A Palm Beach site which is home to a shopping centre has been snapped up by a Sydney developer who is planning an “uber cool” precinct.
A PALM Beach site once earmarked for a $50 million tower has been snapped up by a Sydney developer who is planning an “uber cool” precinct.
Cru Collective has sold the Palm Gardens shopping centre site at the intersection of Mawarra Ave and Townson streets where it had planned to build a nine-storey mixed-use project.
Now Abadeen bought the site for an undisclosed price, with managing director Justin Brown now planning a new development to include a “premium residential offering” and “uber cool” retail precinct.
“We’re extremely excited with the purchase in what we believe is one of Australia’s premier beachfront locations. The site is close to northern Palm Beach’s pristine beachfront precinct as well as Tallebudgera Creek and is located in an area where there are very few development opportunities for such a project.
“While we know the market is running very strongly on the southern Gold Coast and in Palm Beach in particular, we believe the market is primed for this project.”
It is expected to be launched to the market before Christmas, with CBRE appointed to promote the development.
The original project was unveiled in June 2020 and approved by council that year.
Cru Collective, which has completed three residential projects in the city’s south in recent years, sold the site to focus on its latest project, an 11-storey luxury skyhomes development at Kirra Beach.
Cru Collective managing director Chris Bolger said the interest his company had for the Mawarra Street site showed overwhelming amount of interest from astute developers keen to tap into the southern Gold Coast market,” said Mr Bolger.
“The sale is a strategic move for our company, giving us a very strong cash position that has been supported by the success of our recent projects and gives us flexibility to look for other opportunities.”
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