First stage launch for $2.3bn Gold Coast precinct
Gold Coast developer Azzura says construction will start later this year on the first stage of its $2.3 billion Imperial Square, a precinct that proposes a series of skyscrapers, including Australia’s tallest residential tower at 108 storeys.
The first stage to kick off will be Regal Residences, with sales of 145 luxury apartments in an 18-storey building launched this week and building scheduled to start in October in the Gold Coast suburb of Southport.
Regal Residences, which will be located at 58-73 Meron Street, will also include a 200-room 4.5 star hotel and two rooftop penthouses.
The staged precinct also includes three additional towers; the 48-level Monarch Place; the 68-storey Imperial Tower; and the 108-level The Majesty, which would become Australia’s tallest residential building.
Across all stages, Azzura has proposed to build 1,600 dwellings and 40,000 square metres of office and retail space, with the precinct designed by Brisbane-based Kris Kowalski Architects.
Construction of the first stage is expected to create around 400 jobs, with up to 6,000 positions to be generated if the precinct is fully built.
Azzura chief executive Robert Badalotti said the developer would take a strategic approach to the staged development, in response to market conditions.
Imperial Square adds to a burgeoning development pipeline in Southport, with research by Urbis showing near-$300 million in projects being planned, under construction or completed in the last 12 months.
“The potential of Southport is only now starting to be realised and with conditions primed for growth, we see ourselves on the ground floor of an incredible journey ahead,” Mr Badalotti said.