Sov­er­eign Is­land sales will end Gold Coast era

The Weekend Australian - Review - - Prime Space - Mau­rice Dun­levy Sales

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

of

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.

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