This article is from the Australian Property Journal archive
THE six year journey for Mirvac and Lewis Land has come to end on the Gold Coast with the completion of the $555 million Ephraim Island project.
The project was first publicly released for the development in May 2002 and has secured sales in excess of $400 million. It was officially launched for sale to the market in March 2003.
The development occupies a 9.619 hectare site in the middle of The Broadwater 400 metres off the Paradise Point Village on the northern Gold Coast. Of the total of 383 apartments, villas and beach houses more than 75% are now sold. Prices have ranged from $525,000 through to almost $5 million.
Ephraim Island was originally owned by Paradise Point pioneer Jim Hansford. In 1978 it was sold to companies associated with Gold Coast apartment developer Jim Raptis who set about building the bridge from the mainland at a cost of approximately $6 million.
In 1991 it was sold to a Japanese consortium KK Alpha Corporation for $45 million.
KK Alpha Corporation planned a $400 million Venetian-themed resort named Odyssey Island. However, the company struck financial difficulties and closed its Gold Coast offices in 1993.
Lewis Land, which has developed the adjacent the Sovereign Islands, acquired Ephraim Island in 1995 for approximately $10 million.
In 2001, Lewis Land joined forces with Mirvac in a joint venture to develop the island.
Australian Property Journal
