Sovereign Island sales will end Gold Coast era
THE Lewis Land Group of Companies has only 12 blocks left to sell at its flagship $ 1 billion Sovereign Islands project on the Gold Coast as the prestige suburb slowly recovers from a property glut late last year.
Sovereign Islands, started more than 20 years ago, is one of the Gold Coast’s best- known addresses and is home to the cashed- up McMansion — thanks to a local covenant stipulating homes in the suburb be at least 300sq m.
Lewis Land marketing director Rob Challenger says the remaining 12 blocks are on the exclusive Knightsbridge precinct and range in price from $ 1.675 million to $ 2.1 million.
‘‘ It is almost the end of an era at Sovereign Islands, but it has been one of the company’s most successful waterfront developments,’’ he says.
While Lewis Land says sales
its blocks have been healthy, Sovereign Islands — just off Paradise Point on the Broadwater — has recently come under pressure from an oversupply of properties.
Last September reported that more than 10 per cent of the homes in the luxury suburb — about 80 properties — were on the market as speculators moved to on- sell properties.
Challenger, who has been involved in the sales of land at Sovereign Islands for more than 18 years, says building activity on Knightsbridge is gaining momentum, with four massive homes now under way, including one spread over two blocks.
Lewis Land says it has been developing waterfront land on the northern Gold Coast for almost 30 years.
Its latest development is the Harbour Quays, just north of the Harbour Town Shopping Centre, where there have been strong sales since the launch of the project last September.