Multi-billion investments to lift Gold Coast precinct
One precinct has recorded one of the highest amounts of development spending on the Gold Coast, according to new research from Colliers International.
The figures show that the Robina precinct is planned for $7.7 billion worth of development projects, not only in the suburb of Robina, but also in Burleigh Heads, Burleigh Waters, Burleigh West, Elanora, Palm Beach, Reedy Creek, Tallebudgera and Varsity Lakes.
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While development spending in the Robina area remains strong, where the projects are concentrated has changed.
Lynda Campbell, Colliers International research manager, said the focus of spending is increasingly shifting from Robina and Varsity Lakes over the past decade to areas such as Burleigh Waters.
“Burleigh Waters has the highest level of development spending in the area, with projects totalling $858 million,” Ms Campbell said.
“Reedy Creek comes in next, with $540 million worth of projects in the pipeline.”
Darrell Irwin, Colliers International residential special projects director, said projects amounting to $935 million are planned for Robina and Varsity Lakes, with one of the most significant projects being the Robina Town Centre.
“Development has sprouted up around Robina Town Centre over the years, with Robina Land Corporation, the original developer of the suburb of Robina, focused on medium-density residential and commercial development,” Mr Irwin said.
The remaining land around the Robina Town Centre would likely to include high-density residential and commercial development and some mix-used projects, he added.
Ms Campbell said the amount of projects moving from the planning stages to being constructed in the Robina area had also experienced a large jump.
“Last year there was less than $1 billion worth of projects under construction in the area, which was only 13 per cent of all the projects in the pipeline,” she said.
“This year, however, 64 per cent of projects – equating to $4.886 billion – are underway, which is a huge increase on last year.”
Some of the projects that have moved into the construction phase include the Pacific Motorway (M1) upgrade, interchange upgrades between Nerang and Robina and the widening of lanes between Nerang and Worongary from four to six.
In addition, there is also a $1.2 million rail extension to Coolangatta planned, a $40 million hospital at varsity Lakes underway and a $48 million upgrade to Burleigh Connection Road.
Projects including a $5 million apartment project at Culgoa Avenue in Palm Beach and two projects associated with Bond University in Robina a $16 million School of Architecture and a $5 million apartment building to accommodate students – were also added to the development pipeline.
“There are now a total of 38 development projects in the pipeline in Robina,” Ms Campbell said.
