Brand new oceanfront apartments for as little as $400,000
One of Australia’s largest developers has reconfigured a 76-floor tower in a prime Gold Coast location to offer one and two-bedroom apartments for surprisingly low prices. Find out where.
Gold Coast
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DEMAND for cheaper beachfront apartments has spurred high-rise king Harry Triguboff to reconfigure his Ocean tower development, which will now have more than 60 one-bedroom apartments added to the mix which will sell for as little as $400,000.
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Highrise Harry’s company Meriton is in the process of building the 76-floor tower in Surfers Paradise, which will be a mixture of apartments, serviced hotel suites and retail offerings.
Mr Triguboff said a wave of investor demand had spurred the decision to reduce the number of serviced hotel suites, which were to go to level 44 but will now stop at the 31st floor.
The veteran developer said that with Ocean rising out of the ground, investors were stepping forward and were keen to buy apartments which met their financial criteria of being under $600,000.
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“They can see that Ocean is definitely happening and is no pie-in-the-sky idea and they want a slice of it.” he said.
“The answer was to create apartments that they can make work for them – properties at prices they can afford and where there’s strong rental demand and hence strong returns. “We’ve done that, created those apartments, and it’s a case of problem solved.”
Mr Triguboff said the investors today have a wide choice of apartments and can pay as little as $400,000 for a one-bedroom apartment which will be up to 54 sqm internally in size, and less than $600,000 for a two-bedroom, which will be up to 91 sqm internally in size.
Mr Triguboff said the Meriton move not only opened the door to investors, but also to first home buyers.
“It offers first home buyers a chance to take advantage of government incentives to step into the market by securing a property in an enviable location – beside one of the world’s best beaches,” he said.
Ocean is Meriton’s 19th tower development built on the Gold Coast and is taking shape on a $58 million site between The Esplanade and Surfers Paradise Boulevard.
Ocean will have 332 serviced suites, taking the number of such suites in Meriton’s Gold Coast hotel portfolio to 953, with its other properties at Broadbeach and Southport.
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