Azzura kickstarts construction on $2.3 billion development

August 16, 2021

Construction is officially underway on a game-changing mega development designed to create a new cosmopolitan heart for the Gold Coast’s CBD at Southport.

Azzura Corporation’s $2.3 billion Imperial Square project today was kickstarted with a sod turning ceremony led by Gold Coast Mayor Tom Tate and Azzura founder and chief executive Robert Badalotti.

It marks the commencement of the first of the massive project’s three towers, the construction of which has been accelerated off the back of strong apartment sales.

Spanning a 1.34ha site at the corner of Meron Street and Ferry Road, the stunning masterplan for the iconic new residential, retail and commercial precinct includes a 108-storey supertower as its centrepiece.

The project’s $155 million first stage is the 18-storey Regal Residences comprising 145 luxury apartments, including two penthouses, and a 4.5 star hotel with 200 suites.

Azzura plans to announce the hotel operator for the accommodation component in coming weeks.

Brisbane-based construction company Descon Group Australia has been appointed as builder for Imperial Square’s much-anticipated first phase of development. 

Mayor Tom Tate said Azzura’s landmark project was aligned perfectly with his “upwards rather the outwards” approach to future development on the Gold Coast.

“The only way is up for the sustainable future of our city,” he said. “We must plan for higher density along our key public transport corridors.

“By building up, not out, means people can live where they want to, access public transport at their door and still enjoy the lifestyle and primary attractions that bring people to the coast — our beaches and open space.”

Regal Residences has been designed to set the standard for the master-planned Imperial Square development. It will also include a range of commercial and business spaces upon completion, rooftop bars, and luxury amenities such as rooftop infinity pool, steam room, sauna, gymnasium, spas, Zen garden, BBQ, Residents Lounge and spectacular views to the ocean.

Strong market demand for Gold Coast property has led to a surge in luxury apartment sales across the city and its newest and most spectacular project has experienced it share of the boom in buyer action. Approximately 50 per cent of the apartments in Regal Residences have already been sold.

Buyers within Imperial Square’s first stage will enjoy the amenities on offer across all the buildings in the development.

Azzura’s sales director Jason Paris said the strong sales reflected the pent-up demand for new product in the city’s CBD hub.

“Regal Residences represents incredible value with apartments selling for an average of $6000 per square metre, which is a third of the selling price of some beachfront locations on the Coast,” he said. 

The Imperial Tower will be Australasia’s tallest building. It will be flanked by Monarch Place, a 54-level spiral tower and architectural masterpiece. Both buildings will be rolled out in future stages.

Azzura’s Imperial Square has been years in the planning and aims to create a landmark project where buyers want to live in a sustainable environment that accentuates the magnificence of the Gold Coast.

The site at 59-73 Meron Street, Southport, has been the longstanding home to the popular Mercato on Ferry retail-commercial precinct.

Mr Badalotti’s Azzura has delivered an impressive portfolio of award-winning projects since 1989 stretching from the northern Gold Coast to Byron Bay in northern NSW. These projects comprise more than 2600 residential dwellings, 24 commercial developments and six international resorts.

Descon Group Australia is a privately owned Brisbane-based boutique construction company and is one of the leading construction service providers in Australia.