Banner Asset Management and Bensons join forces to deliver $350m Chevron One development

7 March 2022

Banner Asset Management has announced it will be providing funding for the construction of Chevron One, a 41-level residential tower currently being developed by Bensons Property Group on the Gold Coast.

Located at 36-46 Stanhill Drive, Chevron Island, the Surfers Paradise development will deliver 228 luxury apartments, approximately half of which have been pre-sold. Prices range from $360,000 for 1-bedroom apartments to over $25m for the penthouse, which is set to be the biggest apartment ever built in Queensland.

Developed by Bensons Property Group and designed by renowned architects Marchese Partners, the development is architecturally inspired by the natural shapes and textures of the coast, with oversized balconies offering uninterrupted, panoramic views of the ocean, river and Hinterland.

The one-, two- and three-bedroom apartments are spacious in design, featuring open- plan living areas and kitchens designed by renowned chef, Shannon Bennett.

Offering a resort-style lifestyle, the development will feature a private outdoor lagoon pool with floating cinema, sculptured gardens, an indoor/outdoor beach, lap pool, spa and sauna. Residents will also enjoy exclusive dining facilities, residents’ lounge with BBQ area, a gymnasium and yoga/Pilates room.

Located on the banks of the Nerang River on Chevron Island, Chevron One will rise above the new arts precinct on the island, situated minutes from the beaches, business precincts, retail and entertainment venues of Surfers Paradise.

Site works by Icon Construction have now commenced, with completion slated for Q4 2024.

Andrew Turner, Founder and CEO of Banner Asset Management said “Banner Asset Management is pleased to be working with Bensons Property Group to bring to life this iconic development, which is set to make its mark on Chevron Island for decades to come.

“Chevron One is firmly placed within the luxury class of Gold Coast apartment developments, with local infrastructure investment, strong population growth and increasing demand for Gold Coast property making it a prime investment opportunity.”

Nicholas Lakin, Head of Originations at Banner Asset Management said, “Demand for residential property on Chevron Island has boomed in recent years, particularly from young professionals who wish to live close to the Surfers Paradise CBD.

“Recent changes to flexible working arrangements have shifted the priorities of many local and interstate buyers, who are now in search of spacious, luxury apartments in sea-change locations. Prices for luxury apartments in the Gold Coast region are booming as a result.”

Rick Curtis, Managing Director and CEO at Bensons Property Group said, “Chevron One will be the tallest and most prestigious tower on Chevron Island. The gentrification and rediscovery of Chevron Island is accelerating. This is the new premium and prestige enclave on the Gold Coast. Bensons is proud that it continues to lead the way in identifying exceptional locations and delivering an ultra-premium product. “The relationship with Banner as funding partner on this project is a testament to the strong belief in the Gold Coast property market and the attributes of Chevron One.”