Australia’s largest residential developer, Stockland, today announced the acquisition of a 3.3 hectare waterfront site at Hope Island, further strengthening its national medium density development pipeline in established, high demand locations.
Located within the Gold Coast’s northern growth area at 2 - 44 Marina Quays Boulevard, Hope Island, the site is Stockland’s first standalone medium density acquisition in Queensland.
Ben Cantwell, General Manager of Medium Density at Stockland, said: “This Hope Island site is an enviable waterfront location, surrounded by excellent established housing, golf courses, and opposite the proposed town centre that will include a supermarket and specialty retail shops.
“This acquisition aligns with our strategy to diversify and broaden the reach of our residential business through medium density development, by offering our customers high-quality architecturally designed homes, in key locations and at affordable price points”, Mr Cantwell said.
“The Hope Island site is also just around the corner from Stockland’s Foreshore Coomera development, where the Coomera Town Centre will become home to the northern Gold Coast’s biggest shopping complex and new central business district. This latest purchase builds on our long history of investment in the Gold Coast and commitment to the region.”
Stockland is proposing to develop a diverse range of townhomes that will appeal to upgraders, downsizers and first home buyers, with approximately half of the townhomes in the new community to have water frontage and all residents having access to a shared pool and cabana.
Over the last 12 months, Stockland has commenced construction on more than 600 townhomes in Brisbane, Sydney, Melbourne and Perth. It has also identified a future pipeline of more than 2,500 townhomes within its residential communities and standalone sites such as this one.
Hope Island is approximately 20 minutes’ drive to Southport and an hour’s drive to the Brisbane CBD, and is well connected to the new public transport network, which has been upgraded ahead of the Gold Coast Commonwealth Games.
Stockland purchased the Hope Island site from a private vendor for $13.5 million and the proposed development is planned to contribute first sales and settlements to Stockland’s Residential business from FY20.