This article is from the Australian Property Journal archive
SHERPA Property Group is fast-tracking plans for its expanded Gold Coast portfolio, lodging a development application for one of three sites it recently acquired on the glitter strip, while at the same time enjoying strong sales at a newly-launched project at busy Palm Beach.
Sherpa paid an undisclosed amount late last month for the 1,710 sqm site at 107 Stanhill Drive in Chevron Island, as well as a 915 sqm site on 45 Labrador Street and a 17-hectare site on Winchelsea Way at Terranora, all for future residential developments.
The luxury Chevron Island development comprises 10 apartments over three levels and will deliver a mix of four ground-floor villas and four river residences capped off by two two-storey penthouses in the heart of the enclave.
Designed by HAL Architects, the development will feature spacious interiors aimed at the downsizer and owner-occupier market. The apartments will all comprise a minimum of three bedrooms plus multi-purpose room with penthouses offering four-bedroom residences.
This north-facing, riverfront site will also feature marina berths, a first for Sherpa’s “Perspective” brand. Being just inside the six-knot zone, Sherpa is anticipating the project will attract the boating community as it will provide immediate access to the Broadwater and ocean.
Sherpa plans to launch the development in the first quarter of next year with construction to kick off in the third quarter of 2024 pending council approvals, as the company seeks to capitalise on sustained demand for premium residences in the central Gold Coast region. New data from Urbis showed a significant increase in apartment sales in the September quarter – 470 in all – well up from the previous quarter’s.
It has completed 11 projects on the Gold Coast over the past six years.
“We believe a boutique project is a perfect fit for Chevron Island with an intimate design that lends itself to sophisticated, yet private, lifestyle,” Sherpa Property Group founder Christie Leet said.
“We think our buyers are those already in the vicinity, particularly downsizers, so we have worked hard to make them as good to live in as a house with a huge emphasis on security.
“Each residence will also have a three to four-car lock-up garage, plus storage, as this level of amenity has been in strong demand across our recent projects.
Chevron Island has also just seen private consortium Bastion reveal plans for a $140 million luxury tower at 8-10 Parneno Street that will deliver a collection of 87 residences.
Promising signs on Palm
Sherpa recently enjoyed successful runs at its most recent Gold Coast projects, in Biggera Waters and Mermaid Beach, and buyers have rushed to its “Perspective Nexus” project at Palm Beach, which has achieved over $45 million in sales within two weeks after launching to market.
Located on a 1,583 sqm site at 949-953 Gold Coast Highway, adjacent to Dune Café, the nine-storey building will deliver 32 apartments, including two half-floor penthouses and three sky homes with their own private rooftops.
Fourteen out of 32 apartments have sold, including both penthouses.
“The $45 million in sales reflect the demand for luxury living down this end of the Gold Coast, with few apartments the size or calibre of these, which has really drawn buyers’ attention,” Leet said.
Meanwhile, the only beachfront apartment project on the market in Palm Beach has notched up more than $20 million in sales in just weeks after its launch. The $60 million Ophira Palm Beach has taken advantage of the lack of ultra-luxury apartments in the Gold Coast’s new “millionaire’s row”, selling three of its whole-floor apartments for more than $7 million each.
Developer-builder 5Point Projects has already commenced construction on Ophira.
“Our buyers have been locals with existing residences in the area who have recognised that this level of luxury and space is extremely limited in Palm Beach and unlikely to change in the near term,” Damian Dove, managing director of 5Point said.
“Ophira is the only absolute off-the-plan beachfront project currently in market situated in the highly sought-after Jefferson Lane precinct, so we had high expectations which thus far have been well and truly met.”
Ophira Palm Beach comprises seven full-floor sky homes and a sprawling two-level penthouse. Each full-floor residence will comprise living areas of between 290 sqm to 317 sqm large open balconies and floor-to-ceiling glass windows to take advantage of ocean views.
