The proposal announced today will fast-track the company’s Gold Coast investment plans with work set to start on a new-look Jupiters by the middle of next year.

The plan will create six new restaurants, two new bars, an `international night life venue’ and a new private room for high rollers.

Refurbishments also are planned for the resort pool and gym area and the creation of a `beach club’ and new spa facilities.

“The investments at Jupiters on the Gold Coast will significantly improve the customer offer and competitiveness of the property and improve the overall attractiveness of the Gold Coast region,” said Tabcorp chief executive Elmer Funke Kupper.

“It will turn Jupiters into a world-class resort destination in one of the most attractive regions in Australia.”

The Melbourne-based Tabcorp, which also owns Star City in Sydney, today announced plans to split its operations in two, creating a separate casino company and a gaming and wagering company, subject to shareholder approval.

The company said it was still in discussions with the State Government over previously flagged plans to expand its Gold Coast, Brisbane and Townsville casinos, including construction of new hotels at Jupiters and Treasury.

The tower, proposed by Mermaid Beach developer the Potter Group, would be the largest building in Broadbeach.

It would replace a strip of neighbourhood shops on Main Place, parallel to the Gold Coast Highway, opposite the Gold Coast Convention Centre.

Signage has been placed at the site inviting community comment, because the proposal exceeds the requirements of the local area plan.

Potter Group consultant Brent Hailey said he hoped the high rise would be the first transit-oriented development on the Gold Coast.

“The site is positioned perfectly, next to the proposed rapid transit, in the heart of Broadbeach,” he said.

“A large information board has been erected outside the site and we welcome community input.

“We will work closely with the council and the community to overcome concerns.”

But locals want the proposed tower’s height lowered, insisting that 52 storeys would be wrong for the suburb.

Neighbouring business owner Stephen Lindeblad said that Main Place traders would oppose the development.

“Main Place has a village feel that needs to be protected. A 52-storey development does not fit the character of the area,” he said.

“This development takes half the neighbourhood shopping strip away and leaves 20 shops behind. How will we survive?

“Traders have formed an informal group and we will fight against the Potter Group’s plans.”

Meanwhile solicitor Col Myers, who represents the Phoenician Resort’s body corporate, said his client also would fight the application due to its height.

Area councillor Eddy Sarroff said that he wanted a better outcome for Broadbeach.

“This is a prime site in the centre of the Broadbeach precinct. It was always going to be developed,” he said.

“But I do think the proposed development is too intense for the area.

“I would like to see the developers working with council to reduce the height and density.”

This is the largest package of early works contracts released so far, and will provide a shot in the arm for the local construction industry.

The works support stage one of the project, a 13-kilometre light rail corridor connecting Griffith University and the new 750-bed Gold Coast University Hospital to Broadbeach, passing through the key centres of Southport and Surfers Paradise.

Bligh says the project is the first light rail network in any regional Australian city and is part of managing the enormous growth that has occurred on the Coast.

“These major tenders confirm the project will be delivered and we will build a transport network that will take 75,000 cars off Gold Coast roads when it is completed in 2014,” she says.

“This will provide a fully integrated public transport system and a more affordable and reliable alternative to car travel for all Coast residents, boosting public transport use from 4 percent to 10 percent.

“Let me be perfectly clear – it is full steam ahead for rapid transit. It is becoming a reality and that’s great news for the Gold Coast.”

Albanese says the project is part of the Rudd Government’s unprecedented $37 billion investment in transport infrastructure.

“Our record investment is aimed at building more sustainable communities, a more productive economy and supporting the economic recovery,” he says.

“This project ticks all the boxes – it will slash greenhouse gas emissions 114,000 tonnes within its first decade of operation and generate more than 6,300 direct and indirect jobs for locals.

“After a decade of neglect, the national government is now back in the business of building our cities, and these tenders show we are serious about better infrastructure for the Gold Coast.”

Bligh says the road-works package will be delivered using a competitive early contractor involvement (ECI) approach.

“The project team has identified two government-funded packages valued at approximately $110 million that will lay the foundations for the future light rail system,” she says.

Advertising for the two road works will commence over the next week with the packages divided geographically into two areas: road works north (Southport); and road works south (Broadbeach).

The works would include road widening, the relocation of public utilities and accommodation works such as the reinstatement of driveways, fencing and car parks.

“These works are vital in preparing the stage one corridor for the laying of the light rail tracks and the construction of stations which will be conducted by the appointed operator from 2012-2014,” Bligh says.

“We are seeking Main Roads pre-qualified and experienced contractors to bid for the road-works packages and I would encourage all interested contractors to visit the e-tenders website www.tenders.qld.gov.au for more information.”

