Rush for an island in the sun
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.