RESIDENTIAL PROPERTY

Cannes reaches 80pc sold

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BUYER demand for apartments on the Gold Coast’s Surfers Paradise and Chevron Island catchment has continued to increase despite COVID-19, with Cannes chalking up more sales since March bringing the project to more than 80% sold, worth over $54 million.

Marquee Development Partners’ Cannes Waterfront Apartments project, located midway between Broadbeach and Surfers Paradise, was named the fastest selling new Gold Coast apartment project in the first quarter, according to Urbis, with 61 of its 96 units taken up.

That number now at 70.

Urbis found 265 new apartments were sold across the Gold Coast during the March quarter, and 41% of these were in the Surfers Paradise and Chevron Island catchment.

Marquee’s sales at Cannes and a further 10 sales at its nearby Catalina project on Chevron Island gave the developer a 27% market share of all new apartment sales along the Gold Coast.

The Gold Coast Central Precinct, which takes in Surfers Paradise and Chevron Island, Broadbeach, Main Beach, Southport and Labrador, showed new apartments recorded a $135,443 increase compared to the average sales price recorded in the fourth quarter of 2019.

Cannes Waterfront Apartments has two, three and four bedroom apartments and penthouses, priced from $564,900 to $2.55 million. Construction is expected to commence by September.

Urbis senior consultant Lynda Campbell said buyers are favouring Surfers Paradise-Chevron Island again due to the introduction of boutique high rise projects, with larger apartments and premium amenities.

“In recent years, the Surfers Paradise-Chevron Island area has predominantly had larger-scale high rises with smaller apartments aimed towards the entry level market and investors, however, this is turning around to focus on owner-occupiers and more luxury apartments,” she said.

Further south along the Gold Coast, demolition crews yesterday began taking down a nine level tower built by Mimi Macpherson – sister of supermodel Elle – that will make way for the high end $77 million Natura project by Brisbane-based Spyre Group.

Andrew Malouf, director of Spyre Group, said Natura had been designed to cater to a “market of local owner occupiers who seek larger sized luxury residences on the Gold Coast”.

Gold Coast-based construction firm CONDEV Construction is undertaking demolition of 17 year old building, as well as construction work the 17-level Natura on the 1,011 sqm beachfront site at 112 The Esplanade.

Natura will comprise 33 half-floor, three-bedroom apartments. Launched in March this year, it has cleared 80% of apartments.

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