PHOTO: Owner-occupiers and downsizers are driving strong interest in Gold Coast developments. Photo: Shutterstock
REPUBLISHED FROM API MAGAZINE WITH PERMISSION
Developers are continuing to have strong sales success in South East Queensland, with luxury Gold Coast apartment and master planned land projects selling quickly and seemingly defying the COVID crisis.
On the northern Gold Coast, joint venture partners Kinstone and Keylin’s $650 million Serenity 4212 waterfront land project has been one of the city’s biggest sellers, recording $55 million in sales since the pandemic began.
The developers launched their sales campaign in April, at the height of Queensland’s lockdown, but still sold 75 of 110 waterfront blocks in the master planned community’s first release, known as Serenity Waters.
“The sales have absolutely blown us away,” Keylin director Louis Cheung said.
“We were very confident when we ran the ruler over this unbelievably pristine site that we would secure some strong sales, but not to this extent so soon.
“What makes it all the more remarkable is that these sales have been achieved predominantly during COVID and the lockdown period.
“This has told us there is very strong market awareness and interest in the finite supply of waterfront land on the Gold Coast.”
Private developer Aniko Group recorded similar success, selling out the first stage of its $140 million No. 1 Grant Avenue apartment development at Hope Island.
Aniko Group managing director George Mastrocostas described the sales results over the last six months as amazing, with most of the transactions taking place since February.
“We knew the luxury product we were introducing to the market was very well priced and we knew that there was strong demand for quality apartment living in Hope Island so close to the recently opened Hope Island Marketplace,” Mr Mastrocostas said.
“The completion and sell-out of stage one is a great testament to our in-house sales and construction teams who have worked tirelessly during these changing and uncertain circumstances.”
Owner-occupiers and downsizers have dominated the buyer profile, with Aniko Group now turning its attention to a second stage of development at Hope Island, comprising an additional 105 apartments.
Construction on the 105-apartment first stage was recently completed, with settlements commencing early this month.
In Rainbow Bay, S&S Projects’ $74 million Flow Residences sold in rapid fashion, with $70 million in sales achieved over a two month marketing campaign.
Overlooking the famous surf spot Snapper Rocks, Flow comprises a 13 storey building containing 22 apartments, including a $10.5 million penthouse which S&S Projects managing director Paul Gedoun will retain as his family residence.
“The vision for Flow from the outset was always about creating unpretentious luxury with a laidback lifestyle,” Mr Gedoun said.“We’ve gone out of our way to create the ultimate luxurious beach pad without sacrificing the culture that makes Snapper Rocks what it is.”
Demand has also been hot for Gold Coast-based developer Cru Collective’s $40 million Siarn Palm Beach North, a luxury development which is part of a $150 million pipeline of projects.
The project, located on the Palm Beach foreshore, sold out nine months prior to its scheduled construction completion, with three of the final sales achieved without buyers inspecting the properties.
One of the buyers, currently living in Florida, conducted the translation via WhatsApp, while a Victorian family also secured the last property available remotely while in complete lockdown.
“We had a significant increase of inquiry over the past six months, especially from interstate and overseas buyers seeking a luxury lifestyle property in a strong market,” Cru Collective managing director Chris Bolger said.
“Make no mistakes, these are savvy buyers and while location is critical the product is key.
“We worked closely with all of our consultants to ensure the function and quality was second to none.”
Brisbane-based KTQ Group is planning to capitalise on the buyer interest, launching plans for a $380 million redevelopment of the old Kirra Beach Hotel site on the southern Gold Coast.
KTQ, which is headed by Peggy Flannery, is planning to build a collection of 118 luxury residences on the site and rebuild the Kirra Beach Hotel, while also complementing it with a second hospitality and function venue.
The developer has a strong track record in luxury projects, with its Elements of Byron resort in Byron Bay winning multiple tourism and design awards since it was completed in 2016.
Ms Flannery said a marketing campaign would officially launch in December, tapping into the high demand for luxury owner-occupier-designed dwellings.
“We have owned the Kirra Beach Hotel site for a decade and believe now is the time to execute what has been a very considered and thoughtfully designed plan for Kirra,” Ms Flannery said.
“The same dedication that created Elements of Byron is being carefully applied to Kirra. Our approach is very much people-focused, whether we are creating an idyllic resort or an urban lifestyle development.
“We see our project at Kirra, which will overlook the famous Kirra Beach and Kirra Point, as a key element in the southern Gold Coast’s evolution as a world-class tourism destination, and as one of the Gold Coast’s most desirable places to live.”
Also on the southern Gold Coast, boutique developer Sherpa Property Group has unveiled plans for a $37 million beachfront development at Palm Beach.
The luxury development will comprise 11 beachfront homes, including three with direct beach access, a beach villa and seven full floor residences.
Sherpa acquired the site, located at 488 The Esplanade, for $11.15 million earlier this year, with a previous approval for 32 apartments scaled back to create a more luxury development, designed by HAL Architects.
Managing director Christie Leet said the revamped project was designed to maximise the site’s location and provide a new perspective on beachfront living.
“Perspective is all about the laidback Gold Coast lifestyle combined with exquisite, liveable luxury,” Mr Leet said.
“It is a combination that is hard to get right, but together with our architects and designers we think we have set a new benchmark for Australian beachfront living.”
“It is an extraordinary site that deserved an extraordinary project.”
The project is currently being assessed by local planning authorities, with construction scheduled to start early next year.