The Star’s $400m bet on Gold Coast future

12 Sep 10:30 AM
ROSANNE BARRETT
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The Star and its Chinese joint-venture partners will launch one of the Gold Coast’s biggest projects, deepening the casino operator’s investment in the city with a $400 million apartment and hotel tower in Broadbeach.

The 53-storey tower will include 423 one and two-apartments in the upper 33 levels as well as 300 hotel rooms, branded as The Star Residences Gold Coast. The complex is being developed in a roughly one-third split each way between the joint venture partners and is part of The Star’s $850m investment in the refurbishment and development of its major Gold Coast site.

The Star managing director Queensland Geoff Hogg said the company had strong confidence in the regional city, which is to host the Commonwealth Games in April, as a growing tourism destination.

He said the existing operations, which was formerly known as the Jupiters Hotel and Casino, was at capacity at peak periods during summer and in April.

“While we’re excited about the Commonwealth Games, and the growth, in the long term we need more keys to meet that demand,” Mr Hogg said.

One-bedroom apartments from 54sq m to 66sq m start at $467,000, while two-bedroom units, from 71sq m to 109sq m, are for sale from $668,500.

The Star has completed its 596-room, five-star hotel and work is expected to be finished early next year on a 56 to 70-suite hotel.

“This (residential and hotel) tower will take the overall accommodation supply to around 1400 hotel rooms and apartments, and create a large-scale, premium development that reinforces our confidence in the Gold Coast market and maximises global tourism opportunities,” Mr Hogg said.

A report into apartment sales on the Gold Coast by property consultant Urbis found there were 194 sales in the June quarter, with 68 per cent containing two bedrooms and two bathrooms.

The weighted average sale price was $627,926, a slight decrease on the previous quarter.

Mr Hogg said the consortium’s development of the Sheraton Grand Mirage, which it bought late last year, would not exceed the city plan limit of three storeys. Plans for the site will not be released until next year.

“All our plans have no requirement to change the height limit. It will be within the existing planning structure,” he said.

Read more: http://www.theaustralian.com.au/business/property/the-stars-400m-bet-on-gold-coast-future/news-story/e906f01534cf1b215415094337ec866e