Andrew Hrsto’s ALAND sells DA-approved Gold Coast development site

Published in The Urban Developer: Link
Published in the Gold Coast Bulletin: Link

Sydney Developer ALAND has sold its 1.1-hectare residential development site in Southport, Gold Coast for $19M less than a month after it was listed.

The development site, the largest undeveloped landholding in Southport, has prominent exposure to the bustling Nerang and High Street intersection and continues up Cougal Street, opposite St Hilda’s School.

ALAND sold the site to New South Wales-based property development firm Virtical, headed by Mark Toma.

Previously known as Core Asset Development, Virtical has an extensive portfolio that includes a residential, hotel and hospitality project at Eden on the NSW South Coast and Melbourne’s Adelphi Hotel.

ALAND purchased the site in 2018. With the site zoned Southport Priority Development area, they appointed internationally-acclaimed architectural firm Tony Owen Partners and won approval from the City of Gold Coast for four residential towers, with 1,156 apartments, 137 build-to-rent dwellings, 966 car spaces and 680sqm of retail floor space. The plans also include a 1369-seat function/theatre facility with four conference rooms.

The largest of the four towers is 71 storeys (237m), making it among the tallest buildings on the Gold Coast.

ALAND Founder and Director Andrew Hrsto said he initially identified it as a unique opportunity in a future growth centre.

“We were attracted to this site because of its proximity to the surrounding schools, shops and medical businesses, and we could see there was a growing demand for quality, affordable housing in the area,” he said.

Since then, ALAND’s New South Wales project pipeline has continued to grow with more than 1,300 apartments under construction this year in key Sydney and NSW regional growth areas such as Merrylands, St Marys, Parramatta, Gosford and Schofields. It’s expected they will complete 652 apartments in the second half of 2023, while a further 6,500 homes are in the planning and approval stages.

“After careful consideration, we made the decision to release this asset, which is surplus to our requirements, so we can continue to focus on our growing Western Sydney and Central Coast portfolio,” said Mr Hrsto.

ALAND engaged real estate agency, CBRE, to manage the sale of the site.