This seasoned Brisbane developer has plans to triple the size of an old Surfers Paradise hotel and turn it into a flashy $340m apartment complex.
The Surfers Royale building on the Gold Coast will become a 38-storey complex.
David Devine will pay a premium to snare a prime beachfront site at Surfers Paradise for his second Gold Coast unit project this year.
The seasoned Brisbane-based developer has an unconditional deal to fork out $45m to buy the old Surfers Royale hotel building on the corner of Markwell Ave and Northcliffe Terrace.
The current owner, a company associated with billionaire Chinese developer Riyu Li and his Ridong Group, paid $22.3m for the 2251 sqm property in 2015.
That’s the same mob originally behind the Glitter Strip’s troubled three-tower Jewel project, valued at more than $1bn when first unveiled 10 years ago.
Their plans to redevelop the Surfers Royale site never eventuated even though approvals were secured to knock down the ageing 14-storey former timeshare tower, which dates from the 1970s and still offers holiday letting.
Devine now plans to build a flashy $340m project dubbed Royale Gold Coast, with prices starting at $1.6m and averaging about $3m.
Assuming he get the usual ticks of approval from council, he hopes to start construction early next year on the 38-level building, which will have 108 apartments even though a current DA allows for 168.
Completion is expected in about three years and, when finished, it will feature plenty of “five star amenities,’’ including three separate swimming pools.
Devine told City Beat on Wednesday that it took about six months to find what he was looking for, a northeast-facing block of land bigger than 2000 sqm in size.
The Surfers Royale building. Picture: Jerad Williams
The brief to his design team was short and sweet. “I want people who walk along the beach to look up and say ‘that’s where I want to live,’ ” he said.
Meanwhile, Devine claimed nearly all 35 units in his 21-level Alba project on the beachfront at North Burleigh have been sold.
He only unveiled plans in April for the $105m tower on The Esplanade, with prices starting at $2.25m. Construction is set to start later this year.
Devine’s first foray into the Gold Coast unit market follows a long career in the development game, which started in 1984.
Under the guise of several companies, he’s overseen the building of more than 25,000 homes and another 6000 units across the country.
Originally published HERE by The Courier Mail.