Builder prefers beach homes

A GOLD Coast developer who says he isn’t interested in building “cookie-cutter apartment buildings” is launching a $30 million boutique estate at Rainbow Bay with 16 residences.

Sherpa Property Group is behind Freedom Beach Homes Rainbow Bay, which includes 16 individually titled residences from $1.465 million each.

“We build high-quality beach homes, not cookiecutter apartment buildings, and we think there is a real and growing market for the product,” managing director Christie Leet said.

“It is a product type that has been woefully neglected for decades on the Gold Coast where developers have only been interested in delivering a slightly different version of the building next door with smaller apartments and a higher yield.”

He said he believed there was a huge oversupply of apartments on the Gold Coast and buyers wanted more than just a unit.

“The site is code-assessable for up to 157 apartments but we prefer to take the approach that less is more,” he said.

“Our approach is underpinned by the philosophy that we can provide quality homes at lower cost per square metre than a unit in the same area. We want to give the buyer a better alternative at the same cost.”

Gold Coast, Brisbane and interstate buyers are expected to flock to the project, which officially launches today.

“We have already sold a few to locals and we would expect some Brisbane buyers to snap up weekenders,” he said.

“With the airport just a few minutes’ drive away, we would expect some interest from Sydney and Melbourne as well.”

CBRE Residential Gold Coast’s Nicholas Clydsdale, who is marketing the project, said Rainbow Bay was one of the most undersupplied housing markets on the Coast.

“The great Australian dream has always been a home, not a unit, and if you want to live on the southern Gold Coast in a new house, close to the beach, your options are extremely limited,” Mr Clydsdale said.

Sherpa acquired the 3947sq m site at 199 Boundary St, Coolangatta, earlier this year.