Author / Reporter Sam Stolz
Gold Coast Bulletin
One was made redundant and had to trade his car for a “s–t-box dirt bike”. He says his first project was developing a block of townhouses next to a run-down cemetery. Another ran a gym and, with some blind luck, got a foothold in the property game with no experience. Some were willing to work for free or do whatever it took to learn the ins-and-outs of the industry.
These are the young property developers making waves on the Gold Coast. And they are ushering in the city’s biggest development boom in decades.
Late last year, the Bulletin announced 2022 would be “the busiest year ever” for development applications on the Gold Coast.
Council planning boss Cr Cameron Caldwell said “data suggests we are on track for the busiest year ever of planning application activity”.
With about 40 cranes littering the sky up and down the Glitter Strip, suburbs such as Burleigh, Broadbeach and Palm Beach are going gangbusters.
It’s out with the old and in with the new. Crumbling apartment blocks and seaside shacks are being demolished in prime beachfront locations to make way for bigger and better projects.
The Bulletin sat with a handful of young developers for an exclusive Q+A on how they got their start, the challenges they face and what they’ve got up their sleeve for the Gold Coast.
CHRIS BOLGER, 40. MANAGING DIRECTOR, CRU COLLECTIVE
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I started at 28-years-old at the height of the GFC in 2009, after being made redundant at Sunland. I sold my car in lieu of a s–t-box dirt bike, borrowed $400K, convinced the bank that I knew what I was doing and never looked back.
Had I known what I know now it wouldn’t have happened – but naivety can be a blessing when starting out.
My first project was 12 townhouses in Eagleby, opposite a cemetery, selling for circa $300k each.
With the encouragement and help of some amazing industry veterans it was shockingly a success, which set up several more entry-level town home projects and became the bread and butter of the business in the first few years.
In 2011 we added a construction business, which has been an immeasurable benefit in terms of learning an entirely different aspect of the project’s delivery. My skillset is finance and development, but the experience of also building has been an invaluable asset.
My partner Teek had her own PR company and vowed to never work with me, but her voluntary services in the early days quickly evolved, and she has managed the sales and marketing for more than a decade, responsible for circa $250m of the group’s sales during that time.
Teek is also heavily involved with design development and works closely with our project teams. List your completed projects?
Over the last 12 years we have delivered close to half a billion dollars of development and construction work from masterplan town home communities, individual beach homes and beachfront apartment projects.
What project/s do you have under construction – and in the pipeline?
Sur Kirra Beach – 13 storeys, 10 luxury sky homes, $60m. Launched October 2021. Under construction with completion forecast July 2023.
What are some of the biggest challenges developers face on the Gold Coast?
Construction is not only a challenge for the coast, but nationwide. Due to our geographic location supply of resources and skilled labour in Australia will be a challenge, yet our location is what also makes us a desirable destination.
For Cru, our intimate knowledge of construction is a major benefit and has put us in good stead to navigate the challenges ahead. Support for the construction industry and trades need to be considered. It’s a tough business, even on a good day.
The reality is that we require housing – people want to live here and work here. The development and construction industry are of huge economic interest to the coast. Now more than ever with national disasters affecting our immediate area it’s important that housing and sustainable services are available for future generations.
What is your view of Gold Coast development overall – is it being allowed to progress in a way that is enhancing the city?
Australia, and the Gold Coast in particular, have proven a very strong property investment choice. Despite global pandemics, natural disasters and threat of war this city is a desirable destination.
Infrastructure and connectivity are critical, as well as preserving our natural assets. Burleigh National Park and Tallebudgera Creek are a hot topic and need to be treated respectfully by authorities.
Connectivity and growth are vital in a sustainable economy, and so are iconic landmarks of historic significance. The Gold Coast boasts some of the world’s most amazing natural attractions which is why people will continue to visit and live here.
Mistakes or lessons learned so far?
It took me a few years to figure out, but focus on your own path and the right people will join you on the journey. It took me a few more years to figure this one out; but if Teek and the creatives want something altered with a project design, don’t debate it, just update it. Our consultant teams can attest to that one.
Would you ever consider another career, have a plan B?
Development is my Plan B. If I wasn’t lacking the key ingredient of sporting talent I would have been in the NBA.
FULL STORY VIA GOLD COAST BULLETIN
