 20 transactions together
- The development will be modeled on a Singapore-style landscape oasis
Developer GURNER and real estate financier MaxCap Group have announced a joint venture in acquiring a Burleigh Heads site amidst the frenzy of activity along the Gold Coast.
The 1,012sqm site at 1929 Gold Coast Highway will become home to a $120 million 80-residence, 22-storey luxury tower.
The two key property players have completed over 20 transactions together during the past decade to the tune of around $1.5 billion.
Warren and Mahoney, a long-time collaborator of GURNER, will be designing the site around the concept of a Singaporean-esque landscape oasis blended with a Japanese design.
The acquisitions marks a strong start for GURNER in 2022, which has a project pipeline of over $10 billion.
GURNER CEO, Tim Gurner, noted the new project will follow the developer’s other major Gold Coast project – the $1.25 billion La Pelago development – which will hit the markets this year.
“We are very excited to be starting 2022 joining forces with MaxCap on such an important acquisition, as we continue to expand our Queensland footprint on the Gold Coast – it’s a market we have great confidence in, and one that will continue to play an important role in our company’s growth,” he said.
“There is no doubt that Burleigh Heads is the hottest market in Australia right now, and it’s a place we have to be in.
Tim Gurner, GURNER CEO
“Following on from the incredible revitalisation that Chris Vitale is bringing with the Mondrian, we want to be able to enter the market and offer buyers all the amenity on offer in the area with residences that are attainable for local buyers.”
Gurner has been busy in recent times with a variety of developments – in particular across the build-to-rent sector.
MaxCap Group executive director and founder Brae Sokolski said the financier’s philosophy has been to partner with the developer of a high calibre of which GURNER “fits this bill”.
“We have high conviction in the long-term fundamentals of the Gold Coast market and this project represents another important strategic investment by MaxCap into the region,” he said.
“ Our Direct Investment portfolio continues to grow in a highly strategic direction. Partnering with groups of the calibre of GURNER is a strong validation for the sophisticated and diligent approach we take with our joint venture partners.”
Brae Sokolski, MaxCap Group executive director and founder
Tim Mills, GURNER general manager, added that despite the challenges since the pandemic began, the top end of the Gold Coast market has “continued to stand up”.
“Buyers are seeking ultra-luxury residences with hotel-style amenities and service, and we will continue delivering that,” said Mr Mills.
Warren and Mahoney design principal, Barrrington Gohns, said the practice shares GURNER’s ambitions to deliver carbon neutral projects, along with building a development that is reflective of the sub-tropical environment.
“The architecture focuses on delivering private sanctuaries that reflect and meld with the coastal environment,” said Mr Gohns.
“This connection to water influences the building’s façade and character. Materials have been employed to create a fresh, bright, and coastal feel, featuring natural elements of stone and timber surrounded by lush vegetation.
“Residents will enjoy deep balconies from which to enjoy uninterrupted ocean views and an open-air lobby, complete with a porte cochère, to enhance the user experience from the moment of arrival.”
