Developer plans Helensvale Plaza upgrade

Gold Coast City Council has given the green light to a new residential project in Helensvale. The development is the first stage of a planned $250 million urban renewal of Helensvale Plaza, which lies in close proximity to the new Westfield Helensvale shopping centre.

Developer Patrick Lu's company, Verge Point, has received conditional approval for a $30 million, 69 apartment development which will commence early next year.

This first residential stage will mark the start of a ten year development program by Verge Point to create a new urban precinct on a 4.7 hectare site it purchased last year for $23 million.

A $2.5 million refurbishment of Helensvale Plaza is also in the pipeline, in addition to the construction of additional retail space, a showroom, and additional car parking.

"This is the next chapter of the urban renewal of Helensvale and the council's decision reinforces the importance of adding residential product to this important new urban precinct," said Mr Lu, Managing Director of Verge Point.

"We are looking to create an alternative residential environment in what is already a well established community in addition to creating a shopping experience that is different but complimentary to Westfield."

The site is at the heart of the northern Gold Coast's fastest growing precinct known as North Shore and is strategically located next to the recently completed Westfield Helensvale.

Verge Point's redevelopment plans include a multi-million upgrade of the existing 8500 sqm shopping centre, which is anchored by a 2700 sqm Bi-Lo supermarket, and the creation of a $150 million apartment development within the plaza precinct.

Offices are also being planned to extend the business precinct.

Reprinted with permission. The Australian Property Review. http://www.apr.com.au