How to Capitalise on Gold Coast Town Plan Changes
December 20 2023
Gold Coast City Council is currently considering several proposed amendments to the City Plan that could prove favourable for property owners affected by any resulting changes.
The City Plan outlines what someone can and cannot do with their property across the Gold Coast and sets the requirements relating to, among other things, building height restrictions, density restrictions and specifications on how a property can be used.
A particular focus area in relation to the latest proposed amendments are those suburbs that sit alongside the Gold Coast Light Rail route.
Currently in Stage 3, the Light Rail is being extended by 6.7km from Broadbeach South to Burleigh Heads, passing through the beachfront suburbs of Mermaid Beach and Miami and including the construction of eight new stations. All three levels of government are funding the $1.2 billion project with a commitment of $91.5 million from City of Gold Coast.
While the state and local governments continue to work on the final planning scheme for what this precinct will look like, the changes will without doubt affect properties that sit either side of the new line.
Historically, the main motivation for making changes to the Town Plan along a light rail route has been to accommodate higher-density housing and increase activity in areas that will support the transport infrastructure into which the State Government is pouring funds.
A transitional phase in town planning presents a good opportunity for those who own property within impacted precincts to consider if and how their properties will be affected. It may be beneficial to reposition an asset to capitalise on any changes to the plan, or alternatively consider selling an asset.
There will be a lot of developers and investors looking to acquire land along any newly zoned route should height and density limits be relaxed.
To find out how changes to the Town Plan along the Light Rail route may affect your property, reach out to an agent in our experienced commercial team, who can offer informed advice around your options.