This article is from the Australian Property Journal archive
THE Kirra Beach hotel re-development has made $88 million in the weeks following the launch of Miles Residences, the $180 million first stage of the project.
The $380 million re-development by KTQ Group, has sold almost 50% of its 118 apartments for an average price of $1.61 million, since its December 27 launch. The project garnered more than 1,000 enquiries prior to this launch.
The Gold Coast has continued to attract significant interest both locally and from interstate purchasers as the COVID-19 pandemic accelerated the emerging sea change trend.
“The reality is that the southern Gold Coast has never seen such a quality offering and the market has responded in kind,” said Tim Keenan, director of Keenan & Co, who are marketing the Miles Residences.
According to Jeremy Holmes, development director at KTQ Group, 70% of buyers have been from within Queensland, while 23% are from NSW purchasers.
“The high level of Queensland buyers is mainly due to the local market acting quickly to choose their ideal apartment. They have been waiting 10 years for this project and didn’t want to miss out on the uninterrupted view lines,” said Holmes.
The development targeted largely owner-occupiers, with the apartments sold ranging from one-bedroom residences from $550,000 to 3-bedroom plus MPR residences for as much as $3,000,000.
With one, two, three and four-bedroom apartments designed by architects Woods Bagot on offer, most of which possess an additional multi-purpose room.
“We went to the market with Miles Residences there would be significant interest no matter what type of market we were in,” said Holmes.
“The reality is it is impossible to replicate this offering on a one-hectare site overlooking Kirra Beach. The fact that the southern Gold Coast market has been so strong, along with a pent-up demand for this particular development, has provided a solid foundation for the launch campaign.
The remaining residences are priced from $545,000 for a one-bedroom, $795,000 for a two-bedroom and $1.5m for a three-bedroom.
“Buyers who know and understand the uniqueness of one of Australia’s most iconic north facing beachfront locations have been waiting for a project of the quality and scale that KTQ Group has put together,” said Keenan.
