HEAT CONTINUING TO RISE AT PALM BEACH

THE hot market that is the Palm Beach oceanfront appears to have become even hotter, with a development site apparently under contract for around $9.5 million.

The 1229sq m holding is on the northern corner of The Esplanade and Twenty-Fifth Ave and the mooted buyer is Chris Bolger’s Cru Collective group, already active in the suburb with boutique beachfront building Acqua.

One Palm Beach developer, the Velocity group, in April paid $9 million for a similar size holding on The Esplanade.