Exclusive: The Rochester developer Polycell locks sights on next Gold Coast apartment project
Developer Polycell Group, who is currently developing The Rochester in Broadbeach, looks like it has it's eye firmly locked in on their next development site.
Records show they've spent $15.5 million buying 19 apartments in the Sandpiper building at 155 Old Burleigh Road. They were bought from developer Peter Priest from Trenert, who earlier in the year decided to abort their plans to buy out the rest of the owners when rival developers secured apartments to scupper the redevelopment.
The stoush went to court, with Trenert claiming the rival developers used information that was subject to a confidentiality deed, after they had made a $40 million offer to secure the whole project.
Polycell was founded in the 1970s by current director Robert Ching-Chin Hsu. Starting life as a packaging and materials company in Taiwan, Polycell branched out and is now the largest privately owned air bubble cushion producer in the world today.
No doubt they will now work on the rest of the owners in the building.
Despite being gazetted earlier in the year, the rules for developers to take control of a building if they have over 75 per cent of the apartments, have yet to come into force.
There have been two sales in the development this year, aside from Polycell's purchases. Two two-bedroom apartments sold for $650,000 and $755,000.
The 1,828 sqm site is located directly opposite Kurrawa Park, which will offer never-to-be-built-out views across the beach and ocean.
It sits on the corner of Broadbeach Boulevard and Albert Avenue. The other side of Albert Avenue is the towering ULTIQA Beach Haven, while behind is the under construction, twin tower development Victoria & Albert by Iris Capital.
The current view from Sandpiper
Polycell is currently developing The Rochester, around 700 metres away on Surf Parade. That has 170 two and three-bedroom apartments.
It prides itself on it's extensive resident amenity. The $250 million tower features over 2,200 sqm of facilities.
The whole of level four, some 1,350 sqm, will be dedicated to a health and wellness centre, which will feature a state-of-the-art gym, dry and wet saunas, a cold bath and a yoga lawn.
There will be an outside podium with a lap pool, a second leisure pool, heated spa, sun decks, barbecues, and alfresco dining spaces, all with views of the Pacific Ocean and the Gold Coast hinterland.
Level 26 will home a further 930 sqm of amenity.
Dubbed The Executive Club, residents will have access to a sky lounge and private and communal dining spaces, anchored by a commercial kitchen for catering. A cellar room will feature individual wine and whiskey lockers.
The Executive Club will also feature state-of-the-art workspaces, including a boardroom, private office suites and workstations. A six-seat cinema, games room, and outdoor lounge areas, complete the amenity.
