$3.2M Maroochy River penthouse sold off plan
November 17 2018
A FORMER bait and tackle shop will soon be home to a multi-million dollar block of units for cashed-up baby-boomers.
The same site where Maroochydore favourite Bill’s Bait Bar and an old apartment block stood, will make way for a $20 million waterfront high-rise.
Construction will start on the eight-storey building – dubbed Botanica – early next year with 16 “house-sized” residencies on offer.
It is the latest project of Nexus Building Group – who brought the region Aurora Maroochydore, Bennelong Alexandra Headland and The Observatory Kings Beach.
Developer Grant Kennedy said buildings of this ilk could only be done on “A+ sites” which are few and far between.
The issue is finding them.
“These types of blocks need to be absolute waterfront, not in front of a road or park,” Mr Kennedy said.
“So they can never be built out.
“These apartments are 310sq m and are very much house-sized residencies.
“It’s for only a certain type of the market who really want the best.”
The prices range from $2.4 million to $3.2 million and already a penthouse has been sold off the plan.
Twelve of the 16 units remain.
Construction will start on the eight-storey building – dubbed Botanica Maroochydore – early next year with 16 “house-sized” residencies on offer. Mr Kennedy said the developments currently going on in Maroochydore – the CBD, Ocean St and Sunshine Plaza – were massive draw cards.
“We have had a lot of Minyama, Mooloolaba residents who are on waterfront at the moment and want to downsize,” he said.
“All the buyers have been in their 50s.
“They’re well-known doctors, professionals with high-profile roles, people who have sold out of their businesses.”
Mr Kennedy believes due to the shortage of sites and the slowly increasing demand for similar luxury units, that old sites will be bought and demolished.
He said it was already a common occurrence in capital cities.