His­toric units sell for record

‘Leap of faith’ pays off

Sunshine Coast Daily - - NEWS - MATTY HOLDSWORTH Matty.Holdsworth@sc­news.com.au

PRIME water­front land that was once a fish­ing shack to Hol­ly­wood A-lis­ters and is now a lux­ury block of units, has sold for a record-smash­ing price.

For more than a cen­tury, the land at 63 River Es­planade, Mooloolaba, was owned by Fred Ea­ger of mo­tor­ing fame, and his Pink House used as a hol­i­day home to the stars.

Cary Grant, Jean Har­low and Er­rol Flynn all stayed in the prop­erty un­til it was sold in 2014 for $3.8 mil­lion.

It is now home to a pres­ti­gious devel­op­ment known as Tan­ga­looma, fea­tur­ing four lux­ury 500sqm units.

The build­ing's pent­house, de­scribed by those in the in­dus­try as a game-changer, re­cently sold for $5.85m, while the other units went for slightly less.

Kennedy Prop­erty Group de­vel­oper Grant Kennedy said the units were a “leap of faith” but one that could be a land­mark for the re­gion.

“The sales achieved on the top two floors were mas­sive records for this part of the Coast, even com­pared to the likes of Sun­shine Beach,” Mr Kennedy said.

“We made the de­ci­sion to make a unique prod­uct, which was a risk.

“In­ter­est­ingly, most of the buy­ers were lo­cals, it wasn’t Syd­ney or Mel­bourne money fly­ing in.

“I think it is a sign of the Coast ma­tur­ing. It is dif­fer­ent to ev­ery project on the mar­ket.”

The four-bed­room units, re­ferred to as “sky homes”, were pur­chased by baby boomers who were not quite ready for the tra­di­tional down­size.

‘‘ THE SALES ACHIEVED ON THE TOP TWO FLOORS WERE MAS­SIVE RECORDS FOR THIS PART OF THE COAST

Mr Kennedy said the sale set a record for the cen­tral part of Coast, where the aver­age unit price was $401,000, ac­cord­ing to the REIQ.

The dif­fer­ence, as the build­ing firm be­hind the project says, is that it’s like no other in the re­gion.

Nexus Build­ing Group owner Laz Dzufer said it was some­thing that couldn’t be repli­cated.

Each floor is specif­i­cally de­signed and come with their own en­try foyer and pool en­try, and a base­ment for ve­hi­cles.

“It is prob­a­bly the most pri­vate lo­ca­tion in town, on a dead-end street, each with a pri­vate lift and its own ma­rina,” Mr Dzufer said.

“You’re 100m from one of the best beaches in the coun­try, you don’t have to drive any­where.

“The own­ers are so pro­tected. It can­not be repli­cated.

“It doesn’t mat­ter where you are in the coun­try, you can’t tick all those boxes.”

Mr Dzufer no­tices peo­ple pho­tograph­ing the build­ing al­most daily, proof he says it is some­thing spe­cial.

The 18-month project took longer than ex­pected due to a num­ber of fac­tors.

“Ev­ery level is a dif­fer­ent

GRANT KENNEDY

de­sign, so en­gi­neer­ing-wise it was very chal­leng­ing,” he said.

“Work­ing on a 100-year-old ti­tle was tough too.

“Nor­mally they would have jammed it in with units, but this is an op­por­tu­nity to give the Coast a premier res­i­den­tial build­ing.”

Kennedy Prop­erty Group has an­other block of lux­ury units in the works on the Ma­roochy River.

Mr Kennedy said 25 per cent had been sold to buy­ers over 50 years of age.

“We tar­geted a sim­i­lar mar­ket but not quite the same scale,” he said.

“Three were lo­cals, the other is a Bris­bane busi­ness­man who is a psuedo-lo­cal.”

He said there was a cer­tain mar­ket for units of that ilk, but the price point “thins out”.

“Put it this way, there is no one re­ly­ing on fi­nance or hag­gling on price,” he said.

Photo: Patrick Woods

RECORD: A block of four lux­ury units have just bro­ken a record for unit prices in Mooloolaba.

RIGHT: A block of four lux­ury units on the site of Fred Ea­ger's iconic Pink House have bro­ken sale records in Mooloolaba.

Photo: Tan­ga­looma Res­i­dence

Snap­per caught in the Mooloolah River that backs off the Tan­ga­looma units.

Photo: Tan­ga­looma Res­i­dence

Fred Ea­ger's old Mooloolaba Pink House.

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