Group’s Glitter Strip plans scale up – with a catch
A Gold Coast developer will launch its second residential project on the same street as its Brisbane debut with first home owners topping its list.
Gold Coast-based developer Sherpa Property Group has bought its second site as it grows its affordable apartment model in South Brisbane.
The developer announced this week it had purchased 2 Cordelia Street for $27 million, with plans to transform the site into a 186-apartment tower.
GreenFort Capital, along with two offshore investment partners, reportedly paid $19m for the site in 2022 – with previously-granted permission in place to develop the 2309 square metre site with a 30-level apartment building.
Sherpa Group revealed its $320 million project would proceed at that height – but with a proportion of units reserved for first-home buyers.
“We’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market,” Sherpa Founder Christie Leet said.
“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”
The site will be designed by HAL Architects & Finegrain and will include a pool, gym, recreation, wellness and work from home spaces.
There will also be a ground-floor commercial space “creating a vibrant amenity for residents and the surrounding community”, according to the developer.
A development application will be lodged with Brisbane City Council next month with plans to launch the site on the market early 2027.
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It comes after Sherpa previously unveiled its Symphony project – a $255 million residential tower at 21–23 Cordelia Street, South Brisbane.
That project – currently under construction – aims to deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments.
According to Sherpa, 114 of those have already been sold.
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