MPG plans a development comprising predominantly two-bedroom, two-bathroom apartments to provide housing more affordable to a broader section of the community.
Morris Property Group, the popular Canberra and Gold Coast developer, has landed its next apartment development.
It’s in the hot Burleigh Heads market, where MPG, headed by development veteran Barry Morris, has secured a 2,024 sqm double block at 1873-1875 Gold Coast Highway.
They’ve paid $12.9 million for the site, sold through GV Property Group’s Antonio Mercuri, which sits just 300 metres from the Burleigh entertainment and lifestyle precinct.
MPG plans a development comprising predominantly two-bedroom, two-bathroom apartments to provide housing more affordable to a broader section of the community.
“Burleigh Heads is a great lifestyle location and represents the relaxed Gold Coast way of life. 1873-1875 Gold Coast Highway is an amazing opportunity to provide more buyers with the opportunity to enjoy the Burleigh life,” Barry Morris said.
“The purchase of the Burleigh 1873 property comes hot on the heels of the group’s purchase of 13-15 Armrick Avenue Broadbeach and 13-15 Australia Avenue Broadbeach as the group replenishes its Gold Coast development and construction pipeline.
“There are several developments in the Burleigh area that offer multi-million dollar apartments to a select few; this is not our target market. We want more people to be able to enjoy Burleigh and everything it has to offer.”
Antoni Mercuri, whose GV Property Group sold MPG the site, said there were over 20 enquiries from developers and investors, with six development groups submitting offers.
“It is rare to find such a holding in the Burleigh precinct bounded by The Esplanade and the Gold Coast Highway, and the competitive tension between developers was a testament to the popularity of the area,” Mercuri said.
Morris Property Group first started developing on the Gold Coast in 2005 when they created Verve Broadbeach.
Since then, MPG has completed seven towers in Broadbeach, two in Mermaid Beach and three in Burleigh Heads totalling over 1,200 apartments.
The group has two Gold Coast apartments projects under construction including Sandbar Burleigh Heads and Essence Surfers Paradise. They recently sold out all of the apartments in Koko Broadbeach and Opus Broadbeach.
Only 10 apartments remain in Sandbar Burleigh, the 26-level development with 163 apartments.
Article Source: www.urban.com.au
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