Gold Coast development: $50m sales in one weekend for Burleigh Heads luxury tower
A developer has revealed when Burleigh Heads’ newest tower will begin construction after an eye-watering amount of sales were recorded on its units over the weekend.
Gold Coast
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MORE than $50 million worth of units were sold in a single Gold Coast tower at the weekend, shocking experienced property industry figures.
Brisbane-based developer Spyre Group went to market on its $77 million, 33-unit Burleigh Heads tower Natura on Saturday morning and by Sunday night just eight apartments remained unsold, a clearance rate of nearly 80 per cent.
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About 70 per cent of those who bought into the 17-storey project off the plan were downsizers from the Gold Coast region, said a spokesman for the company marketing the sales. The remaining buyers were interstate investors.
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Long-time industry figures say it is the highest sale rate for a Coast tower since the late 1980s.
“This has been unbelievable,” said Nick Clydsdale, director of CBRE Residential Projects Gold Coast, which is marketing the project.
“We have never seen anything like this. We had people queuing up early on Saturday morning to place deposits on apartments.
“This type of sellout or near sellout was relatively common during the boom in the capital markets but I’ve never seen this in a lifestyle market.”
The tower is earmarked for a 1011 sqm site on The Esplanade and will replace Aspect on Burleigh, a 13-year-old mid-rise launched by Mimi MacPherson.
Demolition of that building is under way. Construction of the new tower is expected to begin by late May.
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The remaining eight units start from $1.8 million.
Natura is the latest in a wave of luxury unit developments aimed at downsizers to hit the market in the past two years.
Retirees and families are snapping up the modernised units, which now make up about 20 per cent of the off-the-plan market.
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Broadbeach, Palm Beach and Burleigh Heads lead the way in sales, which have been so strong that major developers including Sunland Group have moved away from high-density projects to cater towards the lucrative market.
Mr Clydsdale said the strong sales were the result of the scarcity of larger units in Burleigh Heads. “The thing that doesn’t surprise us is that all of these apartments are three bedrooms with no more than two apartments per floor and these are very hard to find in Burleigh Heads. We’ve been well aware of the high demand from interstate and local downsizers for this type of product and Spyre are very keen to get this project into the marketplace as soon as possible.”
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