Central Equity is planning its first build outside of Victoria, with a $500 million supertower one block from the Surfers Paradise foreshore.
Pacific One, a 56-storey residential apartment tower, will be constructed on a 3,259 sqm site on the corner of Frederick Street and Garfield Terrace.
Central Equity co-founder and chairman Eddie Kutner said Queensland is an area of interest for the group.
“Central Equity is viewing southeast Queensland as a long-term proposition. We can see the city is really coming of age and it’s not just going to be one or two good years, so we’re establishing ourselves as a permanent operation on the Gold Coast.”
The corner site, which was acquired for $18 million over the course of 14 years, is an amalgamation of 20 separate titles.
Central Equity has engaged Brisbane architects Marchese Partners to design the tower, which will have 302 residential and 184 serviced apartments.
“There is a permanent change that has come over the Gold Coast and we want to be a big part of it,” Kutner said.
The developer has been responsible for some of Melbourne’s largest residential tower projects, including Melbourne Grand, Australis Tower, Vue Grande and Southbank Place.
Their latest project to commence construction is Parkhill Apartments in West Melbourne.
Pacific One is expected to commence construction mid-2022.
Image source: Gold Coast Bulletin
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