Heavy hitter developers sell out in Burleigh, Mermaid Beach and Kirra
Heavy-hitting Melbourne developer Hirsch & Faigen has all but sold out of its debut luxury Gold Coast portfolio.
Melbourne developer Hirsch & Faigen has all but sold out of its $350 million debut Gold Coast portfolio of three apartment blocks, with two projects nearing completion and a third underway.
Hirsch & Faigen director Daniel Faigen said the company is definitely interested in finding new sites on the Gold Coast but it was proving to be a challenge and the company was only interested in premium beachfront locations at Kirra, Burleigh and Mermaid Beach.
“From our perspective we were fortunate to sign fixed price contracts with our builder Hutchinsons on the three projects so we have managed to avoid cost escalations, it has been a true partnership,” Mr Faigen said.
“What’s been exciting is sales have been strong. (But) there are challenges on the Gold Coast, feasibilities are challenged by escalating construction costs, and finding new sites is continuing to be a challenge.
“There’s rising construction costs and rising interest rates, inefficiencies with projects taking longer (which) increases the overall bucket of costs.
“But we continue to look on the Gold Coast, but only at products where we can sell at a premium rate per sq m are viable. Beachfront locations at Burleigh and Mermaid Beach, and Kirra, we think are the only projects that are a making sense for us,” Mr Faigen told The Australian.
Meanwhile, Hirsch & Faigen’s first project, the $75 million Hemingway Palm Beach is fully sold out, and the majority of the $75 million Emerson Kirra — except for one penthouse — is also fully subscribed.
Hirsch & Faigen said its $200 million Yves Mermaid Beach is 90 per cent sold with the company confident it will sell the remaining apartments in coming months amid still booming appetite for luxury Gold Coast apartments.
Apart from Mr Faigen, who has paid $3m for an apartment in Emerson for himself, another buyer in Emerson is Greg Quinn, managing director of Queensland builder Hutchinson who are constructing all three towers. Mr Quinn and his wife Anne have purchased on the second floor of the Emerson tower for an undisclosed price, however Emerson apartments are priced from $2.95m to $3.35m. The Quinn’s apartment is one of 27 apartments in the 13-level tower which includes a resort pool.
Mr Faigen says when he entered the Gold Coast market with the first project in early 2021, he did so with “a great deal of confidence that we could replicate the quality we are renowned for in Melbourne on the Gold Coast, but with that distinctive coastal style that buyers in the region expect.
“With our debut development Hemingway Palm Beach selling rapidly, our faith in the Gold Coast was further affirmed by the success of Emerson and Yves.
“We have been especially proud that apartment buyers have recognised our reputation for
project delivery, which has helped drive our sales success across all three projects.”
Hirsch & Faigen has just one apartment remaining at the nearly completed Emerson Kirra — a full-floor penthouse that sits atop the 13-level residential tower in the heart of the southern Gold Coast’s most sought-after beachside suburb.
The penthouse, which offers unrivalled ocean and city skyline views, is on the market at $10 million following the sell out of the 26 half-floor apartments in the development.
Yves Mermaid Beach, which comprises a total of 146 luxury apartments over 25 levels, has just seven residences left, comprised of five two-bedroom apartments and two penthouses.
“Yves is still generating strong interest from a broad range of buyers looking for the lifestyle afforded by this exclusive pocket of Mermaid Beach, just a stroll away from Pacific Fair and the Broadbeach entertainment precinct,” said sales Director for Hirsch & Faigen, Matt George.
“We’ve witnessed strong sales from southerners who are seeking generous living spaces
where they can be host to visiting family. Whereas, on the other end of the scale, we’ve
been inundated by sales from local buyers who are looking to downsize from a house to an apartment, without compromising the Gold Coast lifestyle they love.”
“Given the rapid pace with which apartments have been purchased to date, we expect the
remaining apartments to sell out this year.”
Apartments at Yves are priced from $1.05 million to $1.3 million, with the penthouses priced from $5 million to $6.5 million.
The success of its debut Gold Coast projects has whet the appetite of Hirsch & Faigen for future developments in the city.
“Our team is always reviewing opportunities across the territories in which we operate, and the Gold Coast will remain a focus for us in future,” Mr Faigen added.
More Coverage
Aristocratic Vesteys selling out of prestige Adelaide Hills winery
The aristocratic Vestey family, once the second richest in the UK after the royal family, is selling its Australian wine interests including a leading Adelaide Hills winery.
Plotting past prime ministerial purchases
Anthony Albanese and fiancee Jodie Haydon’s $4.3m purchase has copped some heat but history shows the PM is far from the first in the nation’s top office to spend big on property.