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Gold Coast Property News - official thread

Discussion in 'General Property Chat' started by big max, 2nd Dec, 2015.

  1. big max

    big max Well-Known Member

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  2. big max

    big max Well-Known Member

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    An update on ASF's massive 3 billion dollar casino proposal for Gold Coast. All part of the big plan ...

    image.jpeg A MULTI-million dollar revival of Southport’s historic Jubilee Bridge is being spruiked as the saviour to The Spit’s much-touted traffic congestion woes.

    The ASF Consortium, as part of its $3 billion integrated resort proposal, wants to widen SeaWorld Drive from two lanes and build a bridge in the southern Broadwater.

    It plans to work with the Gold Coast City Council’s major projects unit on the proposal.

    The bridge will be built by 2021, nearly a century after the original wooden structure was constructed.

    According to preliminary plans, the bridge will follow the route of the original bridge and cross from near Queen St, Southport, and land near Southport Yacht Club in Main Beach.

    The “core infrastructure”, including the bridge, would be funded by ASF.

    ASF director Louis Chien said more details of the consortium’s plans to improve traffic flow in the area would be released in coming weeks.

    “We have come up with a traffic solution for the project, which is scalable and will deliver legacy infrastructure for the city. Traffic modelling has future proofed this solution,” he said.

    “A lot of ideas and thought have been put into this bridge and we could turn it into something spectacular.

    “It would allow for improved connection of the Southport business district with The Spit and the location of the bridge would have the least impact on the boaties and the environment.”

    ASF hopes to begin construction shortly after the 2018 Commonwealth Games.

    Southport councillor Dawn Crichlow slammed the proposal and said she could not support the bridge.

    “This bridge is not a workable or necessary solution and I cannot see any reason at all to support it,” she said.

    “They are only doing this because they want to build these high-rises and they are just kidding themselves.”

    Traffic congestion has been a major sticking point for new development on The Spit. It one of the major points of debate for Sunland’s $600 million, 44-storey twin tower project The Marriner, which has been put on hold for a year until a masterplan can be developed for The Spit.

    Sunland’s proposed traffic solutions included upgrading Sundale bridge and new slip lanes through Main Beach.

    Council will look into upgrading Sundale Bridge. A decision will be made next year.

    Acting Mayor Donna Gates said a traffic solution was critical to making the ASF proposal successful.

    “We need to carefully look at all aspects of it with a mind towards the opportunities it will create,” she said last night.
     
  3. big max

    big max Well-Known Member

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    One more article on this.

    THE ASF Consortium has put its chips on the table in the gambling war between Australia’s two casino giants, admitting it is in “serious and active” talks with James Packer’s Crown group.

    But Crown’s main competitor Star Entertainment Group, owners of the city’s sole casino at Jupiters Hotel, reacted by saying it was committed to “funded, rock-solid commitments to Queensland.”

    ASF REVEALS PLANS FOR THE SPIT

    On Friday, Star announced it had gained approval for a $500 million, 200m hotel at Broadbeach as part of its $845 million Jupiters masterplan.

    [​IMG]
    ASF director Louis Chien: Crown the obvious choice to operate casino at The Spit.
    ASF director Louis Chien said that while it was early days, Crown was the obvious choice to operate its casino at The Spit.

    “If you are privy to some of the market reports they have seen and we have seen, it says there is potential,” he said.

    “They are a well-known Australian business, they have done well in this space and if there is potential and there is a market, in growth and tourism then they are fully interested in operating in Queensland.

    BRIDGE TOUTED AS SPIT TRAFFIC WOES CURE

    “They are backing out of Vegas and cutting back on Crown stakeholdings to focus more on Australian business and opportunities here so read into that how you want.”

    Mr Chien said an operator for the resort’s casino would be announced once ASF had greater clarity from the State Government.

    [​IMG]
    An artist’s impression of the Jupiters redevelopment.
    It comes after a tough year for Crown in which 18 employees were detained in China over “gambling crimes”.

    ASF had previously linked with US-based company Global Gaming Asset Management in 2014 when it was planning to redevelop Wavebreak Island to build a $7.5 billion integrated resort and cruise ship terminal.

