Breathtaking price tag reflects high-end ideal
BUYERS will need almost $2 million to live in a new luxury apartment on the Gold Coast’s hottest street.
Apartments in Sunland Group’s new residential tower, 272 Hedges Avenue, will officially hit the market today with prices starting from $1.835 million.
It is one of the highest entry-level prices for off-theplan apartments on the Coast.
But REIQ Gold Coast zone chair Andrew Henderson said the price was justified given the tower’s location and cutting-edge design.
“I think (Sunland) have picked probably the most prime position that’s still available on the Gold Coast to put that particular building,” Mr Henderson said.
“It’s opposite the beach and it’s on the Gold Coast’s most famous street.
“Even at that price bracket, I think people will see value given that position.”
He believed it would become an iconic building on the Gold Coast.
The 44-storey development, which will introduce curvaceous design to the Mermaid Beach skyline, is Sunland Group’s first highrise development on the Gold Coast in more than a decade.
It will also be the first highrise to be built on the Gold Coast’s Millionaire’s Row.
Sunland Group executive chairman Soheil Abedian said it would be “the most luxurious development ever created on the Gold Coast”.
“With 272 Hedges Avenue, we have conceived a very contemporary design, something that truly represents the Gold Coast lifestyle,” he said.
“It’s also located on the city’s most prestigious address with a northeast aspect and uninterrupted views to the park and ocean, and can never be built out. it is a design befitting the truly unique location and nature of the site.”
Prices have not been released for the two double-storey Elysium: $1.895 million 272 Hedges Ave: $1.835 Koko Broadbeach: $629,900
Edge Monaco St: $628,000 Zinc Kirra: $540,000 Vue Broadbeach: $535,000 Chevron One: $455,000 Magnoli Palm Beach: $395,000
Naia: $362,000
sky villas on levels 27 and 28 but they are expected to start at $5 million.
Further down the road, Howard Group’s Elysium development at 15 Montana Rd had a higher starting price for off-the plan-apartments at $1.895 million.
Howard Group managing director Mark Howard said there were a number of factors that justified the price, including its location and lack of available stock in the area.
“We call it unique and boutique – there’s very little available,” he said.
He said it was a fair price given how expensive properties were in the area, and pointed out that buyers would pay double for their equivalent in Melbourne and Sydney.
“The cheapest block of land in Mermaid Beach now is (about) $1.6 million and then you’ve got to build a house,” Mr Howard said.
“What we’ve designed, it’s more about being a second home rather than being an investment property.”