New high-rise development Qube will address unit shortage in Broadbeach
DEVELOPERS Barry Morris and Graham Potts, who have embarked on six Gold Coast high-rises in the past nine years, are to continue a love affair with Broadbeach by building a 40-level tower in the heart of the suburb.
They say the tower, Qube, will address a looming shortage of new high-rise apartments at Broadbeach in the face of The Oracle and Synergy towers nearing sellouts.
Qube will include a ground-floor retail area and will adjoin a new civic plaza fronting the Gold Coast Highway.
The tower, immediately north of The Phoenician, will provide what are being described as “spectacular” facilities for residents.
The whole fourth floor will be a recreation area and will include a pool, gymnasium, barbecue area, and indoor and outdoor lounges.
The developers say Qube will be aimed at owner-occupiers and holiday-makers wanting to be close to the beach and the middle of Broadbeach while having access to other parts of the Gold Coast via light rail, which has a station adjacent to the site.
Chris Litfin, of CBRE, said yesterday that Broadbeach was in a situation where buyers wanting a completed new apartment had only 30 apartments to choose from.
He said The Oracle, an up-market project, was believed to have only 20 or so of its 505 apartments still available.
“At the Synergy tower, which is still under construction, all but 10 apartments are under contract.
“Qube, which fits between the two in terms of pricing, will fill a fast-developing market void while at the same time offering buyers the opportunity to buy into a quality building with an emphasis on lifestyle features.”
Qube will be built on a 2355sq site on the corner of Queensland and Jubilee avenues that was assembled between 2005 and 2007 and sits next to the Potts-Morris tower.
It will have 202 two and three-bedroom apartments, which are expected to come on to the market in February at between $435,000 and $1.35 million.
The ground-floor retail area is intended to provide coffee shops, restaurants and potentially other retail experiences.
Mr Morris, who heads the Morris Property Group, and Mr Potts, of Amalgamated Property, completed their first Gold Coast tower, Verve, at Broadbeach in 2005.
Two further towers are in the pipeline — the partners plan one on what is known as the Tallahassee amalgamation at Burleigh and Mr Morris, in his own right, is to build one on the riverfront site of the former Crooked House restaurant in Surfers Paradise.
Qube is expected to be completed in time for the 2018 Commonwealth Games.