BANNER Asset Management will fund Bensons Property Group’s Gold Coast residential tower Chevron One, as the market demand for apartments in the city holds strong.
The 41-level Marchese Partners-designed development is located at 36-46 Stanhill Drive, Chevron Island, around 4km out from the Gold Coast CBD and will comprise 228 luxury apartments.
“The relationship with Banner as funding partner on this project is a testament to the strong belief in the Gold Coast property market and the attributes of Chevron One,” said Rick Curtis, managing director and CEO at Bensons Property Group.
With prices starting at $360,000 for a one-bedroom, around half of the apartments have already pre-sold. While the tower’s penthouse has been priced at more than $25 million for what will be Queensland’s largest ever apartment.
“Chevron One will be the tallest and most prestigious tower on Chevron Island. The gentrification and rediscovery of Chevron Island is accelerating. This is the new premium and prestige enclave on the Gold Coast,” added Curtis.
The Surfers Paradise project will include spacious open-plan one-, two- and three-bedroom apartments, with Shannon Bennett-designed kitchens, in addition to resort-style resident amenities such as a private outdoor lagoon pool with floating cinema.
Additionally, residents will enjoy sculptured gardens, an indoor/outdoor beach, lap pool, spa and sauna, dining facilities, a lounge with BBQ area, as well as a gym and yoga/Pilates room.
The developments placement will also see future residents provided with easy access to Chevron Island’s new art precinct, while beaches, business precincts and retail and entertainment offerings sit within close proximity.
“Chevron One is firmly placed within the luxury class of Gold Coast apartment developments, with local infrastructure investment, strong population growth and increasing demand for Gold Coast property making it a prime investment opportunity,” said Andrew Turner, founder and CEO of Banner Asset Management.
After Gold Coast apartment supply plummeted to a seven year low last year, developers have flocked to the city meet demand, including Tim Gurner with his recently approved La Pelago development. While Gurner also recently teamed up with MaxCap Group to acquire a Burleigh Heads site for a $120 million luxury residential tower.
“Recent changes to flexible working arrangements have shifted the priorities of many local and interstate buyers, who are now in search of spacious, luxury apartments in sea-change locations. Prices for luxury apartments in the Gold Coast region are booming as a result,” said Nicholas Lakin, head of originations at Banner Asset Management.
With site works by Icon Construction on Chevron One are now underway, the Bensons Property Group development is scheduled for a Q4 2024 completion.
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