Australian Property News, Gold Coast: February 6, 2010

THE wraps are off a planned $450 million project tipped to become a bustling gateway to Broadbeach for light rail users.

The transport-oriented development proposed by Gold Coast property veteran John Potter is set to transform the dated retail strip fronting the Gold Coast Highway into a vibrant space servicing locals and tourists alike.

The project will also transform the ‘dead space’ alleyway known as Main Place, sitting between the retail centre and the Phoenician building, into a Melbourne-style laneway featuring cosmopolitan dining and shopping.

The Main Place plan will comprise a tower of up to 50 storeys of residential apartments, a four-star hotel of 173 rooms and office space on the first floor.

While the ground level retail strip will deliver a new dining precinct, Mr Potter said Main Place would retain much of its existing tenancy mix of convenience outlets to service local residents.

Main Place will be alongside one of the busiest stations on the proposed light rail route and will feature an arbour walkway leading passengers to the Broadbeach strip from the tram stop.

One of the key milestones for the project will be Gold Coast City Council approval to extend the underground parking for Main Place beneath the existing service road fronting the centre.

The State Government has ticked off on the carpark, with the council to vote on it on Tuesday.

The parking bid would add about 90 public-access car spaces to the existing 51 and increase the footprint for the project.

Mr Potter said construction would disrupt on-street parking for six months during the two-year building program.

“We’re in a position now where we can create something magnificent for the city, with great facilities and employment,” said Mr Potter, who has been selling assets to focus on Main Place.

“It’s the front door of Broadbeach and it’s a big enough piece of land to create a landmark.”

Mr Potter began buying up shops at Main Place in 2003, initially as an investment.

His company, Potter Group, now owns about two-thirds of the popular shopping strip.

While the remaining southern section will not be developed, Potter Group is planning a uniform pedestrian-friendly streetscape for the entire block to complement the twin-tower Oracle Broadbeach development nearby.

City planning boss Ted Shepherd has given Main Place a tentative thumbs-up.

“I do support it, but I will need to see detailed plans and the officers’ recommendations,” he said.

Potter Group has yet to lodge a development application and a start to construction was not expected until at least 2012.