First look: $2B mini-city plan for floodplain
THE Gold Coast's most famous cow paddock will be transformed into a $2 billion mini-city in a concept to be unveiled by the site's owner.
Cows on the 25ha site, on the corner of Nerang-Broadbeach Road and Robina Parkway at Clear Island Waters, will be replaced by an 11-tower village incorporating 1550 units and houses.
Owner JLF Corporation will put the project on the market today in the hopes of securing a development partner or a buyer for the site itself.
Savills will run an expressions of interest campaign for JLF to capitalise on the slowing property markets in Melbourne and Sydney.
Savills' James Stevenson said the Gold Coast's past three property cycles had shown the city's market had boomed as the southern capitals cooled.
"We expect the future partner or purchaser will be a masterplanned community developer who appreciates the value uplift of integrated amenity catering to the needs of an active, wealthy demographic and their specific unmet needs," he said.
The site is a floodplain.
Strict planning conditions were put on the site in 2013, when the first stage of the development was approved by the council. Those conditions included the need for lifeboats with skippers on standby and stocks of food and water to feed 80 per cent of the residents for three days in case they were cut off by floodwaters.
Mr Stevenson said the developer had worked closely with the council's hydraulic division to provide a flood-mitigation solution - a five hectare refuge podium to shelter people in the event of a one-in-1000-year flood.
Savills director Kevin Carmody said the Clear Island Waters site had the potential to become a Sanctuary Cove-style masterplanned community.
"This is one of the most anticipated listings I've seen on the Gold Coast," he said.
"For either a development partner or outright buyer, there's significant scope for them to put their own stamp on the site, harnessing the existing approvals in place."
The project is the first of a raft of unit developments hitting the market this year.
A report released by property consultant company Urbis last week showed the number of off-the-plan unit sales skyrocketed 24 per cent from 2017 to 2018, and at least another 2000 apartments are expected to be released to the market this year.