After more than four years of construction, one of Australia's largest mixed-use developments, the landmark $700million Southport Central on the Gold Coast, was officially completed this week.

The finishing touches have just been put on the third and final tower of the project, which is widely credited as sparking a major rejuvenation of Southport, considered the traditional central business district of the Gold Coast. Settlements began on tower three from April 20.

Since the start of the year, 24 unconditional sales have been achieved across the project for a total of more than $13.2million, with interest from prospective purchasers increasing as the final building neared completion.

Gold Coast City Councillor Dawn Crichlow said Southport Central had been a key player in the revitalisation of Southport.

Southport Central

"Southport Central is one of the major projects to breathe new life into the central business district, which has, as a result, been given a renewed vibrancy. New businesses are opening nearby showing confidence in the area even in these economic times," she said.

"Council is also contributing to the rejuvenation of the suburb, with projects such as the $34 million first stage redevelopment of the popular Broadwater parkland precinct, funded by the State Government and Council.  Council has also committed a further $47.5million to complete the project.

"These factors coupled with the extensive infrastructure and amenity available, including the hospital and medial precinct, court house, education facilities, retail options and public transport, have made the suburb a desirable place to live, work and visit."

Southport Central sales operations manager Andrew Bampton said Southport Central was being eyed by investors, drawn by the diverse mix of amenities, low vacancy rates and a tight rental market.

"At the moment we have less than a dozen apartments available for rent and demand has been strong, with 32 apartments leased last month alone," he said.

"With Southport Central's prime position in the heart of the Southport CBD and within close proximity to the surrounding professional precincts, we're receiving interest from a whole range of people wanting to rent.

"The project's extensive facilities, including numerous pools, spas, gymnasiums and barbeques, together with the ground floor retail precinct and proximity to Australia Fair Shopping Centre are also major drawcards."

At a recent presentation on the Gold Coast, Michael Matusik, one of Australia's leading property commentators, highlighted the strong fundamentals underpinning property in the Southport-Labrador precinct and the wider Gold Coast.

He tipped rental vacancies would stay below 1.5 percent.

The external and internal lights were turned on across all towers recently to signal the end of construction of the project, situated on a 1.8 hectare site that borders Scarborough and Lawson Streets.

The first tower in Southport Central was completed in August 2006, with tower two finalised in May 2008 and the final tower just completed.

In total, Southport Central features 788 residential apartments, about 34,255sqm of commercial office suites and 65 retail tenancies, across the three towers along with seven detached ‘satellite' commercial buildings.

Mr Bampton said tower three had been finalised on schedule, marking the completion of one of the most significant mixed-use projects ever to be developed on the Gold Coast.

"The vision for Southport Central was to breathe new life into the Gold Coast's traditional central business district and the project has certainly achieved that goal," he said.

"What has been created at Southport Central is a vibrant vertical village, home to hundreds of residents, professional businesses, retailers, restaurants and cafes.

"The development has also been a catalyst for other major projects in the area, which together have rejuvenated the suburb and created a new ‘inner-city' cosmopolitan feel."

Residential apartments and commercial suites are still available in towers two and three, but have sold out in tower one.

Apartments are currently available priced from $439,000.

http://www.spctowers.com.au/

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