This article is from the Australian Property Journal archive
HIRSCH & Faigen has capitalised on the lure of the Gold Coast during the pandemic, securing more than $80 million in three weeks from sales at its new apartment project as developers unveil more new builds in the city.
The $200 million development Yves, at 7-9 Mermaid Avenue in Mermaid Beach will have 145 residences on the doorstep of the city’s prestigious “millionaire’s row” Hedges Avenue, and close to Pacific Fair shopping centre.
Yves has attracted the attention of Brisbane and Gold Coast downsizers, who have accounted for 70% of the early sales.
“Brisbane buyers are predominantly buying a second property while Gold Coast buyers are either downsizing or first-home buyers,” said Hirsch & Faigen’s sales director, Matt George, adding that demand in recent weeks showed the market remains strong despite the latest COVID outbreak.
Yves offers one, two and three bedrooms apartments as well as two four-bedroom half-floor sub-penthouses and a full-floor penthouse. Prices start from $540,000 for a one-bedroom unit. One of the sub-penthouses was snapped up by a Melbourne investor for $2.995 million, and negotiations are underway for the other sub-penthouse with a price tag of $2.495 million. The penthouse is tipped to go for $5.5 million.
Local first home buyers are also in mix. They have picked up five of the eight one-bedroom apartments.
Melbourne-based Hirsch & Faigen acquired the 1,900 sqm parcel back in June. The company is backed by Eddie Hirsch, a co-founder of United Petroleum. Yves is the third project launched by Hirsch and Faigen on the Gold Coast in recent years, following the Hemingway project at Palm Beach and Emerson at Kirra.
Sydney and Melbourne buyers have accounted for 20% and 10% of sales respectively at Yves. The supply of new apartments on the Gold Coast recently hit a seven-year low with strong demand and pricing underpinned by domestic movement that has seen the Gold Coast topping total migration nationally.
The demand has enticed a number of developers to plan new projects, including Max Back’s BeckDev, Iris Capital, and Devine, and more have been unveiled through the holiday period. Also in Mermaid Beach, Sherpa Property Group revealed plans for the low-rise project Perspective Albatross on an 810 sqm parcel on Albatross Avenue, within walking distance to the Nobby Beach retail and dining precinct.
The low-rise development will comprise of six three-bedroom residences and two two-level penthouses that feature direct access to their own private rooftop areas.
Perspective Albatross residences range from 190 sqm to 310 sqm and are priced from $2.1 million.
Plans for Perspective Albatross come hot on the heels of the sell-out of Sherpa’s Perspective Nexus development in Palm Beach and the recent unveiling of its newly completed luxury residence in Bilinga, known as Perspective 202.
Meanwhile, Sydney-based developer Macquarie York has announced plans for a $90 million second project in the Gold Coast suburb.
Planned for a 1,012 sqm site at 8-10 Parneno Street, Nina will comprise 78 apartments over 23 storeys, which will include a selection of six skyhomes and two multi-level penthouses.
Macquarie York has fast-tracked plans for the development after recently selling out its debut Gold Coast project, the $88 million Allure.
Aimed at the “missing middle market”, Nina is the third Gold Coast development to be undertaken by the company, which is currently progressing plans for Ocean House Palm Beach, an ultra-luxe whole-floor apartment project over eight levels.
Designed by Plus Architecture, Nina will offer a mix of two and three-bedroom apartments with many of them crafted to “meet the missing middle market”.
Residents will have access to a secure bike storage area at the building’s entry, while a mezzanine level above the ground floor will host a wellness centre to include a yoga deck, a large gym, sauna and shower facilities, all nestled in lush landscaping. They will also have access to an infinity-edge pool, floating daybeds, a sunken firepit lounge and barbecue area.
