TOWER WATCH: First look at $120m Surfers Paradise tower A $120M residential tower planned for a site just 60m from Surfers Paradise beach has been designed to address the city’s housing crisis, its developer says. Brisbane-based developer Siera Group has filed plans with the Gold Coast City Council for an unnamed 25-storey storey building on Enderley Ave. It will have 54 units which will primarily be a mix of two and three-bedroom units. Its top level will be taken out with a four-bedroom penthouse.
The $120m tower is yet to be named. Siera Group founder, Brent Thompson said the tower had been designed to make a dent in the city’s growing shortage of available units so it could be built easily. “This is particularly critical at a time when the delivery of projects is becoming more challenging, which we believe will lead to fewer and fewer projects coming to fruition,” he said.
“Despite the perceived level of development activity, we have found there is a genuine under supply of quality, boutique apartments across the Gold Coast, and in particular within Surfers Paradise which continues to see the largest population growth across the region.
It will be Siera Group’s second Gold Coast project “The Gold Coast is facing a major housing shortage with the current vacancy rate of 0.4 per cent highlighting this, and the current pipeline of projects and anticipated supply not enough to meet the current demand let alone future interstate and overseas migration.” It will be Siera Group’s second Gold Coast project following the unveiling of Tapestry on Chevron Island in late 2021.
It is planned for a site on Enderley Ave Mr Thompson said the project would be aimed at interstate investors. “Interstate buyers also see the value proposition the Gold Coast offers and, with talk of interest rate increases and the potential impact on property prices, we are already seeing buyers who want to lock in a property for the next stage of their life and cash in on the growth they have seen in their current homes,” he said.