Gold Coast developer Craig Perry is officially offloading the 5,225sq m beachfront property known as the Mykonos site with hopes to raise more than $90 million.
The site hits the market in a period of increased activity and local demand in the Gold Coast market, following the start of the pandemic.
In 2019, The Urban Developer reported that Perry negotiated call option contracts for more than 60 individual properties at the Surfers Paradise site, at that time it was expected to fetch more than $100 million.
The site’s size has since been reduced from the reported 8,402sq m in 2019, to a 5,225sq metre beachfront site. It is tipped to go for between $90 million and $100 million.
The current site, which adjoins the Jewel development, includes 31 titles in total within the Mykonos building and the former site offices and display suite of the Jewel development.
The expressions of interest process is being handled by Dan McVay and Glenn Bechtel of McVay Real Estate, together with Mark Witheriff and Rem Rafter of CBRE.
Witheriff says the Gold Coast market has witnessed a huge shift post the initial pandemic period.
“With a very active market seeking oceanfront living and nearby amenity,” he said.
“And this is from permanent occupiers seeking a lifestyle change and moving from either larger homes in suburban areas or wanting a complete shift from higher density living in other capital city markets.”
Nearby, Jinding Developments this month revealed plans for a $75 million, 27-storey tower in Surfers Paradise.
The project marks a first for the developer making its entrance into the Queensland property market with the 1012sq m site at 9-11 Thornton Street.
The tower will have 125 apartments targeting first home buyers and new residents relocating to the Gold Coast from Sydney and Melbourne.
Article Source: theurbandeveloper.com
The Gold Coast’s best off the plan penthouses
We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island
One of the biggest trends in 2021 was developers going above and beyond to make sure their development was crowned by a luxury penthouse, with the majority expecting to see a sale in the double digits.
Given the shift in demand from one-bedroom holiday makers to the three-bedroom plus owner-occupier market, developers are ensuring there’s high end penthouses or sub-penthouses, even in high density projects.
We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island.
Sea, Burleigh Heads
Price: $16 million
There’s a $16 million price tag on the two-level penthouse crowning Forme’s Koichi Takada-designed Sea, facing Burleigh Beach on The Esplanade.
The two-level space, with 825 sqm of space, one of the largest produced in Burleigh, has six bedrooms, six bathrooms, a gym, office and library, multiple kitchens and entertainment areas and a theatre.
There’s a staircase leading to the exclusive rooftop, kitted out with a swimming pool, sun deck and alfresco kitchen.
“It’s our best penthouse ever produced”, Forme managing director David Calvisi says.
Forme has had great success in the luxury apartment space, selling the penthouse in their nearby Norfolk, Goodwin Terrace development for $9 million, the most expensive apartment south of Mermaid Beach to settle.
Koichi Takada also handled the design of Norfolk, which was a hit across the country. The curved facade even became one of the famous Bondi-based Aquabumps prints, going viral on Instagram and being featured by design blog Dezeen.
Project: Emerson Kirra
Developer: Hirsch & Faigen
Price: $8 million
Emerson at Kirra Beach, the second Gold Coast development by the Melbourne-based developer Hirsch & Faigen, is crowned by an impressive $8 million, full floor space.
Spanning 494 sqm including terracing on the 14th level, the penthouse will have four bedrooms, including a master suite with walk in wardrobe and an ensuite with double shower and double vanity.
It will feature over three metre ceilings and windowed walls offering unrivalled views across the ocean and distant Gold Coast skyline, as well as two living spaces.
Project: The AU, Surfers Paradise
Developer: ASF Group
ASF Group netted a near $9 million buyer for one of their tri-level penthouses. There are two penthouses in the boutique block of just 16 on The Esplanade, just across the road from the beach.
Offering nearly 480 sqm of space, ASF Group offer a number of customisation options for the penthouse. There’s potential for the third level to become an ocean view master suite, although the plans are already for four bedrooms.
ASF Group Marketing Director Daniel Fang said there’s options for a yoga or meditation room, with full-width views of the beach. That or a cinema room, or even a private gym, are other options.
The penthouse starts from level 17 and has a separate private lift within to access the higher levels. Offering 16m frontage directly facing the ocean, the penthouses feature four bedrooms with the second level having the option of including a lap pool.
Project: Chevron One
Developer: Bensons Property Group
Price: $15 million
Late last year the Melbourne-based Bensons Property Group released their higher levels to the market of their Chevron Island tower, Chevron One.
To be the only true high-rise tower on Chevron One having been approved before stricter height limits were set on the exclusive Gold Coast island, Chevron One will soar 41 levels in to the sky.
