Boutique buying in ritzy Palm Beach

THE launch of a $60m 40residence boutique tower in Palm Beach has generated “huge interest” from Brisbane and Victorian buyers defying headwinds in the broader market. Elevaire, a new nine-level premium apartment building on the east side of the highway in Palm Beach, has been designed by leading architects Cottee Parker under the leadership of Queensland developer Paul Spina.

It includes one, two and three-bedroom residences, priced from $715,000.

An innovative wellness-centred recreational area features an entertaining area, hot and cold magnesium pools, an open beach shower, sauna and day beds.

CBRE senior director of residential projects Nicholas Clydsdale, who is marketing the project, said he received 250 inquiries from prospective purchasers in one-and-a-half weeks following Elevaire’s “invitation only” launch.

“That is a huge response and indicates that Palm Beach is still a blue-ribbon area where buyers are scrambling to secure a new apartment on the beach side of the highway,” Mr Clydsdale said.

“Elevaire’s allure builds on its spacious layouts and premium finishes with expansive ocean and district views in addition to its prime location, just 50 metres from the beach.

“Properties available in Palm Beach on the beachfront are predominantly houses priced from $5m to $10m-plus or multimillion-dollar apartments, meaning Elevaire’s great attraction is it can match the local amenity of these properties, with a much more attractive list price.”

Mr Clydsdale said much of the interest has come from local Gold Coast residents, Brisbane and Victorian buyers.

Mr Spina, development director of Evoke Property Group said the design was crafted to blend with the Palm Beach environment, while providing a choice for buyers who couldn’t get into the upper end of the luxury market.

“Evoke Property Group is really proud of what we’ve achieved with Elevaire,” Mr Spina said.

“Our offering starts at $715,000 through to just a tick over $2m, so we can cater for a broad spectrum of buyers.”

Construction, through builder Stokes Wheeler, is due to start in May.