This article is from the Australian Property Journal archive
RIDING the wave of demand for Palm Beach foreshore living, Gold Coast developer Cru Collective has sold out its $40 million Siarn Palm Beach North project nine months ahead of completion.
Cru sold 90% of the homes direct. Several of the final sales arrived during the height of COVID-19 restrictions, including three achieved sight unseen. Each of these buyers paid more than $2.5 million.
Apartments at Siarn, located at 460 The Esplanade, ranged from $2.08 million to $2.98 million.
“We had a significant increase of inquiry over the past six months, especially from interstate and overseas buyers seeking a luxury lifestyle property in a strong market,” Cru Collective managing director, Chris Bolger said.
One of the overseas buyers was living in Florida, USA, and conducted their transaction via WhatsApp in a process that included several mobile phone meetings Another family from Victoria secured the very last property remotely, during complete lockdown.
Siarn is part of Cru Collective’s $150 million development pipeline, following its recent projects in Currumbin, and the recent Acqua Beachside Residences Palm Beach.
The three-bedroom apartments span 230 sqm each and were targeted at owner occupiers. According to the developer, they were secured by a mix of “successful business owners, semi-retired, socially active end-users and local downsizers looking for a beachfront lifestyle”.
“We had a strong response from the local market very early on with a high uptake of buyers from south-east Queensland planning to split their time between Palm Beach and Brisbane,” Bolger said.
Many buyers already have properties, or once owned properties, either on The Esplanade or at Jefferson Lane and were keen to upgrade to a brand-new apartment in the area, he added.
Siarn has been designed by architects BDA. Construction of Siarn Palm Beach North is currently under way by Cru Collective’s building arm, Cru Construct, and completion is expected in March of 2021.
Further south, another beachfront living development has enjoyed sales success. Over $70 million in sales have been recorded at Paul Gedoun’s luxury Flow Residences, overlooking the Snapper Rocks surf break at Rainbow Bay, since its launch in June. Only a half floor residence valued at $3.2 million remains.
The code assessable application received approval in recent weeks from a special delegation that comprised chair of city planning committee, Councillor Cameron Caldwell, chief executive officer Dale Dickson, and Gold Coast Mayor Tom Tate.
