Work to convert the Commonwealth Games Village as part of a 200-hectare Gold Coast Health and Knowledge Precinct has commenced and retrofitting has begun for the transformation of the dorms into 1,252 apartments and townhouses.
The apartments and townhouses will accommodate 2500 new permanent residents, and which will be available for rent from January next year. However, there are fears it may attract too many students for tenancy as it evolves into affordable housing for the public.
Rent prices are expected to fetch up to $600/week depending on the size of size apartment. However a majority of the village could be set at less than $400/week, well below the Coast's median rent of $485/week which will attract a number of students, bringing with it crime and other associated social problems.
Being that the location is so conveniently close to Griffith University, there is no doubt the demographic will be heading down that path.
The $550 million Village was always planned as part of a mixed-use development site, with the construction of the Gold Coast Health and Knowledge Precinct.
According to recent reports, investors and developers could be less inclined to be involved if there is a high residency by students. In the reports, Gold Coast MP Meaghan Scanlon was adamant the residential precinct would attract a range of tenants thanks to its proximity to a number of significant public infrastructure projects.
The precinct received billions of dollars in boosting prior to the Games, and with the future already laid out, it looks to be a very promising place for developers to spend their money in the years to come.
The master plan indicates that the precinct will include 12,000m2 of shops, cafes and markets, with 5,700m2 of mixed use retail, with capacity for another 6,300m2. New commercial developments within the precinct will commence in early 2019.