Gurner to create $600 million mixed-use tower in Surfers Paradise
GURNER and Wingate have announced they intend developing a 13,000 sqm Budds Beach, Gold Coast site which had previously been earmarked as Ralan’s Sapphire project.
It will be a $600m mixed-use inland precinct at 112 Ferny Avenue, Surfers Paradise.
The proposal is for a multi-tower offering with high-end residential, family-focused resort living, hotel, retail and hospitality and potentially build to rent apartments.
The site is currently permitted for 999 apartments over 90 levels, so the new scheme will result in a reduction of apartments from Ralan to around 600 offerings over a series of stages.
Wingate was Ralan’s main finance partner until Ralan collapsed in 2019 with $560 million debts.
The rectangular site bordered by the Ferny, Norfolk, Pine, Oak avenues will be GURNER’s third Queensland project after the developer completed its $500m FV project in 2019.
The developer also announced a project for Port Douglas.
“We have been looking at the Gold Coast and Sunshine Coast for a considerable amount of time, but we wanted to find a site that would allow us to do something really special and not just ‘another tower’ on the Gold Coast,” said founder and director, Tim Gurner.
“I believe the Gold Coast is about to have its largest market run in history as Australians realise just how spectacular our eastern seaboard coastline is, and are more motivated than ever before to invest and live in a coastal destination.
Wingate managing director of property, Mark Harrison said the joint venture presented "deep alignment of interests" between the two entities.
“This latest venture will allow Wingate to build upon our significant track record of funding more than $12 billion of property over the past decade,” he said.
Another Ralan Surfers Paradise project, Ruby, which included the Paradise Resort, was acquired by hotelier Jerry Schwartz in late 2019.
