Sunday, 5 August 2012

QLD A $1 BILLION development at Pimpama


QLD A $1 BILLION development at Pimpama

source:Sarah Danckert

CELEBRITY landscape designer and horticulturist Jamie Durie has been appointed to design the landscaping and gardens at LM Investment Management's $1 billion residential development on the Gold Coast.
The Maddison Estate on the Gold Coast's Northern Corridor will cover 118ha and house 3500 people in a mix of housing, including apartments, when complete.
click link to see council docs:

A $1 BILLION development at Pimpama is set to change the shape of the Gold Coast's northern corridor.

Maddison Estate is a 118ha master-planned residential community which will eventually house 3500 residents.

It will have a mix of houses, townhouses, apartments, shops, restaurants and world-class sporting facilities. Approval has been granted for buildings up to five storeys close to the heart of the development.

There will be a village square, a central park with an amphitheatre, six recreation parks and three conservation parks planned.

A wellness park will have full-size tennis courts, netball, basketball courts and other sporting facilities.

The central park will house an amphitheatre, a swing complex for kids and beach volleyball courts as well as a range of cafes and bars.

Landscape designer and television host Jamie Durie and Durie Design have been hired to create the landscaped parks and gardens.

The project is being delivered by LM Investment Management Ltd, headed by Peter Drake, on behalf of investors in the LM Managed Performance Fund.

"Maddison will set a new standard for residential living globally and we are delighted to announce the appointment of such an iconic figure as Jamie Durie to create stand-out landscape designs and gardens for Maddison," Mr Drake said.

Work on stage one of the project started last month and the development, expected to create hundreds of construction jobs, will be rolled out in stages over the next seven years.

The first homes are due to be released to the market in September.

Under a previous joint venture partnership, 31 individual, existing allotments were amalgamated over several years to form this major project, previously named Arrowtown.

The previous joint venture partnership between LM Investment Management Ltd (LM) and Young Land Corporation was mutually dissolved in 2010.

The project's director Luke Barnett said Maddison, bounded by Rifle Range and Nambucca roads, was a "major shot in the arm for the northern Gold Coast".

"We believe this development will change the face of the area," he said. "It is significantly different to other offerings because the urban design and the amount and quality of the parks are pretty special."

Mr Barnett said the project was aimed at people buying their second or third home or downsizers, rather than first homebuyers.

"We are pitching ourselves above other estates because we believe there is already a lot of first homebuyer product in this area," he said.

There are also hopes the project may help kickstart the long-delayed Coomera Town Centre.

The city's northern corridor was named as the only hotspot on the Gold Coast for building and population growth.
Recent Colliers International research found the Gold Coast had 127 development projects in the pipeline worth $13.577 billion.
 It’s anticipated, the ground-breaking Maddison Estate is expected to be finished in about seven years.

Stage one is being launched onto the market later this year and with a highly anticipated sales rush expected from both local and international buyers.

LM is a privately owned, Australian fund manager that holds significant property expertise through the management of its investment funds.  Via the LM Funds, LM provides senior debt funding and participates in equity opportunities across prime assets spanning the residential, commercial, aged care, industrial and retail sectors of Australia.  Over the past 14 years, LM has financed the successful delivery of some 400 projects on behalf of investors in the LM Funds.  LM holds only Australian assets with a gross realisable value in excess of A$3 billion under management.

About LM Investment Management Ltd (LM):

•   Markets investment products licensed IFAs and institutions, rather than the investing public.
•   Receives investment inflows from over 70 countries, and is further expanding in the UK and the Americas.
•   Employs 130 staff worldwide for the marketing and management of the LM funds and its assets.
•   Operates from 10 offices worldwide – Gold Coast, Sydney and Perth in Australia, Auckland and Queenstown in New Zealand, Hong Kong, Bangkok, London, Dubai and Johannesburg.
•   Provides Australian-only investment products across a range of asset classes: cash; savings; conservative, enhanced and retirement income – debt securities and cash; Luxembourg domiciled SICAV-SIF; Australian equities – fully protected income and capital protected growth.

01:01pm AEST