SALE OF THE CENTURY
EXCLUSIVE: $1b property blitz to woo 600k Games visitors
MORE than $1 billion in real estate is hitting the market just in time for the Commonwealth Games, in what property bigwigs say will be the “Sale of the Century”.
Developers have fast-tracked towers and real estate agents are putting on extra staff to entice hungry buyers for the Coast’s biggest-ever event.
About 600,000 day-trippers, interstate and international visitors are expected to descend on the Coast for the Games, which start next Wednesday.
MORE than $1 billion in real estate is hitting the market just in time for the Commonwealth Games, in what city property bigwigs say will be the “Sale of the Century”.
Developers have fasttracked towers and real estate agents are putting on extra staff to entice hungry buyers for the Coast’s biggest-ever event.
About 600,000 day-trippers, interstate and international visitors are expected to descend on the Coast for the Games, which start next Wednesday.
The $220 million Signature tower already has attracted strong overseas interest, with buyers in France and Italy.
A $246 million tower destined to become Chevron Island’s first highrise went to market last week and early sales have been so strong its developer now expects to break ground in February.
REIQ’s John Newlands said the Games period presented a terrific opportunity to secure investors.
“With so many eyes on the Gold Coast and extra visitors here, this will be the greatest chance we have had to entice people to see what we have to offer and to invest,” he said.
“Now is the time to seize this opportunity, we’ll have an audience of 1.5 billion people.”
REAL ESTATE
SURFERS Paradise real estate kingpin Andrew Bell says he will roll out his biggest portfolio of stock this decade for the Games, and he has all hands on deck to market it.
“We will be fully manned with 270 staff who will run the biggest advertising campaign we have every done,” the Ray White Surfers Paradise boss said.
Mr Bell said he had hundreds of listings.
“We have a lot of people who have gone to market because they think it will be a good opportunity.
“The worst thing that could happen is disappointment, but we are keen and will be geared up and ready to go.”
Chris Jones, director of Gold Coast sales at Savills, said interest from interstate buyers had increased dramatically in recent weeks.
He said much of the interest has been in Serenity Cove, a $650 million masterplanned community at Hope Island put forward by developers Sime Darby and Brunsfield International Group.
It will feature a mixture of 450 units, townhouses, houses and a marina.
“We are putting a lot out to the market with the Commonwealth Games and we are now selling at a rate of about two properties a week from that project, and we expect this to increase further over the Games,” Mr Jones said.
“This is the best chance for sales on the Gold Coast ever and based on historical cycles the Commonwealth Games should generate the most transactions this city has seen.”
HIGH-END TOWERS
CONSTRUCTION will be fast-tracked on $866 million worth of towers within a year on the back of booming preCommonwealth Games sales.
And leading the charge is prominent Melbourne property mogul Elias Jreissati, chairman of Bensons Property Group.
The developer is planning the $246 million, 40-story Chevron One Tower, which went to market just 10 days ago with plans to begin construction in February for an early 2021 completion.
The starting price for units in the tower is around $500,000.
Mr Jreissati said 25 of the tower’s 247 units had sold.
“We took this project on with the aim of being on the market for the Commonwealth Games and with more than 600,000 people visiting the city you will see the population increase and more people look at the city.”
Mr Jreissati, who spends three months a year on the Gold Coast, said he would live in the tower once it was finished. “My family and myself
are keeping the top two floors – levels 39 and 40 – which will genuinely make it a family building.”
The influx of new property on the market comes days after The Star Gold Coast announced it would begin construction of its $400 million hotel and unit tower in July.
Ultimately, the $3 billion casino development will have seven towers, creating around 8000 jobs over the next decade.
The project is set to be followed by the $220 million Signature tower put forward by former Toll Holdings and Essendon Football Club chairman Paul Little.
Jayde Pezet, director of KM Sales and Marketing, which is marketing the approved tower, said increasing inquiries from overseas and interstate investors had led to a decision to open display offices for longer hours during the Games. He said the evening functions, on top of extended trading through the days after the end of competition, would allow for property hunters to enjoy “late night shopping”.
“In terms of sales, this year is our best on record and we are looking at these Games to deliver something incredible and we believe Broadbeach, as well as the Coast, has a lot to gain. We are seeing a different level of sales coming through from Broadbeach and Signature alone has had half-adozen buyers from Italy and France, among others.”
CITY HALL
WITH the cooling of the Chinese market, Gold Coast Mayor Tom Tate has welcomed the mobilisation of the city’s sales for the Commonwealth Games. Cr Tate said the true impact of the event would be felt for decades.
“It’s encouraging to see such strong indicators in the real estate sector, both in residential and commercial.
“Ultimately, the market forces of supply and demand govern this sector but council is diversifying our economy to create more high-end and high-paying jobs.
“Medical research, film attraction, IT and tertiary education are key focus areas of our future economic pillars.”