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Delfin lend lease to sell Varsity Lake’s final waterfront site

The 4,955sqm property is for sale via an offer to purchase campaign managed by Colliers International director of special projects, Darrell Irwin, and office director Tony Boyd.

Colliers International has handled the sale of Delfin Lend Lease's major residential development parcels at Varsity Lakes since 2004.

Within walking distance of popular commercial, retail and residential precincts, the property, at 33 Lakefront Cresent, boasts 60 metres of frontage to the 80-hectare Lake Orr and is adjacent to a park. 

Under Varsity Lakes' Local Area Plan (LAP), a development of up to eight storeys is permitted with site coverage of 50 percent.

Uses could include medium density residential, commercial suites, government office space and student accommodation

Mr Irwin said the ‘highest and best use' for the site would be maximising the residential density under the LAP, which is 70 dwellings per hectare.

"I believe a residential or student accommodation development would give the best return, any incoming developer can look at schemes within the development parameters of the LAP, which allows a broad range of uses," he said.

Lying at the geographical heart of the Gold Coast, Varsity Lakes is being developed on 343 hectares surrounding Australia's leading private university, Bond University, and bounded by Lake Orr and the championship Robina Woods Golf Course.

Last year Varsity Lakes, which is now home to more than 6,200 residents and over 5,000 business people, was awarded ‘Australia's best development' by the Urban Development Institute of Australia (UDIA).

The area, and its neighbouring suburb of Robina, has one of the highest population growth rates in Australia due to the area's ongoing transformation from vacant land to a thriving residential, commercial and social hub.

Delfin Lend Leases' Varsity Lakes senior project director, Carl Bruhn, said Varsity Lakes has been experiencing exploding development over the last five years, built on solid fundamentals including population and employment growth.

"Varsity Lakes, in every sense, is a 21st Century community with residential villages, business precincts, retail centres and education facilities woven amongst meticulously landscaped parks, gardens and walking trails," he said.

"As this is such a key site, we are seeking a developer who can deliver a high quality development which will complement and enhance existing development, be built within an agreed timeframe and embody best practice in environmentally sustainable design.

"Releasing this parcel is not only a major milestone for Varsity Lakes, but also Delfin Lend Lease."

Mr Irwin said by selling to other developers, Delfin Lend Lease's strategy has allowed for diversity in terms of architectural design and product mix and fuelled the momentum of new development in the community.

"The opportunity to acquire a prime development site at Varsity Lakes, let alone the final waterfront parcel, is one not to be missed," he said.

"The site will be sold, and serious developers will need to act quickly to lodge their offer to purchase as I expect many will want to leave their mark in one of Australia's most acclaimed masterplanned communities."

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