It seems like only a few years ago Chevron Island wasn’t on the map for apartment developers.
The charming village just a bridge away from Surfers Paradise was home to an ageing population, and ageing buildings. Most of the apartment buildings were four or five decades old.
Fast forward to 2023, and it’s one of the most popular spots for both buyers and developers in the centra Gold Coast area.
The Sydney-based Macquarie York were one of the first developers to descend on the island under its new transformation. They’re also currently developing Nina.
Siera Group are currently preparing construction at Tapestry at 39 Darrambal Street, while Aniko are over 60 per cent sold at Orama, their first development on the island.
There’s also the huge Bensons tower, Chevron One, which is the tallest tower on the island at 41 levels. That will home some of the most expensive apartments not only on Chevron Island, but across the whole of the Gold Coast.
A rare opportunity to secure a prime 2,529 sqm site at 6 Stanhill Drive, on the sought-after eastern side of the island near the bridge to Surfers Paradise and the Thomas Drivee strip of cafes, restaurants and retail.
GV Property Group’s Antonio Mercuri and Luke Reaby have listed the site, with concept plans drawn up by Plus Architecture’s Danny Juric for a 17-level tower with 167 apartments and rooftop recreation. There would be a mix of 92 two-bedroom apartments and 73 three-bedders.
The development, which is located in a zone with an unlimited height limit, will benefit from protected view corridors over the surrounding Nerang River and to Surfers Paradise, given the strict nine-level height limit near the water.
MOTIV Director Carly Cottam, who has offered revenue advice for the project, suggests Chevron Island is an attractive proposition for buyers.
“Chevron Island offers residents the best of both worlds, a short, walk to Surfers Paradise, our golden beaches and an array of cafes, restaurants, shopping and retail. There’s also an exciting amount of gentrification in the works through Surfers Paradise and Chevron Island.”
“As we know, supply of new apartments is drastically falling, however demand remains incredibly solid and due to this, we expect apartment prices to continue to increase if supply becomes more critical,” Cottam says.
“We’re still seeing a significant proportion of demand from interstate buyers, mostly from NSW and VIC, however the first to act are our Gold Coast and Brisbane buyers as they are fully aware of the limited opportunities at present.”
“Demand for luxurious apartments that offer the luxury-intent investor and owner-occupier a low-maintenance, beachside lifestyle continues to dominate. Chevron Island offers residents the best of both worlds, a short, walk to Surfers Paradise, our golden beaches and an array of cafes, restaurants, shopping and retail. There’s also an exciting amount of gentrification in the works through Surfers Paradise and Chevron Island.”
GV Property Group’s Luke Reaby says, while demand from developers has scaled back from its COVID peak, there’s still plenty of interest up and down the Gold Coast, particularly from Sydney and Melbourne developers who aren’t getting much luck with councils in their own states.
“We’re also seeing some of the big name developers come out and buy, which is a strong sign of confidence in the future of the residential sector.
“As the competition is not as fierce as it was, we are seeing both vendors and developers look at more structured deals, with longer settlement terms the most common.”
Article source: Queensland Property Investor