The special penthouse crowning the development isn’t actually for sale. That two-level space, spanning levels 40 and 41 with nearly 2,000 sqm of living space, the Gold Coast’s largest ever penthouse, will be retained by Bensons Property Group’s Chairman Elias Jreissati.
But the subpenthouse, spanning nearly 1,000 sqm of space, is up for grabs. Priced at just shy of $15 million, the penthouse will have five bedrooms, five bathrooms and garaging for four cars.
Developer: Bottega Group
The boutique 13-apartment Broadbeach development, 123OBR, is capped with a sprawling two-level penthouse, with 529 sqm of internal living space.
Bottega Group Director Nick Malloch says 123OBR’s penthouse is the ultimate experience of luxury beachside living on the Gold Coast.
“123OBR’s penthouse is a unique opportunity in that every element of the design has been carefully curated to speak to the opulence and intrinsic beauty of Gold Coast living at its very best,” says Malloch. Elegant gallery wall corridors, floor to ceiling glazing in the living and dining space, a feature fireplace and oversized master retreat complete the experience.
Project: Miles Residences, Kirra Beach
Price: $16.75 million
Last year KTQ sold out Miles Residences, all 118 apartments in their first stage of the $350 million redevelopment of the Kirra Beach Hotel. But they saved something special for 2022.
They’ve just launched the two-level penthouse, with a price tag of $16.75 million.
The 760 sqm split-level penthouse will be made up of five ensuited bedrooms, a state-of-the-art gym, home office, three living areas, and a study.
The heart of the heart of the home if the open plan kitchen, living and dining area, which also homes a bar.
The penthouse also features a rooftop entertaining deck, accessed by private lift and featuring a private pool, as well as offering unobstructed views north across Kirra Beach to Surfers Paradise and south to Snapper Rocks.
Project: DE-LUXE, Burleigh Heads
Developer: Weiya Holdings
Price: $23 million
The priciest penthouse to hit the market last year was the sprawling apartment atop the 14-level DE-LUXE in Burleigh Heads.
They Sydney-based developer Weiya Holdings, who are transforming the Old Burleigh Theatre in to 28 apartments and two beach houses, slapped a $23 million price tag on the 1,200 sqm of space, which will have six bedrooms.
There will be a number of living areas, a walk-in wine cellar and whisky room, a luxury cinema, expansive library, a sauna and steam room, a private gym, and a sky garden feature.
One of the most striking features will be the glass pool next to the living space.
Patrick Pancur has been handling the sales at DE-LUXE, which is all but sold out.
Article Source: www.urban.com.au
Record auction figures in December as Australia’s property market plays catch up
A surge in post lockdown supply coupled with buoyant market conditions, led to unprecedented levels of auction activity across Australia in the final three months of 2021.
CoreLogic’s Quarterly Auction Market Review shows 42,918 properties were taken to auction across the combined capital cities in the three months to December 2021, an 85.1% increase from the previous quarter and more than double (109.5%) the December 2020 figures.
CoreLogic’s Research Director Tim Lawless says several factors resulted in the surge in auctions, including some catch-up from the September quarter when the largest auctions markets were weighted down by lockdowns as well as a pickup in activity following the seasonally slower conditions of winter.
“The large number of auctions held through the December quarter also reflects the strong selling conditions that were present, which motivated vendors to capitalise on strong buyer demand and the significant rise in values seen through the pandemic,” he says.
“Auctions as a way of selling tend to be more popular during a sellers’ market; in this situation buyers are highly competitive and incentivised to outbid rival purchasers in order to secure a property. During cooler market conditions an auction may not attract as many registered bidders or as much competitive bidding.”
In Australia’s two biggest auction markets, Melbourne had 19,788 auctions and a clearance rate of 69.7% for the December quarter compared to Sydney, where 14,906 auctions were held at a clearance rate of 69.9%.
Across the combined capitals, the quarterly clearance rate of 71.3% was only slightly down on the previous quarter results of 71.7%.
However, as the quarter progressed and the volume of auctions held increased, the clearance rate progressively trended lower to 61.1% in the week ending 19 December, 2021.
Mr Lawless says higher auction volumes will often correspond with lower clearance rates as demand becomes more thinly stretched.
“The surge in the number of auctions through the final quarter of 2021 was accompanied by a consistent trend towards lower clearance rates, with this trend evident across each of the capital cities,” he says.
“The drop in clearance rates implies demand didn’t quite keep pace with the level of auction supply during the quarter.”
