Development and construction company Grocon will soon hand the $550 million Parklands Project to the Gold Coast 2018 Commonwealth Games Corporation as construction nears completion.
Following the site’s temporary use as the Commonwealth Games athlete’s village, the project will be handed back to Grocon for some minor changes and then recast as a mixed-use community with a supermarket and other retail.
Set to become home to new residents and businesses as part of the Gold Coast Health and Knowledge Precinct, the Parklands Project incorporates seven hectares of residential and retail precincts and seven hectares of parklands and open space.
The Village dining area will become a retail precinct and supermarket, while the project’s 1252 apartments and town houses were designed to meet the local demand for Gold Coast housing including for workers at the neighbouring Gold Coast University and Private Hospitals, academic staff and students at Griffith University.
UBS Grocon as investment manager for the project will be managing the project for the investors for a long-term hold with all of the apartments to be offered as rental accommodation.
Grocon National Construction Manager Peter Ward said the decision to hold the apartments in a rental pool shows a commitment to the south east Queensland real estate market and our confidence in it.
“Most importantly, it will provide lasting outcomes for many generations to come.
“After the Games this precinct will offer affordable, high quality homes for rent, with parks, shops, and public transport at their doorstep.
“For university students, academics and hospital workers it will be a short and shady stroll to work.”
Grocon also hope that the Parklands Project will become an example of community sustainability by earning a 6 Star Green Star – Communities rating. The initiatives planned include the planting of 136,420 new trees across the site and reinstating of a natural creek and floodplain, sustainable building design, smart metering to reduce energy and water use, and dedicated community spaces.
As part of the completion of the project, Grocon unveiled 65 metres of artwork, with 72 individual panels that will add to the colour and festivity of the Commonwealth Games in 2018.
The art will be hung inside each of the 18 apartment buildings, ensuring the colour of the buildings’ exterior continues inside.
The art pays homage to the courageous use of colour on the Gold Coast in the 1960s and 1970s and reflects the vibrant colours of flora and fauna in the regional landscape.
The residences will be available as rentals from 1 January, 2019.