    JPL: ‘DON’T LET ASF DOWN AGAIN’

    However, that company departed the project after the Palaszczuk Government axed the Wavebreak development in April 2015.

    Star are working on big plans for The Spit’s Sheraton Mirage, which neighbours the ASF site on Sea World Drive.

    [​IMG]
    Inside The Spit’s Sheraton Mirage.
    Star, which will next year break grown on its own $3 billion Queens Wharf integrated resort in central Brisbane, are settling a $140 million deal for the 1980s-era beachside hotel with plans for a “European beach club”.

    A casino will not be built there, leaving Jupiters as Star’s sole Gold Coast gambling facility.

    A Star spokesman yesterday said the company was focused on delivering “real economic drivers” for the state.

    “Our focus is on continuing to deliver world-class tourism and entertainment offerings to Queensland, real economic drivers for the state, at both Gold Coast and in Brisbane,” he said.

    “The $845 million investment at the Gold Coast — which includes the new tower and with the prospect of more to come — sits alongside plans for the $3 billion Queen’s Wharf Brisbane project as funded, rock-solid commitments to Queensland.

    “Of course, in relation to our overall Gold Coast master plan, any further developments will be considered with the knowledge we have at the time on competitive and market conditions.”

    The new high-end tower will be the third to be erected on the site, with construction expected to be completed by 2020

    [​IMG]
     
    Last edited: 19th Dec, 2016
  4. big max

    big max Well-Known Member

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    Proposed casino developer ASF plans moving city’s night life area from Surfers to the Spit, modelled of Vegas, Macau and Singapore.
    [​IMG]
    ASF Consortium is pitching its Spit project as bringing a vibrant night-life to the area.

    THE Gold Coast’s night-life precinct will move north to The Spit as the developer behind a $3 billion resort looks to capture both the party and family-friendly markets.

    ASF Consortium’s plans for a 5ha site immediately south of Sea World are being tailored in line with similar casino-related developments in Las Vegas, Macau and Singapore.

    With Singapore’s three-tower Marina Bay Sands as a benchmark, the company hopes for the Broadwater site to become the city’s focal point for New Year’s Eve celebrations.

    ASF director Louis Chien said the quality bar had been raised and something impressive was needed to stand out.

    “The vision we have is maybe not quite as grand in scale but similar to Marina Bay Sands at Singapore, where the whole harbour is dragon boat races and light shows — it comes alive but allows for current recreational activities alongside and it could become a focal point for New Year’s Eve,” he said.

    “You are trying to compete with everyone else in the world, not just here on the Gold Coast.

    “We have benchmarked Las Vegas, Macau and Singapore to get a sense of how much height we need and to benchmark that with how much community space we need.”

    The precinct would operate 24 hours-a-day.

    Plans set to be presented to the State Government within six months include proposals for multiple major restaurants and conference facilities overlooking the Broadwater, as well as a 1200-seat amphitheatre.

    Up to five towers may be built on the land with a casino and three hotels ranging from five to six stars and a residential high-rise.

    Project development director Dean LaVigne said the detailed design submitted to the State Government would improve on some of Marina Bay Sands’ design.

    “Marina Bay Sands does not really flow down to the waterfront but this one truly interacts with it and is unique,” he said.

    “The whole design has always been about you arrive and you see the public square, you see the Broadwater and on New Year’s Eve it is where everyone is going to go.

    “It is a very important part of what we are doing.”

    The centrepiece is a 7200sq m piazza with a large canopy overlooking the Broadwater.

    Gold Coast Tourism chief executive Martin Winter said a family-friendly night precinct would have benefits for diversifying the city’s economy.

    “The tourism industry has identified the need for further family-friendly activities, particularly in the evening,” he said.

    “Any proposal would be favourably considered and would be a logical progression when Sea World closes its doors at dusk.”
     
  5. big max

    big max Well-Known Member

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    Noteworthy trend of owner occupiers moving to fill time living in "holiday units".

    In my mind inevitable as older folks retire, and the younger generation embrace the convenience of apartment living. Free standing houses near the beach are becoming rarer and rarer as this trend towards apartment living (higher on Gold Coast than anywhere else in the world) continues to grow in order to accomodate rapidly growing population.

