New $700m twin towers to be built at Broadbeach
After six years amassing Gold Coast sites, developer John Potter, the former head of Villa World, has won approval to develop a $700 million 68-level twin-tower complex in the heart of Broadbeach.
Potter amalgamated 13 sites between 2001 and 2007 and has won approval for a 4½-star apartment-style hotel and residential units on a 3722sqm site opposite the Gold Coast Convention Centre on the Gold Coast Highway.
Potter says he wants to complete the hotel by 2022 when the planned extensions to the Gold Coast Convention Centre was finished, adding that he is keen to involve other developers.
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“I am open to any suggestions to develop it with pre-sales as the market improves, or I could develop it with a suitable partners,” he says. “This will be a massive injection for the Gold Coast.”
Potter has been in negotiations with three Australian hotel operators who have expressed an interest in managing the 430 one-bedroom 60sqm-plus hotel suites he proposes through his company, Main Place Developments.
Designed by BDA Architecture, Central on Broadbeach will take the place of an extensive but tired existing retail precinct, defining central Broadbeach as a prime development hub, Mr Potter said. The existing retail businesses provide substantial income and are fully leased.
Central on Broadbeach would comprise twin towers over a three-level podium base and four levels of basement carparking.
It will feature 876 apartments in total made up of 458 residential apartments and 418 serviced apartments, 1494 bedrooms and parking for nearly 800 cars.
Project manager Craig Perry says Central on Broadbeach will deliver a sophisticated mixed-use residential, commercial and retail development, which complemented the existing Broadbeach core precinct.
“We are delighted to have achieved DA approval for this long-held site and are looking forward to bringing our plans to fruition, further enhancing the lifestyle and business appeal of the booming Broadbeach precinct,’’ Perry says.
Central on Broadbeach has a gross floor area of 147,694sqm including a net saleable area of 91,384sqm-plus net lettable retail and office space of 1496sq m and 600sqm respectively.
This article originally appeared on www.theaustralian.com.au/property.
