Perspective on hot property market
ANOTHER Palm Beach tower has sold out its entire stock, notching up more than $35m in sales in three months.
Experienced Queensland developer Sherpa Property Group will begin construction this year on its seven-storey, beachfront project Perspective 488 after an influx of inquiries.
It is now planning to bring a sister tower of a neighbouring site.
The full-floor units at Perspective 488 on The Esplanade sold for $3m, but the three luxury beach homes out the front all went for up to $4.5m.
Sherpa boss Christie Leet said plans were well advanced on Perspective 488’s sister tower.
“We have been blown away by the response to Perspective 488, which is encouraging as we prepare for our newest development,” he said.
“From the outset we took an innovative approach to the Perspective 488 site to ensure it blended perfectly with the laidback lifestyle Palm Beach is known for.
“It was evident to me at the time that local buyers had an appetite for a unique style of development that combined a bespoke design with an unparalleled location – a recipe that defines the ultimate in coastal living.
“We are pleased with the success of Perspective 488 and look forward to bringing another unique offering in this pocket of paradise.”
Palm Beach has been at the epicentre of the property buy-up, with several projects fast-tracked to keep pace with the city’s hot real estate market.
Ignite Projects’ Cabana Palm Beach tower which will break ground in June after recording more than $80m in sales on its 34 units in two months, and Sunland’s Magnoli and Cru Collective’s $40m Siarn sold out nine months before completion. They join a raft of major Gold Coast residential projects that have sold out in the past year, including Vue Terrace at Robina and Flow Residences at Coolangatta.
Brisbane-based Spyre Group alone sold more than $181m of units across its first three Gold Coast projects – the $79m Elysian at Broadbeach, $77m Natura at Burleigh Heads and $25m MAYA project at Kirra.
It comes as leading Brisbane-based developer Marquee Development Partners prepares to take its $80m luxury Surfers Paradise One Cannes project to the market.
The 18-storey tower was approved by the Gold Coast City Council last week, just days after Marquee launched its latest project, the $40m luxury Shoreline Beachside Living in Broadbeach.
It will have 82 two and three-bedroom units ranging in price from $650,000 to more than $3.5m.