In the smaller capitals Brisbane (3027 auctions, clearance rate of 74.9%), Adelaide (2902 auctions, 80.5%) and Canberra (1949 auctions, 82.4%) also recorded significant increases in volumes compared to Q3 2021, and the corresponding quarter in 2020.
At a granular level, the suburb of Wishart, 12km south-east of Brisbane’s CBD, recorded a 100% clearance rate, the highest in the country, with all 28 properties scheduled for auction in the December quarter selling under the hammer.
The heightened auction volumes in Brisbane and Adelaide echoed the cities respective housing strength, where values continued to rise at cyclical highs through December, prompting a higher proportion of properties being taken to auction.
Auctions in Australia’s regional areas also increased substantially over the quarter. Larger centres such as Newcastle, the Illawarra, Geelong and the Gold and Sunshine coasts in Queensland, each saw a surge in auction volumes, reflective of the tight housing market conditions that currently exist in the country’s popular coastal areas and lifestyle-oriented markets.
In the week ending January 23, 2022, close to 460 auctions are scheduled across the capital cities, almost 40% higher when compared to the same period a year ago. However, Mr Lawless says it’s too early to forecast the auction market trend likely to prevail in 2022.
“Overall advertised supply levels generally remain below average across most of the capitals suggesting sellers are still benefitting from strong selling conditions,” Mr Lawless says.
“Auction volumes tend to ramp up through early February and move through a seasonal peak in the weeks prior to Easter. Over the medium term we are expecting listing numbers to gradually normalise which should see buyers regaining some leverage in the market over time. If this is the case, we could see more vendors reverting to private treaty sales rather than auctions as competitive tension amongst buyers eases.”
A full city-by-city suburb analysis, where at least 20 auction results were reported over the December quarter, can be found in the report.
Article Source: www.corelogic.com.au
High Rollers Spending Big in South-East Queensland’s Premium Market
The Gold Coast continues to rise above the pandemic, providing bang for buck for many ultra high-net worth individuals who bought into the unyielding prime residential market.
The region recorded a 156 per cent increase in annual sales turnover for prime residential property, the biggest in the country, according to Knight Frank’s Australian Prime Residential Review report.
Knight Frank head of residential research Michelle Ciesielski, who authored the report, said Gold Coast property had chalked up a 10.5 per cent increase in prime prices, the second-highest behind Sydney at 10.7 per cent.
“The Gold Coast saw the biggest rise in prime annual sales turnover at 156 per cent, followed by Brisbane at 135 per cent,” Ciesielski said.
“Gold Coast prime properties were on the market 19 days less on average [than the previous quarter], the biggest reduction across Australia.”
The Gold Coast also offered more for your money.
According to Knight Frank data, US$1 million would buy you 124sq m of luxury floor space in the Gold Coast, while in Melbourne it could buy about 88sq m and a paltry 44sq m in Sydney.
Prime residential performance, third quarter 2021
|Region||Capital Growth YoY||Sales Volume YoY||Gross rental yield|
^Source: Knight Frank Australian Prime Residential Review
Sherpa Property Group chief executive Christie Leet told The Urban Developer late last year that beachfront prices at nearly $20,000 per square metre were “towards the top end, well and truly”.
“There’s a fair argument that we might have hit a peak,” Leet said.
“But there’s still plenty of people out there buying tower sites that are going to take three or four years to develop.”
Towards the end of 2021 there were more than 50 residential projects with an estimated investment value of $4.8 billion under construction on the Gold Coast.
Nationally, the third quarter of 2021 was the second highest on record for prime sales, recording 1971 properties sold, while the volume of prime sales was up 119 per cent across the year ending September 2021.
Knight Frank forecast prime prices would increase 11 per cent across 2021, and a further 8 per cent in 2022.
Luxury rental prices on the Gold Coast have risen 10 per cent with yields the strongest in the Australian prime residential market at 3.48 per cent.
The pace of development of prime apartments and townhouses across Australia has slowed. About 26,700 new high-end apartments and townhouses were built in 2020, while the pipeline was 42 per cent less for 2021 with just 15,500 under construction.
Almost half of these new apartments are for the Melbourne market (7450), while Sydney and the Gold Coast were slated for more than 2000 properties each.
Globally the strongest prime residential capital growth was recorded in Miami, followed by Seoul, Shanghai, Moscow and Toronto.
Sydney was ranked 14th, followed by the Gold Coast (15th) and Perth (16th). Brisbane was at 21, while Melbourne came in with a middling performance at 24.
Article Source: www.theurbandeveloper.com
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