The latest sale equals the Arvia block’s prior highest sale for higher whole floor spaces
Queensland’s Rainbow Bay has seen a holiday apartment resale when $3.8 million was paid in ARVIA, the Marine Parade complex of 17 apartments.
The three bedroom, three bathroom Coolongatta apartment with two car spaces was sold just before its December scheduled auction by Harcourts Coastal agent Katrina Walsh.
It occupies a half floor with 265 sqm space.
It was among the first apartments to be sold off the plan in 2016 at $1.65 million.
The latest sale equals the block’s prior highest sale for higher whole floor spaces.
The complex has an 8 Star energy rating after its design by Ellivo for Aspect Property Group headed by Allan Larkin.
The company has been building apartments since 1989.
Its salt water pool is surrounded by luxuriant coastal native plantings at the address of 47 Eden Avenue, aka as 158 Marine Parade.
Coolangatta’s Rainbow Bay latest development is for a 12-level tower on the bay’s high ground, close to the Greenmount Resort.
It is being proposed by KingBella Group’s Lu Li, whose family built the first Quest hotel in Brisbane in partnership with CapDev and Steer Development.
The syndicate has secured a 1924 sqm site amalgamation at 44-50 Eden Avenue with plans for a 12-storey development comprising 94 apartments.
There is also a forthcoming proposal by Rob Steer’s Steer Developments to undertake a $50 million redevelopment of the Ashmore Steak and Seafood restaurant site.
Brisbane architect Joe Adsett is planning a 13-floor tower, Rockpool, next to the Greenmount resort.
Rockpool Rainbow Bay 154-156 Marine Parade, Coolangatta QLD 4225
Urban reported the quick sell-out of Adsett’s Rockpool by Rainbow Bay came without any need for marketing.
Paul Gedoun, the Brisbane developer with nearby towers Flow and Awaken, is marketing Esprit, that saw some $70 million in sales in its first weekend on the market.
Urban reported last September that around three quarters of the initial buyers in the S&S Projects were local owner-occupiers, with around 30 per cent coming from Sydney and Melbourne.
Melbourne developer BeckDev’s Palais Coolangatta is proposed as the redevelopment of the old Jazzland Dance Palais on a 2,355 sqm McLean Street site.
It will see 175 one, two and three-bedroom apartments built, as well as resident facilities and a street-level plaza with retail space.
Article Source: www.urban.com.au
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