Plan for $1b mega-tower to go beside Jewel
BEACHFRONT super project Jewel could be joined by a $1 billion neighbour.
Two property identities have spent four years putting together a 66-title site on the northern side of the three-tower Jewel in Surfers Paradise and are working on plans for a development they say will complement their neighbour.
Craig Perry and John Ellis say their planned Old Burleigh Rd project could be launched to the market within 12 months if development approval and a funding partner are finalised.
Mr Perry, who prior to the global financial crisis amalgamated the Jewel site, yesterday said that BDA Architecture already was working on plans for a tower project that capitalised on a 77-metre beach frontage.
"We're exploring all uses for the site," he said.
"It has no height limit so we'll take advantage of that and go higher than next door (Jewel, where the tallest tower is 47 levels).
"We're encouraged by the interest shown in the Gold Coast in the past couple of months and feel the market is right to provide some good product at good value.
"As Sunland has shown with its Hedges Avenue tower at Mermaid Beach, the market's great for people wanting to downsize."
Mr Perry said that if ambitions for the amalgamated site were realised, the Jewel section of Old Burleigh Rd could become the most dynamic beachfront precinct on the Gold Coast.
He and Mr Ellis, a property lawyer for 31 years, have been working on their amalgamation since 2015.
They say they have call options on the properties that sit on the 8402sq m holding, which include the Paros and Mykonos buildings.
They also have options on the management rights to those buildings.
The Perry amalgamation of the 11,355sq m Jewel site involved nearly 100 titles and reportedly cost in excess of $100 million.
A mortgagee took control of the site when funder City Pacific folded during the GFC and it was bought by the Chinese initiators of Jewel for $81.8 million.
Jewel, which is not expected to open until later next year, has since had two other Chinese owners.
Mr Perry said he and Mr Ellis already were in talks with potential funding partners, including two from offshore, and were exploring all development options.
"The sheer size of the site requires us to seek to partner with a funder or developer capable of undertaking a project of this magnitude."
Mr Perry said the end result could be a project that included a hotel, serviced apartments and exclusive residences.
"Ours is the first site of such size put together since the new town plan was introduced in 2015 so we will, in one sense, be pioneering."