Build starts after super sales

05/09/2015

The mixed use apartment project developed by Anthony Morton Group and Pryde Group, has chalked up 122 apartment sales since the project was released in December last year.

International contractor Brookfield Multiplex has been awarded the $70 million construction contract and started work on-site last month with demolition of the existing Beach Hotel. The highrise will soar 35 levels and offer 219 apartments to a market eager for new beachside stock.

McGrath Projects director Stephen Chen, whose company is marketing the project , said the development had received strong sales and inquiries. “There has been strong pre-sales from local and interstate buyers, downsizers and investors” he said.

“Buyers have been encouraged by the flexibility to put their apartment in a letting pool, use it as a lock-and-leave, live in it themselves or permanently rent it out. “Increasingly, people from the southern states are shifting their focus to the Gold Coast as they see the intrinsic value the local market represents in the current cycle compared to Sydney and Melbourne.”

The beach Apartments is Brookfiled Mulitplexes's second project since the Hilton Surfers Paradise was completed in 2011. Mr Chen said downsizing locals also figured strongly in the off-the –plan inquiry.

“The local market is familiar with Broadbeach and its lifestyle attributes, but until now, there has been an undersupply of new apartments catering to this demographic,” he said. “The Beach Apartments is one of the few apartment buildings to be offered in Broadbeach and the disparity between supply and demand is driving sales.”

Anthony Moreton Group chief executive Tony Hazel said the volume and pace of sales was very pleasing. Gold Coast Mayor Tom Tate said it was a welcome addition to the Gold Coast.

 

Gold Coast Bulletin

5th September, 2015.

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