Gold Coast development: $55m of units sold in Surfers Paradise tower in just 10 days

The Gold Coast property buying frenzy continues to gain momentum, with a new luxury Surfers Paradise tower selling $55 million of units in just 10 days.

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THE Gold Coast property buying frenzy continues to gain momentum, with a new luxury Surfers Paradise tower selling $55 million of units in just 10 days.

Marquee Development Partners have revealed it has sold 65 per cent of its $80 million, 19-storey One Cannes tower in the handful of days since the project was approved by council in April.

Sales director Azura Griffen said the “lightning sales rate” was typical of the Coast’s current property boom.

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Artist impressions of One Cannes Ave rooftop.

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“Buyers have been predominantly local downsizers who are looking to sell their large family home, in preference of moving to a more centrally located, luxurious, low-maintenance residence with a huge range of amenity for them to enjoy,” she said.

“One Cannes is also attracting existing apartment owners who are looking to upgrade for a superior level of finishes, resort-style living and stunning views.’

And buyers are stumping up significant amounts of money to live in the luxury riverfront tower, with units starting at more than $800,000 and the five-bedroom penthouses selling for between $2.39 - $3.5 million each.

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The skypod inside One Cannes Ave development by Marquee Developments

One Cannes development marks Marquee’s seventh project on the Gold Coast, bringing its total portfolio value of completed and future projects in the city to more than $400 million.

It comes as the city’s real estate industry continues its rollercoaster ride, with more than $750m worth of units have changed hands in less than six months.

CoreLogic data released this week shows property values increased 15 per cent in the year to April 2021, the highest since 2006 and behind the record-setting 1986 and 2001.

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Artist impressions of One Cannes Ave, development, Surfers Paradise.

Scores of developments have sold out in record time on the back of an “insatiable appetite” for high-end units, primarily from Victorians and New South Welshmen relocating north in the wake of border closures and the long COVID-19 lockdowns.

And it’s not just off-the-plan sales which have been strong, with the recently completed 20-level 31 Broadbeach tower selling out its remaining stock.

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How the tower will look.

The buyers of the Optimus Developments project were a mixture of local, interstate and overseas owner-occupiers and investors.

Project marketing specialist Andrew Bampton said the project had been redesigned ahead of construction.

“The original proposal didn’t optimise the potential of this prime site on Broadbeach Boulevard overlooking the beachfront in the heart of the suburb,” he said.

“Through our input, we brought a great deal of local knowledge to the developer and the results speak for themselves.”

Originally published as Gold Coast development: $55m of units sold in Surfers Paradise tower in just 10 days