Gold Coast real estate is set to see a boost with property developers about to resume works for a Varsity Lakes waterfront.
The Gold Coast Bulletin reports that German investors paid $26.4 million for the land in 2007 with the intention of building residential apartments.
A disappointing property sector saw no work done on the site despite intense negotiations with the council to get approvals on the various buildings – none higher than 12 storeys.
But those looking to develop the site are reportedly finalising plans to begin works.
The owners are said to be planning on creating European-style, lake front villages, similar to those that border the shores of Lake Como.
There will be 500 metres of water frontage to the 80-hectare Lake Orr, which will look across to the Bond University.
One hectare of the Bermuda Point site will be dredged so that the lake will flow through the centre of the development.
There is a proposed 7,000 square metre retail area which would include markets, cafes and restaurants.
These investors are believed to be in the final stages of refining their plans and confirming the approvals in order to begin work in a few months.