David Devine unveils $400m luxury project on Gold Coast

Artist impression of the Burly apartment building at North Burleigh

Property magnate David Devine has launched plans for another $400m luxury apartment building on the Gold Coast defying the construction industry malaise.

Mr Devine’s private firm DD Living lodged a development application with the Gold Coast City Council for a 24-storey high-rise in North Burleigh. The announcement comes on the heels of work starting on another Devine project at Surfers Paradise.

The Burleigh development called the Burly will see the amalgamation of two waterfront blocks on The Esplanade to build 100 two and three bedroom apartments plus a penthouse.

Mr Devine said he was looking forward to working with the council on the development application to “deliver a landmark building of distinction.”

“With the 40m frontage of the combined site, we are now able to provide a wider building separation between this and neighbouring buildings as well as delivering significantly more landscaping at street level,” Mr Devine said. “It’s not easy to amalgamate sites on The Esplanade but when you do, it delivers a better result for both the apartment purchaser and the community.”

Last month, Mr Devine secured funding from Stamford Capital to build a 38-level tower at Surfers Paradise defying the market slowdown, the labour shortage and an increasing number of failed projects.

Artist impression of the Burly apartment building at North Burleigh

The $400m Royale Gold Coast was launched to the market last year and 60 per cent of the apartments have been pre-sold.

Stamford Capital Queensland director Chris Drummond said that securing funding showed investor confidence in the strength of the Royale project.

“A spate of development projects on the Gold Coast have recently been withdrawn due to construction industry pain points,” he said.

The Royale project, which is now under construction with Hutchinson Builders, is set to be a lavish development featuring two swimming pools, a wellness centre, yoga studio, gym, spa, sauna and steam room.

Its success has defied industry malaise. In July, Melbourne-based Central Equity said it would not go ahead with a 56-storey Pacific One tower in Surfers Paradise because global supply chain turmoil had made the project unviable. Queensland’s building industry has been hit by the collapse of several developers and builders.

Earlier this month, Nerang St Pty Ltd, the company behind a $500m masterplanned project on the Gold Coast, called in administrators, leaving creditors owed about $80m.

Royale Gold Coast