Hutchinson Builders appointed to construct $395 million Lagoon, Main Beach apartments
After securing $120 million in sales, Drew Group has teamed up with Hutchinson Builders and global investors to commence construction on the company’s Lagoon Main Beach project.
The partnership brings on board YieldStack, which manages the international funding of global investors and Australia’s largest privately owned builder, to deliver the $395 million twin-tower project which is earmarked for a near 4,000 sqm site at 11-23 Cronin Avenue in the heart of Main Beach.
Hutchinson Builders, a diverse construction company with a comprehensive portfolio of residential and commercial projects, brings to Lagoon Main Beach more than 110 years of construction experience and a completed workbook totalling more than $35 billion.
Hutchinson's has an unparalleled industry reputation for project delivery with a strong balance sheet of more than $388 million, which Chairman Scott Hutchinson says underpins the group’s performance.
“We currently have an extensive workbook of projects on the Gold Coast, and we are delighted to be working closely with Drew Group to bring a development of this calibre to Main Beach,” Hutchinson said.
Lagoon Main Beach will comprise of two buildings - the Sunrise Tower and Sunset Tower - each positioned to capture sweeping views across the length of the Broadwater and the Hinterland, as well as aspects to the Pacific Ocean, from Stradbroke Island to Coolangatta.
The Sunrise Tower will offer a combination of two and three-bedroom apartments and Drew Group’s Signature Collection residences across 31 levels, whereas the Sunset Tower will rise 24 levels and feature 116 apartments comprising of one, two and three-bedroom configurations.
Lagoon will offer generously sized apartments and a swathe of high-end amenities designed to complement the coastal lifestyle planned, located just 50 metres from the famed Tedder Avenue dining and entertainment precinct while also being just 150 metres to the beach.
A secluded lagoon pool oasis with private cabanas will find a place within the development, along with indoor and outdoor lounges, a fitness centre, yoga deck, a heated spa, surfboard and wet item storage and a business hub.
Lagoon Main Beach is being marketed by Jayde Pezet and Todd Matheson of Pezet Matheson who have overseen the $120 million worth of sales so far.
“We’ve seen incredibly strong traction from interstate and local buyers who appreciate the high quality of Lagoon Main Beach and the fundamental appeal to the area. The fact that Lagoon Main Beach is fully funded and poised for construction commencement in January 2023, is very appealing to purchasers and provides them with complete certainty,” Pezet said.
Established in 1982, the Main Beach-based Drew Group is a family-owned property developer with Managing Director, Jon Drew saying he was excited to bring Lagoon Main Beach to fruition with the support of YieldStack and Hutchinson Builders.
“Hutchinson has an enviable reputation as a builder with a quality of standards that gives our buyers confidence to commit to the project off the plan,” said Drew.
“The preliminary market response to Lagoon Main Beach and the pivotal partnerships we have now forged have positioned us to begin construction, with the demolition of the site complete and building to commence immediately.”
“With the financial backing of YieldStack, we now have a world-class team to deliver our vision for this wonderful site.”
Yield Stack’s Investment Director, Neil Kumar said they see Lagoon Main Beach as a significant opportunity on the Gold Coast, with the market only continuing to be well supported by strong fundamentals.
“Our partnership with Drew Group on this project is founded on the company’s excellent track record of premium developments within the Gold Coast market,” said Kumar.
