Rush for an is­land in the sun

The Weekend Australian - Review - - Rear View -

THE $ 555 mil­lion Ephraim Is­land lux­ury res­i­den­tial de­vel­op­ment on the north­ern Gold Coast is fast near­ing com­ple­tion.

Since its launch to the mar­ket in 2003, Ephraim Is­land, which is be­ing de­vel­oped through a joint ven­ture be­tween Mir­vac and The Lewis Land Group of Com­pa­nies, has notched up more than $ 400 mil­lion in sales.

Ephraim Is­land had a stel­lar sales year in 2007 with more than $ 51.25 mil­lion worth of prop­erty sold.

There were a num­ber of big ticket sales in­clud­ing a lux­ury pen­t­house, with a ma­rina berth, that sold for $ 4.93 mil­lion and a pre­mium beach house that sold for $ 4.55 mil­lion.

Since the start of the year, sales to­tal­ing $ 4.275 mil­lion have been recorded.

Mir­vac’s Gen­eral Man­ager for De­vel­op­ment in Queens­land, Matthew Wal­lace, said both de­vel­oper stock and re- sales had per­formed solidly over the past year: Now that the scaf­fold has been re­moved from our fi­nal apart­ment build­ing, our new stock is sell­ing strongly with more than $ 32 mil­lion in sales in 2007,’’ he said. We also recorded more than $ 19 mil­lion in re­sales and I think that as we near com­ple­tion we’re likely to see a height­ened level of in­ter­est from the sur­round­ing Run­away Bay, Hol­ly­well and Par­adise Point ar­eas, due to the re­cent in­creases in house val­ues in the re­gion.

Apart­ments at Ephraim Is­land have been de­signed with liv­abil­ity in mind, fea­tur­ing large and spa­cious bed­rooms and com­mu­nal ar­eas and are avail­able from as lit­tle as $ 720,000.

With its unique Broad­wa­ter po­si­tion, Ephraim Is­land is per­fectly suited to cater for the ever- grow­ing de­mand for wa­ter­front homes on the Gold Coast and, as a re­sult, is be­ing em­braced by owne­roc­cu­piers.’’

The Promon­tory Precinct and The Re­serve Precinct are be­ing mar­keted cur­rently. Wa­ter­front vil­las within The Promon­tory Precinct start from $ 2.095 mil­lion and there is a wide variety of apart­ments avail­able in The Re­serve Precinct.

Con­struc­tion of the Re­serve Precinct is due for com­ple­tion in mid- 2008.

On com­ple­tion, Ephraim Is­land will com­prise five precincts, in­clud­ing a to­tal of 348 apart­ments, 21 vil­las and 14 ab­so­lute wa­ter­front beach houses.

It cov­ers a to­tal area of 9.619 hectares, with 75 per cent ded­i­cated to open space, and fea­tures a 115 berth private ma­rina with di­rect deep wa­ter ac­cess, a lux­u­ri­ous day spa, Darcy’s Restau­rant and Bar and ex­ten­sive recre­ational and gym fa­cil­i­ties.

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