A major waterfront development site in Burleigh Waters, Gold Coast has sold for $45 million to local developer Cru Collective, in partnership with ASX-listed CVC Limited.

Cru Collective and CVC Limited have ambitions to transform the 14-acre waterfront site at Lake Orr on Southport Burleigh Road into a masterplan development worth upwards of $1.5 billion.

Cru Collective Managing Director Chris Bolger said the site presented a unique opportunity for the group within the Gold Coast’s ‘golden triangle’ of Burleigh Heads, Broadbeach and Robina.

“We’re thrilled with the acquisition, which was a strategic move for Cru Collective in taking a step from boutique residential into large scale mixed use and masterplan development,” Mr Bolger said.

“In the midst of record levels of apartment demand and low rental vacancy rates, we’re eager to create this masterplan precinct which will deliver targeted housing and amenity in a prime corridor of the Gold Coast.

“Acquiring a site of this calibre is a huge achievement for the group, and as a local developer we’ve been able to work with our strong industry network to tap into this rare opportunity.”

Mr Bolger said acquiring a site of this magnitude had sparked the interest of some of the country’s biggest names in retail and commercial.

“It’s very early days, but leaders in their respective fields need to be involved from the get-go, ensuring a world-class considered masterplan project.

“The size and location of the site enable it to become a thriving precinct and attract some heavy hitters.”

Preliminary plans include a mix of waterfront residential, retirement, retail – including a market square, commercial, medical, and childcare offerings.

Mr Bolger said the developer was pleased to join forces once again with CVC Limited after its recent partnership saw the highly successful launch of its development, SUR – a luxury sky home project at Kirra Beach, which is currently under construction.

CVC Limited Executive Chairman Craig Treasure said in conjunction with Cru Collective, a multi-use live, work, play precinct would be realised.

“Lake Orr is a true mixed-use infill development site and provides the potential to really shape the area for decades to come,” Mr Treasure said.

“CVC Limited’s model for investment centres on strong partnerships. We aim to partner with developers who are experts in their fields, and that is what we have found with Cru Collective.

“Through Sur at Kirra, our first investment with Cru, we have seen first-hand that they are incredibly passionate about their projects and delivering community-shaping developments. We are delighted to be partnering with them again on something so significant.”

The site was sold by Colliers and CBRE, on behalf of an international vendor represented by Tony Hickey.

Colliers Director Residential Brendan Hogan said the sale was the largest deal in the area for 2022.

“It’s a genuinely unique site, which has true flexibility in the approved development application, allowing Cru Collective to take on a mixed-use development that comprise all the elements that make it a well-rounded community,” Mr Hogan said.

“The local connection of Cru Collective backed by the strength of CVC Limited gave the vendor confidence that their masterplan vision for the site would be successfully executed.”

CBRE Managing Director Mark Witheriff said Lake Orr presented the last development site of its size on the Gold Coast.

“The site drew interest nationally and also from Southeast Asia, as developers recognised the rarity of a site like this,” Mr Witheriff said.

“Considering the scale of the offering, it saw a competitive sales campaign, that resulted in the successful and fast acquisition by Cru Collective and CVC Limited.

Lake Orr is amongst the largest and one of the final masterplan sites on the Gold Coast, boasting 600m of prime waterfrontage and truly unique approved zoning.

The site sits perfectly between Pacific Fair, Robina Town Centre and Burleigh Heads, and has unlimited planning flexibility. It really has the potential to be a world-class precinct.

The site is within 3 km of Varsity Lakes Train Station and will benefit from Stage 3 of the Gold Coast Light Rail, connecting Broadbeach to Burleigh and through to the Gold Coast Airport.

To request a sales analysis please contact the selling agents Colliers Brendan Hogan and CBRE Mark Witheriff via the below contact details.