It’s been an extremely successful few years in the Gold Coast apartment market for the Melbourne developer Hirsch & Faigen.
They saw huge success at their maiden Gold Coast apartment project, Hemingway at Palm Beach, which only heightened their view of both the short term and long term prospect that the Gold Coast was where they wanted to set up camp for years to come.
Hirsch & Faigen, led by Daniel Faigen and Richard Hirsch, are now on the hunt for their fourth site, following a sell out at Emerson Kirra Beach and solid sales occurring at Yves Mermaid Beach, now 80 per cent sold, with all three projects fully funded by ANZ and under construction by Hutchinson’s.
Given their track record of developing just off the Palm Beach beachfront, the dress circle Musgrave Street in Kirra, and Yves at Mermaid Beach, a rare prospect in the Gold Coast’s most blue chip suburb, they’re only after assets in A grade areas, with the intention of supporting the housing shortage on the Gold Coast. The team are also keen on investing further into the property market in the Gold Coast, with eyes on an A grade office building in the Broadbeach precinct.
When they launched Hemingway, the buying patterns were substantially different. They had around 50 per cent buyer demand from Brisbane and Gold Coast with the rest from Sydney and Melbourne when that began its sales in late 2020. Over the last 12 months however, it’s been fairly evenly split across the board.
Hirsch & Faigen’s view is that there will continue to be an ongoing shortage of supply and a maintained level of demand, Hirsch & Faigen’s Sales Director Matt George says.
“We expect the shortage of supply and solid levels of demand to continue in the next decade in the lead up to the 2032 Olympic Games,” George says.
Hemingway sold out in mid-2021, with Hutchies now well underway on the construction, estimated to complete early next year.
The 14-level Hemingway, named after the famous author and featuring a distinct blush façade, sold all of its 78 apartments in just a few months.
Then came Emerson at Kirra, which was one of the hottest pockets of real estate in the Gold Coast. They recently sold out the building, with the final piece, the $8 million penthouse, selling to a Sydney purchaser relocating their young family to the Gold Coast. That had 27 luxury apartments, with prices starting from $2 million. In a nod to the quality of the design, Hutchies QLD boss and construction industry veteran Greg Quinn and wife Anne bought two apartments in Emerson, worth $3 million each.
H&F’s only current project is Yves, the third that they’ve had renowned architecture firm Rothelowman design.
They said Yves is a nod to the history of coastal masonry walk ups.
“Embedding the coastal traditions of this place within high density apartment precincts is not by any means a straight forward task,” Rothelowman noted in their design submission to the Gold Coast City Council.
The $200 million project saw half of its 145 apartments snapped up in the first two months of marketing, with locals making up the most of the buyers.
Final podium stock and penthouses were recently released, with expectations that the whole building will be sold out in 2022.
Two-bedroom apartments start from $875,000. The three-bedroom apartments start from $1.5 million with eastern ocean views.
Article source: Queensland Property Investor
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