News

4 August 2009

$2 billion Varsity Lakes celebrates 10 years

This August sees the award winning, masterplanned Delfin Lend Lease community Varsity Lakes, celebrate its 10th anniversary.

Since 1999, Varsity Lakes has flourished into an innovative, cosmopolitan address surrounded by the 80 hectare Lake Orr and abundant opportunities to live, learn, work and play.

With an impressive list of achievements and milestones to attest, Delfin’s Varsity Lakes is now home to over 8,000 residents, 500 businesses and more than 5,000 employees.

Varsity Lakes Senior Project Director Carl Bruhn said the Varsity Lakes’ economy, currently placed at over $600 million, is likely to surpass $1.5 billion on completion, resulting in a significant ongoing contribution to the regional economy.

“The consistent quality of Varsity Lakes has been ensured through benchmarking, covenants, stakeholder relationships, community connections and partnership with Gold Coast City Council,” Mr Bruhn said.

Congratulating Delfin Varsity Lakes’ achievements Mayor Ron Clarke acknowledged the community’s milestones.

“The up market name chosen by Delfin Lend Lease for its new housing development is now synonymous with the wider area around Bond University, and with a more relaxed, leafy pace of life.”

“Collectively, the meandering roadways, abundant green and presence of the lakes perfectly balance the trade and commerce that’s burgeoning within this pocket of the Gold Coast, making it a superb locale for work or play. What more could you ask for in a suburb?”

When first announced, the Varsity Lakes project proposed bold economic targets which included 4,500 jobs upon completion of the development. These targets were encapsulated as part of the Varsity Lakes Economic Development Strategy which was driven by Delfin Lend Lease in partnership with the Gold Coast City Council, Queensland State Government and the Federal Government.

Mr. Bruhn said the strategy aimed to create a physical environment conducive to economic and business prosperity whilst focusing on important issues such as business attraction and business and social networking.

“With Varsity Lakes now exceeding 5,000 full time jobs , this equates to an average of 527 full time onsite jobs per annum, likely to inflate to 767 jobs per annum by 2010”, Mr Bruhn said.

On the education front, Varsity Lakes has also exceeded its initial student population targets by 75%.

Currently boasting approximately 7,000 students, learning facilities include Bond University, Varsity College preschool to Year 12, Kids Campus Childcare and the Hear and Say Centre for the hearing-impaired.

The community also delivers the most diverse range of living choices in one location, from a self contained one bedroom unit right through to a traditional family home.

Varsity Lakes Senior Project Director Carl Bruhn said this has allowed for transitional zones, with subdivision layouts also allowing for diversity in product, leafy streets, passive surveillance and walkable communities.

“Our more recent villages, such as The Landing, are inspired by the simplicity and beauty of European villages that feature tree lined laneways, pocket parks, water views and simple access to all the amenity of Varsity Lakes.

Following the success of The Landing, Delfin Lend Lease recently announced stage 1 of the $100 million mixed use waterfront village, South Bay, to be developed on the southern shores of Lake Orr.

South Bay represents the last waterfront village to be released by Delfin at Varsity Lakes and will quickly earn its place as a ‘destinational precinct’ meeting all lifestyle requirements, ultimately adding significant value to Varsity Lakes by providing a contemporary and cosmopolitan village lifestyle.

Recent Colliers research also shows that prices for houses, units and land have experienced consistent growth over the last five years and all markets are currently sitting at their highest point on record.

“With an original target of 3,000 dwellings now exceeded by almost 20%, and with more developments under construction, this number will be surpassed again upon completion which further illustrates the strength and popularity of the community.”

Another innovative step for the community has been the sport and recreation program complemented by a full time Sport and Recreation Manager - the first of its kind for a masterplanned community.

Designed to foster relationships and growth for the community and utalise the 80 hectare Lake Orr, 56 hectares of open space and 20 kilometers of hike and bike trails, the program now sees approximately 11,000 people participating in recreational activities per year, forecasted to exceed 15,000 by completion of the project.

On a business front, the Varsity Central business and innovation precinct has attracted a who’s who of business leaders including IBM, Minter Ellison, gotalk, AON Insurance and Gold Coast City Council Engineering Services Division.

Complementing the central business precinct is Market Square - a thriving retail and dining hub servicing Varsity Central’s business community, Bond University, Varsity College and the greater Varsity Lakes community.

Delfin Lend Lease’s investment in innovative housing, sport and recreation and job creation has been the catalyst for record population growth, record jobs growth and record house prices.

One of the most notable achievements Varsity Lakes has acquired includes the 2007 UDIA National Awards for Excellence President’s Award.

Upon completion Varsity Lakes will comprise 4,500 homes and up to 100,000-square metres of commercial space in town centre Varsity Central. It will become home to more than 8,000 residents and more than 5,000 employees.

Varsity Lakes is being developed by Delfin Lend Lease, Australia’s largest developer of master planned communities, with 25 projects nationally.

For further information, interviews or images:

Shannon Moloney BBS 07 3221 6711

Abbey Trueman Marketing Services Manager Delfin Lend Lease 07 5501 8254 / 0409 471 457

Image: David Keir-CEO Delfin Lend Lease, Gold Coast Mayor Ron Clarke and Carl Bruhn – Senior Project Director Varsity Lakes

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