Pictured above: 91-101 Nerang Street, Southport
A 1.1-ha residential development site in Southport has been placed on the market by Sydney developer, ALAND.
The development site has prominent exposure to the bustling Nerang and High Street intersection and continues up Cougal Street, opposite St Hilda’s School.
The property has been approved for re-development, by the City of Gold Coast, with the project to feature four towers, providing the City that’s short of dwelling supply with 1,019 apartments and 137 short-term letting dwellings. The largest tower is expected to reach 237m into the Southport skyline, forever remaking the western slice of the Southport CBD.
Managing Director of CBRE Gold Coast Mark Witheriff said, “This is an extraordinary development prospect for a market in desperate need of more dwellings to meet the demands of a growing city. This is a great opportunity to secure over 1ha of land in a priority development area with a DA.”
“According to the REIQ, at the end of 2022, the Gold Coast had a rental vacancy rate of just 0.8% and with Queensland experiencing its highest levels of interstate migration since 1994, we definitely need more supply on the Gold Coast to cater to all residents.”
Whilst the current approval caters to the growing demands for new housing supply, CBRE’s Daniel Doran indicated buyers with alternate uses for the site will also play a part in the campaign, which is due to close on 25th May 2023.
Mr Doran commented, “We expect the site will also attract interest from the mature and expanding health industry that adjoins the property, the commercial office market is experiencing near-record vacancies and the land makes sense for nearby businesses and schools that need to expand in order to cater for the Gold Coast’s future growth.”
