Raptis list prime apartment development site in the heart of Broadbeach
While preparing to launch its next Broadbeach apartment tower The Sterling, veteran developer Raptis has listed a prime development site in the heart of the same suburb.
They're selling a 1,548 sqm block at 5-9 Anne Avenue, with development approved plans for a 224-apartment project.
Raptis however tweaked those plans in late 2021, proposing a 35-level tower with 146 apartments designed by Bates Smart. That application is still sitting with council.
The new project submission is geared more toward owner-occupiers, with 56 two-bedroom apartments, 84 three-bedroom units, and six penthouses.
The Bates Smart proposal. Image credit: Bates Smart
On the design, Bates Smart said they had been inspired by the natural beauty of the site, its desirable climate and thriving context when crafting these well appointed residences.
"Its architectural form and expression takes inspiration from the flora of the region, embodying a natural, biophilic character that is legible at all scales of the proposal," the prominent architecture firm stated in their design statement submitted in late 2021.
"A human scaled podium welcomes visitors and residents to the ground floor lobby that is nestled amongst a verdant landscape setting with deep planting zones along the street edge and perimeter ground level planting.
"The character and disposition of the podium is defined by distinct sculptural bays which echo the prevailing street scale rhythm and form along Anne Ave."
The Bates Smart proposal. Image credit: Bates Smart
GV Property Group's Luke Reaby and Antonio Mercuri are selling the development, and they've already had interest from local builder developers.
"There are limited sites left in the CBD of Broadbeach this close to the beach that come with development approval," Reaby says.
"Anne Avenue is one of the best street in Broadbeach, being walking distance from the Oracle, the beach, Casino and Pacific Fair. This appeals to all demographics and makes for any development to be a very saleable/demanded project."
Pezet Matheson's Jayde Pezet, who provided revenue advice, says Broadbeach is widely recognised as the lifestyle epicentre of the Gold Coast.
"Located in Southern Broadbeach, Anne Avenue represents a prime site with a wide 51 metre street frontage. The site has strong city, ocean and hinterland view corridors and is located only footsteps from the beach. Mid and high-level apartments will capture spectacular ocean views to the East.
Overall, the site is in a highly desirable location, close to Broadbeach’s CBD, providing purchasers with superior walkability and an exceptional coastal lifestyle
Pezet Matheson have been master agents across a number of Broadbeach projects over the years, including Little Projects' Signature Broadbeach, The Oracle, and the well-known Star Residences.
Pezet says they are confident in achieving a sales rate of between $11,000 to $16,000 per sqm, inclusive of internal and balcony space.
Raptis is turning its attention to The Sterling Broadbeach on George Avenue, which they are soon to launch.
They reconfigured the tower extensively after understanding the change in market conditions, paired with continually growing construction costs. They have taken off 17 levels of the approved Koichi Takada-designed tower, now
"The approved design, which was first conceived over two years ago, has been subject to detailed investigations in terms of marketability and constructability," the minor change submission to the Gold Coast City Council noted.
"These investigations have determined that the approved product mix is no longer suitable for the current property market both in terms of the type and amount of product proposed.
Read more: First look exclusive: Raptis to chop 17 levels off The Sterling, Broadbeach apartments
"More importantly, it has been determined that the approved design is no longer feasible from a construction perspective due to the substantial changes that have occurred within the construction industry in terms of build costs and material supply.
"Given the challenges that have been identified as part of ongoing investigations, it has been determined that the size and scale of the development must be reduced in order to allow for it to progress to the construction phase of the development process."
They're also in the final stages at Pearl Main Beach, their 30-level tower on Main Beach Parade.
All of the two-bedroom apartments are sold out. The three-bedroom apartments are priced from $1.8 million.
GV Property Group recently sold Raptis' other development approved site in Chelsea Avenue, Broadbeach to Amalgamated Property Group.