Hutchies to build $79m Broady tower
HUTCHINSON Builders will construct a new 21-level tower in Broadbeach after $31 million in sales at Spyre Group’s Elysian project.
Construction is expected to start in the second half of the year after demolition wraps up at the 875sq m site at the corner of Old Burleigh Rd and Margaret Ave.
The $79 million Elysian project is Spyre Group’s first foray into the Gold Coast market. Forty-five per cent of the 31 sale contracts have come from southeast Queensland buyers with 30 per cent from NSW and the Hutchinson managing director Greg Quinn, Spyre Group’s Daniel Laruccia and Andrew Malouf, and Hutchinson’s Levi Corby at the site.
remainder coming from Victoria and overseas.
Spyre Group director Andrew Malouf said the project has drawn strong demand from owner-occupiers.
“This is a rapidly emerging market segment as many
people increasingly opt for apartment living in order to downsize or to secure a more central location,” Mr Malouf said.
“We are also delighted to see at least 45 per cent of sales have been to Gold Coast and Brisbane-based buyers who have identified the value of this beachside location close to Broadbeach.
“They recognise the lifestyle that this will deliver as well as the opportunity to secure a luxurious and spacious apartment with ocean views.”
Upon completion, Elysian will have 61 apartments with the two half-floor sub-penthouses priced from $3.4 million and two full-floor penthouses priced at $4.7 million.
Each sub-penthouse features five bedrooms, four bathrooms, and views from Surfers Paradise to Coolangatta.
The full-floor penthouses — on levels 19 and 20 — each span between 302sq m and 410sq m, and include four bedrooms, four bathrooms, and four car spaces.
Two-bedroom apartments are priced from $645,000 while three-bedroom apartments start from $1.32 million.
Spyre’s Brisbane projects include the $78 million SOKO Waterfront Apartments, $6 million SOKO Sky Homes, both in West End, and the $41 million Zhara New Farm luxury boutique development.
Spyre bought the Elysian site for $6.35 million in 2016.
Settlements are expected at the end of 2019.