New potential development for Broadwater

The Broadwater is a marine park and a tourism hotspot on the Gold Coast. With the Commonwealth Games coming to our shores in 2018, the development of the Broadwater is needed to update boat ramp facilities and parklands.

It's not surprising that there is such interest in this patch of land, with office market sentiment forecast to increase in Queensland for the next year or two, according to the NAB office property index. Now looks to be a good time to look to buy commercial property in the Gold Coast.

What's happened already in Broadwater?

Earlier this year the Queensland government rejected plans by ASF Consortium to build a cruise ship terminal on Wave Break Island, according to the Brisbane Times.

The reason given by State Development Minister Dr Anthony Lynham to the Brisbane Times was because the Labor party promised there would be no development on Wave Break Island during their tenure, as "the Broadwater belongs to the people of the Gold Coast".

The state government and ASF Consortium are resuming the Gold Coast Integrated Resort Development process. The development being considered consists of a new resort and casino.

ASF Consortium will be requested by the government to provide a detailed proposal for a site between Sea World and the Gold Coat Fishermen's Co-operative.

This five hectare site is viewed as being important to the region by Dr Lynham as it "will generate thousands of new jobs during construction and thousands more long-term jobs and training opportunities once facilities are operating".

"This news can only add to the rising level of activity and excitement on the Gold Coast as it ramps up for the 2018 Commonwealth Games and the influx of visitors and global exposure it will bring," Dr Lynham continued.

With developments and tourism numbers supporting the region, it is unsurprising that industrial properties for sale in the Gold Coast are of interest to investors.

What's happening next?

Broadwater Parklands Stage 3 is currently underway, with most major civil works to be done by the end of 2015. This $10.5 million project includes three hectares of reclaimed land for parklands and events, better boat ramps and facilities for the Southport Amateur Fishing Club.

In a Gold Coast Bulletin exclusive, it has been revealed that Bryn Lummus, head of the Sustainable Development Gold Coast Inc group, has presented plans for a new waterfront city.

Mr Lummus, who has experience in designing Dubai's highrises, has outlined plans for how developments could be constructed in addition to environmental protection measures.

In reflection of its aquatic nature, Mr Lummus has proposed more public transport by adding ferries. Nine locations are planned, including South Stradbroke, Charis Seafoods and extending to the Nerang River Bridge, according to the Gold Coast Bulletin.

South Stradbroke Island, the Federation Walk part of The Spit and sandbanks around Wavebreak Island will be designated protected coastal reserves.

In an enhanced Doug Jennings Waterfront Park, an ocean amphitheatre is planned for the northern end of the Oceanway. 

A luxury hotel precinct has been created right on the beach to allow for waterfront views and for proximity to possible marinas for super yachts. North of the Sheraton Mirage, a beachfront site could be limited to three storeys to maintain the luxury style of the area.

To ensure protection of the natural environment, Wavebreak island is expected to stay untouched.

The Integrated Resort Development project with ASF's process is currently underway. An urban renewal project, it will aim to bring in entertainment, gaming and other leisure activities to the Gold Coast.

These sorts of buildings are going to lead to retail leasing in the Gold Coast to provide amenities to the new residents.