Spyre Group Secures Beachfront Broadbeach Site for $6.35 Million

Spyre Group Secures Beachfront Broadbeach Site for $6.35 Million

Leading Brisbane developers Spyre Group have acquired a premium beachfront residential development site (STCA) at Broadbeach on the Gold Coast for $6.35 million through Ray White Commercial.

The 825 sqm corner block at 185 Old Burleigh Road, Broadbeach, was acquired in an off-market deal negotiated by Daniel Janho of Ray White Commercial (Qld) and Matthew Fritzsche of Ray White Special Projects (Qld).

Daniel Janho said Spyre Group had appointed Ray White Commercial to source and secure what they plan to be their first Gold Coast high end residential development.

“This is one of the first beachfront sites to be developed in the highly sought after suburb of Broadbeach coming towards the 2018 Commonwealth Games,” he said.

“Given the architectural and modern foresight of Spyre Group’s developments, we have absolute confidence that this project will sell well ahead of schedule.

“Matthew and I sourced what we believed would be an ideal property for Spyre Group and then it took several months of negotiation with the owners of units on the site to agree to terms.”

Spyre Group’s current portfolio of projects includes the Zahra development on Oxlade Drive at New Farm and Soko Waterfront at West End in inner Brisbane.

Spyre Group Directors Andrew Malouf and Daniel Laruccia said a development approval would be sought for a 30-storey building to feature up to 82 high end apartments.

“We have long aspired to develop a boutique premium grade development in the Broadbeach area where every single unit will have ocean views,” Mr Malouf said.

“The ideal site had to be beachfront to differ from other projects in the area and to my knowledge there is the only one other planned for Broadbeach.”

Mr Laruccia said: “We are excited by the feedback coming from well renowned economists in the property field who believe that the Gold Coast is now becoming a stable economy underpinned by strong infrastructure and is no longer this boom and bust city we all knew.”