1000 jobs headed to the Gold Coast after three developments given the first tick of approval
THREE major developments worth almost $1 billion are set to create at least 1000 jobs on the Gold Coast.
And the injection is expected to come just when the city is about to head into a predicted post-Commonwealth Games slump.
One expert said more money was on the way, with a boom yet to come.
The Gold Coast City Council’s planning committee gave three multistorey towers in Southport, Labrador and Chevron Island preliminary approval during a meeting yesterday.
The largest of the potential developments is the ASF Group’s mammoth 66-storey Au development which features a gold-cladded main tower and a shorter 15-storey, short-term accommodation on Park Lane and Scarborough Street.
The main tower will also feature two sky homes, four levels of commercial offices, retail stores and 474 units.
Urban Development Institute of Australia Gold Coast and Logan president Finn Jones said similar sized apartments had generated at least $500 million in apartment sales.
He said having three major developments all approved at once was a positive.
“It shows there is lot of confidence in the Gold Coast as a city,” he said.
Mr Jones said the buildings would generate hundreds of jobs.
“Many of our subcontractors headed to Brisbane after the GFC and this will be able to provide them with work here,” he said.
He said there would be more to come.
“I don’t believe our city has seen a boom yet,” he said.
Mr Jones said property prices were still well below other major cities.
The committee also recommended approval of the Sunland Group’s One Marine Parade, a 36-storey, 217-unit tower on the Labrador KFC site.
Sunland managing director Sahba Abedian said the building had an estimated end value of more than $200 million and would create up to 300 new jobs during its two-and-a-half year construction period.
“As part of our commitment to creating vibrant communities, Sunland Group will contribute $450,000 towards the new ‘Octopus Garden’ play area in the Southport Broadwater Parklands, as well as upgrades to the Len Fox Park across from our site,” he said.
The site had been subject to a previous two-tower development but Sunland scrapped that in favour of a taller, single tower.
Other Sunland developments in southeast Queensland are finishing soon, giving rise to predictions the developer will want to start as soon as possible.
The final development is a 36-storey, 237-unit tower on the corner of Stanhill Dr and Anembo St on Chevron Island.
Independent developer Harry Habul said he estimated it would cost him about $70 million to build the towers.
But he was not confident about how much the end value would be or when construction would start, due to unit prices on the Gold Coast.
“If you asked me six months ago, I would have said go straight away,” he said.
Mr Habul said a number of unit developments had started and unit prices were still low, making him hesitant to start straight away.
With the size of the development close to that of Sunland, it is estimated it will return a similar value and require the same manpower to build.