Marquee Development Partners has completed the first of several new apartment projects worth a combined $200 million in the Surfers Paradise-Chevron Island precinct on the Gold Coast.
The Brisbane-based developer today (Monday, August 26) took the wraps off its Peninsular Residences project, delivered in partnership with Sydney-based property developer and fund manager HCAP, after securing $33.6 million in sales across the nine-level building.
Peninsular Residences, which is located on a prime riverside site, features 60 apartments and is the first new medium rise building to be constructed on the Surfers Paradise peninsula in 30 years.
Marquee has a further 61 apartments under construction at its Stanhill project on Chevron Island, and is also finalising plans for another site on Chevron Island, where it is planning up to 75 apartments, with a large proportion being three bedrooms designed for owner occupiers with easy access to the new Green Bridge and Home of the Arts (HOTA).
Peninsular Residences was officially opened by Gold Coast Mayor Tom Tate, who welcomed Marquee Development Partners’ investment in the city.
“It’s fantastic to see a developer showing confidence in the Gold Coast and particularly the Surfers Paradise and Chevron Island precinct,” he said.
“This will complement many Council-led initiatives including the $380 million HOTA, the proposed Gold Coast ferry service and two new green bridges which will link Surfers Paradise, Chevron Island and Bundall.
“Together, these amenities will create a highly accessible cultural and lifestyle hub with HOTA at its heart.”
Marquee Development Partners’ CEO Mark Spedding says the injection of new infrastructure was a major driver in choosing the location for the developer’s apartment projects.
“We believe the Gold Coast economy is on the right track and Surfers Paradise and Chevron Island are primed for growth over the coming years on the back of significant urban gentrification and Council’s investment into the Arts Precinct which will be a game changer for local residents,” he said.
“The Peninsular Residences is proof of our commitment to quality, with more than $500,000 in additional upgrades made to the building, common areas and facade after the project was sold out to ensure we over-delivered for purchasers.
“Settlements are expected to occur in the next couple of weeks and we are confident this will go smoothly as valuations for the majority of the apartments have commenced, with several purchasers advising of strong support from the local valuers.
“We feel that Marquee’s success to date on the Gold Coast is simply by ensuring purchasers can buy ‘off the plan’ with confidence by delivering a high quality modern apartment, working hard to offer great value for money and ensuring the body corporate levies are affordable, while still providing beautiful amenities and common areas.
“We have also made a strong commitment to support local businesses, with all consultants and builders on our initial two projects being 100 per cent Gold Coast based, which is something we want to continue to do at future projects to help generate hundreds of local jobs.”
Mr Spedding says Peninsular Residences was a successful first foray into the Gold Coast market, delivering the right type of housing in the right location.
“The Peninsular Residences site is absolutely fantastic, just one block from the river in a quiet enclave with three street frontages, so we had a great canvas to work from.
“We decided from the outset we wanted this development to provide opportunities for a range of buyers to achieve home ownership, so we entered the market with two bedroom, two bathroom apartments from just $479,000, which offers excellent value in this location.
“The apartments sold quickly and the feedback from buyers who have completed their settlement inspection is the quality of the building is beyond their expectations, with the rooftop recreation deck boasting views across the river to Surfers Paradise offering a real wow factor.”
Peninsular Residences is located at 5-7 Peninsular Drive, Surfers Paradise and was designed by BDA Architects.