Palm Beach, the small coastal enclave at the south end of the Gold Coast, is starting to fire up again.
One of the most popular spots on the Gold Coast during COVID, off the plan apartment projects were snapped up in months, some not even hitting the open market.
There was a lull where buyers were waiting for the next project to hit the market. The latest is Elevaire, a 40-apartment project by experienced Queensland developer Paul Spina, which has already gathered significant interest from both Brisbane and Victorian buyers.
The nine-level tower, development approved, has been designed by Cottee Parker and will have a mix of one, two and three-bedroom apartments starting from $715,000.
There will be a ground floor, wellness-centred recreational space, with hot and cold magnesium pools, an open beach shower, sauna and day beds.
CBRE Senior Director of Residential Projects Nicholas Clydsdale said he received 250 enquiries from prospective purchasers in just one-and-a-half weeks following Elevaire’s invitation only launch.
“That is a huge response and indicates that Palm Beach is still a blue-ribbon area where buyers are scrambling to secure a new apartment on the beach side of the highway,” Clydsdale said.
“Elevaire’s allure builds on its spacious layouts and premium finishes with expansive ocean and district views in addition to its prime location, just 50 metres from the beach.
“Properties available in Palm Beach on the beachfront are predominately houses priced from $5 million to $10 million-plus or multi-million-dollar apartments, meaning Elevaire’s great attraction is it can match the local amenity of these properties, with a much more attractive list price – from $715,000.
“The three-bedroom residences are priced from $1.6 million, which is outstanding value for this location.”
Clydsdale said much of the interest has come from local Gold Coast residents, Brisbane and Victorian buyers.
“The Brisbane buyers are looking for an apartment on the Gold Coast they can lock and leave when they are down here and Victorian families are largely looking for a holiday home or seeking to relocate to the Gold Coast while the locals already know and love the area,” he said.
Paul Spina, Development Director of Evoke Property Group who has undertaken numerous development projects in southeast Queensland, said the design of Elevaire was crafted to blend with the Palm Beach environment, while providing a choice for buyers who couldn’t get into the upper end of the luxury market.
“Evoke Property Group is really proud of what we’ve achieved with Elevaire,” Spina said.
“With the wellness centre we’ve included hot and cold magnesium pools to complement the beach, as we felt creating a space for people to recharge was more important than fitting in a lap pool. Besides, Palm Beach itself offers ample swimming opportunities.
“The property is wide and deep which enabled us to offer varying apartment types, sizes, views and aspects for residences, which as a result offers a range of price points to the community. Cottee Parker Architects also ensured the introduction of an internal breezeway running through the property, providing natural light and ocean breezes both inside and outside the apartments.”
Elevaire secured development approval late last year. Construction by Stokes Wheeler is due to start mid-May.
Article source: Queensland Property Investor