Elizabeth Tilley, Property Journalist, First published 20 Jan 2024, 6:00am

News Corp Australia Network

One of Queensland’s biggest developer/builders is pushing ahead with housing projects in 2024 despite soaring construction costs, a severe labour shortage, and the difficulties in securing a builder.

McNab has completed a new residential tower on the Gold Coast — White Main Beach — at a time when many in the industry are downing tools.

“There’s a lot of developers popping up at the Gold Coast at the moment,” McNab group managing director and founder Michael McNab said.

“But there are less than a handful of builders to be able to deliver proper projects.

“We’re a commercial building company, but over the last five to 10 years, we’ve certainly become a significant development business as well.”

McNab acted as both developer and builder on the 32-storey building, which offers 27 full-floor apartments and a three-storey penthouse.

“It’s certainly a huge advantage — we know we can deliver,” Mr McNab said.

“The market is red hot and that’s stretched the building industry right to its limits.

“We’re really focused on building for the best developers in the industry as well as delivering our own projects to the highest standards. We know we can do that.”

Each apartment spans 325sq m and has a lift shaft that privately opens into each owner’s living room.

The company worked at a personal level with the individual apartment owners on bespoke interiors and designs for each, co-ordinating collaboration with architects and interior designers.

Buyers in the project include Gold Coast entertainment and festivals guru, Billy Cross.

McNab’s next end-to-end project will be a 26-storey residential building on a 1012sq m site in Budds Beach on the Gold Coast.

The tower will feature 79 two and three bedroom designs, sub-penthouse and penthouse residences. They will be priced from $1.095m for two bedrooms, $1.755m for three bedrooms, and sub-penthouses starting from $3.725m.

Developing Queensland: An artist’s impression of McNab’s next project, Elements Budds Beach.

Pre-release registrations for the development known as Elements Budds Beach are now being offered with Ray White Project Gold Coast. Construction is anticipated to start mid-2024.

McNab head of investments and property development Carl Nancarrow said the company’s dual capacity as both a developer and builder gave the market confidence.

“We can give anyone who wants to buy an apartment off McNab certainty this project is actually going to be delivered,” he said.

“We’ve got the best builder in South East Queensland ready to go. And as soon as we hit our milestones, we’re into construction.”

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