The KTQ Group’s $380 million re-development of the site will feature 118 apartments in total and a new pub and pavilion.
The luxury redevelopment of the Kirra Beach Hotel site in Coolangatta’s Kirra Point has already seen nearly half of their 118 Miles Residences apartments in stage one sell.
Some $88 million has been secured for the KTQ Group, whose $180 million first stage is part of their $380 million re-development of the site which will also include a new pub and pavilion.
The average sale price has been $1.61 million.
The sales conversion has come off the back of more than 1,000 inquiries prior to the project’s much launch on December 27.
KTQ Group development director Jeremy Holmes said the very promising sales start would fast track the commencement of construction on the project.
“We’re pleasantly surprised at the sales, but we were always of the belief that when we went to the market with Miles Residences there would be significant interest no matter what type of market we were in,” Mr Holmes said.
“The reality is it is impossible to replicate this offering on a one-hectare site overlooking Kirra Beach. The fact that the southern Gold Coast market has been so strong, along with a pent-up demand for this particular development, has provided a solid foundation for the launch campaign.
Miles Residences has targeted predominantly owner-occupiers and will offer spectacular views across the Gold Coast from its location on one of Australia’s most famous north-facing beaches.
“We have seen a great cross section of buyers to date, with 70% coming from Queensland and 23% from New South Wales. The high level of Queensland buyers is mainly due to the local market acting quickly to choose their ideal apartment. They have been waiting 10 years for this project and didn’t want to miss out on the uninterrupted view lines.”
Sales have ranged across a diverse mix of apartments with one-bedroom residences selling from $550,000 up to the most spectacular three bedroom plus MPR residences reaching $3,000,000.
Prices start from $545,000 for the one bedroom apartments, from $795,000 for the two bedders and from $1.5 million for the three bedroom, three bathroom apartments.
Tim Keenan, of Keenan & Co which is marketing Miles Residences, said the interest had been overwhelming.
“We have not stopped. The inquiry from locals as well as interstate purchasers has been relentless,” Mr Keenan said.
“The reality is that the southern Gold Coast has never seen such a quality offering and the market has responded in kind.
“Buyers who know and understand the uniqueness of one of Australia’s most iconic north facing beachfront locations have been waiting for a project of the quality and scale that KTQ Group has put together.
“We are pleased that we still have some of the best apartments available for sale and we are seeing buyers across all price points and unit types.
“This is the first major destination precinct for Kirra and the quality of these superlatively designed apartments to match such a wonderful location has combined to create enormous interest and sales conversions.”The Woods Bagot-designed tower is slated for completion in early 2023.
The Kirra Beach first stage is expected to take two and a half years to deliver and will create hundreds of initial construction jobs and then a number of hospitality jobs upon completion.
The family-owned KTQ Group are the owners of the award-winning Elements of Byron resort which has won multiple tourism and design awards including the urban Development Institute of Australia’s 2017 and 2018 Awards for Excellence in retail and regional development.
Article Source: www.urban.com.au
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