The 15 lot site in proximity to Pacific Fair has had its proposed redevelopment plans recommended for approval. The site currently consists of light industrial buildings and borders Tallebudgera Creek. Presently called the ‘Broadbeach South Regional Station Village’, the plans are for three mixed use towers with heights between 18 and 28 levels.

Apart from the convenience and close amenities offered by Pacific Fair, the site will also be very closely linked to a future station for the Gold Coast’s light rail system. At this stage, the development only has preliminary approval, as a portion of the Broadbeach Local Area Plan is being replaced. A detailed development application is still to follow.

After the ride stopped working last year council did consider removing the attraction.

Councillor Eddy Sarroff, who represents the Broadbeach area, says the community was overwhelmingly in favour of retaining the carousel.

“We need to ensure the carousel is safe, we need to ensure that it is looking tidy and clean and we need to make sure that it receives the attention that it deserves,” he said.

“We need to improve the structure above, there’s a great deal of mechanical work that needs to be undertaken.”

The REIQ March quarter median unit and townhouse prices show not only steady prices in most areas but also modest increases in sales numbers.

Demand from first home buyers continues to underpin this segment of the market.

“Units and townhouses are remaining popular due to their affordability and because they are often more centrally located,” REIQ chairman Peter McGrath said.

Sales numbers were up in Brisbane and on the Gold and Sunshine coasts particularly, while median prices were on the increase in Townsville, Mackay, Gladstone and the Sunshine Coast.

While the top end of the residential house market has struggled over recent times, there are signs that this segment of the unit and townhouse market is showing signs of life, particularly on the Gold Coast.

“The top end of the market is becoming increasingly popular as buyers take advantages of some good opportunities,” he said.

Units and townhouses in prime Gold Coast waterfront suburbs such as Broadbeach, Burleigh Heads, Tugun and Surfers Paradise all recorded very healthy median price increases over the period.

“These waterfront locations have staged a comeback. There has been a good volume of sales in response to some very good buying opportunities,” he said.

“This segment of the unit and townhouse market has adjusted to the market conditions and is certainly reaping the benefits.”

Over the March quarter, 2.3 per cent of all unit and townhouse sales in Queensland were for more than $1 million compared to 1 per cent of all house sales on land less than 2,400sqm over the same period.

The project will include 91 apartments and a three-level underground carpark, with 124 parking spaces.

There will also be a public space and a recreational area.

Final application is with council and once approved construction is expected to begin as soon as possible.

The development will include a gym, theatre and barbecue area.

The three-bedroom penthouse will have exclusive access to a rooftop terrace and will feature a spa and plunge pool.

Believed to have been purchased by Melbourne business man George Raptis (unrelated to Gold Coast based Raptis Group), the price of $7.7m is well short of the $12m+ price offered by Matthews Property Group back in July 2006.

It’s also believed that Mr. Raptis has an option to buy the Commmonwealth Bank building at 16-18 Albert Avenue, (currently owned by a company related to Matthews Property Group) and air rights over the Niecon Plaza building.

The resultant site, at over 2,400sqm in size and with a 35 storey height restriction would represent one of central Broadbeach’s last significant development sites.

Almost $27 million has been spent on Gold Coast luxury apartments in the past fortnight, including $2.75 million for a penthouse in the Ambience twin tower development at Burleigh Heads.

A Brisbane couple, who did not want to be identified, bought the 15th floor penthouse.

The penthouse has three bedrooms and a study, three car parking spaces and an 86sqm wrap-around balcony offering sweeping ocean views.

Buyers are realising that prices aren’t getting any lower and brand new developments are becoming more harder to come by.

People have been sitting on their cash, but the property clock is at the bottom. People thinking they will sit around trying to pick the bottom of the interest cycle — they’ve missed it — it was two months ago.

Most of the buyers were from capital cities.

They’re from Brisbane, Sydney and Melbourne and they’re seeing the value in our top end.

They’re doing their research and they’re buying based on quality and location. They’re not buying based on price but they’re still getting good value.

Two other Ambience apartments have sold in the past two weeks including a three-bedroom, 13th floor apartment for $1.6 million and a three-bedroom, third floor apartment for $1.2 million.

The towers were finished in January and house 95 units, with only 15 left for sale.

Other Burleigh Heads apartment sales in the past fortnight include the penthouse and sub-penthouse at Ivory for $4.85 million and $3.8 million respectively.

The penthouse in the second Ambience tower, which is identical to the one just sold, is expected to sell quickly.

Four people, including some from Sydney, are ‘flashing their cheque books’ and have shown interest in the apartment in the past few days.

When it rains it pours.

Burleigh Heads appeals because it’s a touch quieter, families come back year after year on holidays and it’s an easy drive from Brisbane.