    The social effects of denser living on what was originally a "beachside community" will be interesting to observe to as Gold Coast transforms into a modern city.

    www.domain.com.au/news/owneroccupiers-buying-up-gold-coast-holiday-units-20161209-gt7ngb/
     
  6. big max

    big max Well-Known Member

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  7. big max

    big max Well-Known Member

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  8. big max

    big max Well-Known Member

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  9. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    They need to seriously look at traffic management very soon right along the highway from Southport to Surfers Paradise, can't see a bridge helping much for the Spit proposal... You can get stick for hours coming back from Seaworld on a summer weekend, this development is only going to make it much worse!
     
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  10. big max

    big max Well-Known Member

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    Yes. No doubt with growth and density come infrastructure and traffic issues. I'm hopeful that with careful planning and light rail etc we will get both growth and efficient transport. HK can do it at 100000 people per square kilometre in some parts. If they can do it so can we!
     
  11. dan2101

    dan2101 Well-Known Member

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    Enjoying the local insight @big max . Wish I had'be jumped on a GC house a year or so ago when I was weighing up buying my second house in Brisbane.

    Just a question am looking to offload an IP or 2 next year and have a 2 bedroom unit in a small complex on the water at Biggerra Waters. Considering selling but a bit unsure. How do you see this area going for units over the next couple of years? I know it's crystal ball stuff but just after a guy feel.

    Thanks
    Dan
     
  12. jchan86

    jchan86 Well-Known Member

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    I haven't been on the ground in the last quarter re: Southport. Any exciting news there? Great to see proximity suburbs are sparking interest
     
  13. big max

    big max Well-Known Member

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    Hey Dan. Can I has the current estimated value and rental income? And about about the unit? High rise or low rise?

    Without knowing the exact details I would guess that it won't get kind of growth we might see per annum next few years at Mermaid Beach / Nobbys / Mermaid waters (I'm forecasting 15-20% pa next few years) but I think Biggera Waters will get some growth perhaps in the 8% pa level next few years.

    Do you have plans to use the funds elsewhere? Given transaction costs I usually would only suggest buying or selling when market is at extreme highs or lows (and right now I think it at neither of these levels - rather just like warm but moving in the right direction).

    I don't subscribe to the view that Gold Coast will peak in 2018. Having said that, if you are looking to unload 2018 would probably be an easy time to do it.
     
  14. dan2101

    dan2101 Well-Known Member

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    Cheers @big max

    It's a 2 storey walk up at 376 marine parade. Rents at $275/week and worth i'm guessing $275k. Hard to tell as there's not a lot similar for sale, more high rises.

    Not desperate to sell but probably need to free up some funds to increase serviceability in the next year or 2 to (hopefully) buy our PPOR in Sydney when/if the prices take a bit of a breather.

    Do you reckon there is any chance of developers buying the block or not in the right area?

    Thanks mate
     
  15. Player

    Player Well-Known Member

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    @dan2101 that's really Labrador there. Does yours have some views to the Broadwater? If not and you are keen to release capital, I think anytime throughout next year would be a good time to sell.

    How big is the block and what is the zoning? Check on pdonline/goldcoast by entering the address and see what is permissible there or ring council. You will need to get other owners on board for a sale. Respectfully it isn't in such a special location for developers to bother unless it has really large land. There is no shortage of development sites in Labrador for sale and on pause waiting for stock to be absorbed. I would sell this type off asset before or around Commonwealth Games time. There will be a plethora of unit accommodation coming to market after the Games from nearby suburbs and Parklands itself when the Athlete's Village ends up in the rental pool.

    Just my thoughts............................
     
  16. big max

    big max Well-Known Member

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    I general I tend to agree.
     
  17. big max

    big max Well-Known Member

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  18. big max

    big max Well-Known Member

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  19. Whiteman

    Whiteman Well-Known Member

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    Interesting interview between a NSW real estate agent and Louis Christopher of SQM Research who provides the Boom and Bust Report, towards the end of the interview (at the 10min 45sec mark if you wish to fast forward) he says Gold Coast and Hobart are the markets to be in, in the next two years with the best prospects nationwide.
     
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  20. big max

    big max Well-Known Member

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    I actually agree with almost everything in there, including also the view on Perth.