Legacy post Commonwealth Games 2018
Ray White Special Projects (Qld) is very pleased to support another great UDIA event held today on the Gold Coast focused on legacy post Commonwealth Games.
Summary below:
Parklands Projects (Games village):
? Constructed by Grocon
? 1,170 apartments (1 & 2 bed)
? 82 townhouses
? Caters for some 2,000 residents
? 7,712m2 retail area
? 7 Ha green spaces
? Project constructed on a build to rent model
? Single investor forward fund
? 550 million project value
? The Village will be handed back to the State Government (EDQ) 1 July 2018
? Woolworths supermarket to be fitted out
? Will become a genuine and major Health & Knowledge precinct
? Hand over to single investor (UBS) 1 January 2019
UBS investor funding and retaining asset:
? The Parklands Project is a cornerstone investment for UBS in Australia and one of the largest Mutli-family assets in Australia
? Investment decision based on the following fundamentals:
~ Growth in millennial bracket and how they look at their accommodation is different to that of previous generations
~ Strong forecast population growth
~ Growing demographic of single person households
~ Lack of affordability to buy
~ No longer a stigma attached to renting
~ Proximity to amenity, transport, employment, education etc.
? Multi-family market will grow however tax issues creating an impediment to growth in this sector.
Broader Benefits:
? New infrastructure projects across the Gold Coast including Aquatic Centre, Carrara Stadiums, Coomera Stadium, Light Rail and road upgrades accommodate demand that will accrue on the Gold Coast as it grows
? These venues will return to the community for everyone's benefit
? Change the way the Gold Coast is perceived by the general and economic community
? The broader Games precinct/PDA (200Ha) on completion will generate approx. $3billion in GDP
? The legacy will add significant economic firepower to the Gold Coast economy with long term positive outcomes.