Cricketer’s new Burleigh tower play
BRENDON Ansell, Durban-born former professional cricketer, might have been 'stumped', in at least one way, in a major Burleigh Heads property play.
The 43-year-old one-time London investment banker and founder of the Brisbane-based Velocity Property Group is a Burleigh fan.
He chose the oceanfront suburb for Velocity's maiden Gold Coast project in 2015.
It was the city's introduction to the now ASX-listed Velocity's 'exclusive communities'.
One Burleigh, on The Point on the Burleigh headland, was a smashing success, with its nine Nathan St apartments selling for between $1.73 million and $3.25 million.
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Brendon and Velocity then headed south and set a suburb beachfront record for 2019 with the $4 million sale of the penthouse in luxury boutique building One Palm Beach.
A second beachfront site since has been secured at Palm Beach.
Meanwhile, Brendon and Velocity developed an appetite for a new Burleigh Heads venture.
A block of eight apartments in a 1960s low-rise on a 937sq m site in First Ave, one building back from beachfront address The Esplanade, was amalgamated.
It's since emerged that the property wasn't the only one in the Ansell sights.
In 2018 Velocity bought two of the six titles in an adjoining four-level building on The Esplanade, Bay of Burleigh, spending $1.75 million.
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Last year $950,000 was spent acquiring a unit in five-title Bon Sol, another Velocity neighbour on The Esplanade.
There appears to have been no further buying in either Bay of Burleigh or Bon Sol since then, which might indicate Velocity ran into owner resistance.
Success in acquiring 'Bay' and "Bon' would have given Velocity a total site of more than 2000sqm.
It may well have put up the white flag, as in September Velocity put in a development application for a 13-level apartment building with 25 apartments on its 4 First Ave site.
The building was approved in March but, in a case of hold your horses, a neighbour in adjoining tower Pacific Regis threw in a bouncer.
Any plans Velocity had to get on the front foot might well have been put on hold while the Planning and Environment Court mulled over the matter of the fellow's appeal against approval for the project.
Move forward four months and, lo and behold, the appeal has been discontinued and Brendon might be marching to the development crease in First Ave.
While the Burleigh stumble has been in progress, he and Velocity have been reshaping the share register in the company.
Velocity, prior to its 2017 listing, had the backing of a Singaporean group.
Earlier this year it took 360 Capital aboard as a cornerstone investor and said it was going to a 'capital light' approach to its second Palm Beach project, Two27.
That means an investor development syndicate is being formed for the project, with Velocity tipping in 20 per cent of the necessary equity.
The conservative approach is somewhat in contrast to the Ansell approach to batting.
Four years ago he termed himself a 'non-conservative' batsman - 'I either hit a big score or nothing'.
His best score was 155 and came after a few drinks the night before - 'I only wanted to hit boundaries'.
Originally published as Cricketer's new Burleigh tower play