Red & Co.’s first acquisition on the Gold Coast demonstrates increasing confidence in the Gold Coast market
In a significant off-market transaction, private Brisbane-based developer Red & Co. has secured a prime 2,857sqm vacant development site at Varsity Lakes for $8,000,000, with plans to develop a 156 boutique residential apartment complex offering expansive views.
Transacted off-market by Colliers Queensland Residential experts Troy Linnane and Jackson Robinson, after previously being on the market through other agencies, the site at 22 Lake Street was sold on behalf of a private client.
Red & Co. are entering the market at a time where the Gold Coast faces escalating housing demand. With the city’s population forecast to grow by 388,300 people by 2046, more than 161,700 additional dwellings will be needed, requiring an average of 6,500 new homes to be delivered annually.
Colliers Queensland Residential Development Sites Director Troy Linnane said Colliers had been working closely with Red & Co. to help them secure their first Gold Coast site, with this site offering a great opportunity due to its location and existing approval.
“This off-market transaction highlights the value of strong market knowledge and relationships, we were able to align the right buyer with the right site given the relationships we have with many active developers seeking sites across the SEQ market,” Troy Linnane said.
“Those groups with in-house construction capability or strong builder alliances are leading market activity as they are best positioned to deliver projects in the current market.
“With confidence strengthening in 2025, we are seeing increased competition for prime development sites such as this, which is strategically positioned between Bond University and Robina Town Centre.
“Developers are actively seeking well-located sites, to take advantage of the under supply of apartment stock and the significant uplift in revenues due to strong buyer demand,” Troy Linnane added.
Colliers Queensland Residential Site Sales Executive Jackson Robinson said the transaction reflected confidence in the market and increasing demand for well-located, DA-approved sites to develop into housing.
“Red & Co. recognised the depth of unmet demand for well-priced apartment stock on the Gold Coast, particularly in sought-after suburbs like Varsity Lakes, which offers excellent connectivity, expansive views and close proximity to major employment and education hubs,” Jackson Robinson said.
“The 156 boutique apartments will enjoy expansive views over Lake Orr and out to Burleigh Headland and the Hinterland, with additional outlooks north towards the Broadbeach skyline.
“The planned apartments for the site will offer a mix of one, two and three-bedroom layouts, and plenty of parking, helping to address the acute housing shortage in the region.
“Enquiry levels for development sites have risen compared to 2024, demonstrating renewed confidence among developers in the Gold Coast Market,” Jackson Robinson said.
“Developers are shifting their focus from high-end beachfront apartments to mid-market housing, a segment that has remained undersupplied for years.
“As construction costs stabilise and population growth continues, the Gold Coast remains one of the most attractive residential development markets in Australia,” Jackson Robinson added.
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