Historic units sell for record
‘Leap of faith’ pays off
Sunshine Coast Daily 10th November 2018
PRIME waterfront land that was once a fishing shack to Hollywood A-listers and is now a luxury block of units, has sold for a record-smashing price.
For more than a century, the land at 63 River Esplanade, Mooloolaba, was owned by Fred Eager of motoring fame, and his Pink House used as a holiday home to the stars. Cary Grant, Jean Harlow and Errol Flynn all stayed in the property until it was sold in 2014 for $3.8 million. It is now home to a prestigious development known as Tangalooma, featuring four luxury 500sqm units.
The building’s penthouse, described by those in the industry as a game-changer, recently sold for $5.85m, while the other units went for slightly less.
Kennedy Property Group developer Grant Kennedy said the units were a “leap of faith” but one that could be a landmark for the region. “The sales achieved on the top two floors were massive records for this part of the Coast, even compared to the likes of Sunshine Beach,” Mr Kennedy said.
“We made the decision to make a unique product, which was a risk.
“Interestingly, most of the buyers were locals, it wasn’t Sydney or Melbourne money flying in.
“I think it is a sign of the Coast maturing. It is different to every project on the market.”
The four-bedroom units, referred to as “sky homes”, were purchased by baby boomers who were not quite ready for the traditional downsize.
‘‘ THE SALES ACHIEVED ON THE TOP TWO FLOORS WERE MASSIVE RECORDS FOR THIS PART OF THE COAST
Mr Kennedy said the sale set a record for the central part of Coast, where the average unit price was $401,000, according to the REIQ. The difference, as the building firm behind the project says, is that it’s like no other in the region. Nexus Building Group owner Laz Dzufer said it was something that couldn’t be replicated. Each floor is specifically designed and come with their own entry foyer and pool entry, and a basement for vehicles.
“It is probably the most private location in town, on a dead-end street, each with a private lift and its own marina,” Mr Dzufer said. “You’re 100m from one of the best beaches in the country, you don’t have to drive anywhere.
“The owners are so protected. It cannot be replicated.
“It doesn’t matter where you are in the country, you can’t tick all those boxes.”
Mr Dzufer notices people photographing the building almost daily, proof he says it is something special.
The 18-month project took longer than expected due to a number of factors.
“Every level is a different design, so engineering-wise it was very challenging,” he said.
“Working on a 100-year-old title was tough too.
“Normally they would have jammed it in with units, but this is an opportunity to give the Coast a premier residential building.”
Kennedy Property Group has another block of luxury units in the works on the Maroochy River called Botanica Riverside. Mr Kennedy said 25 per cent had been sold to buyers over 50 years of age.
“We targeted a similar market but not quite the same scale,” he said.
“Three were locals, the other is a Brisbane businessman who is a psuedo-local.”
He said there was a certain market for units of that ilk, but the price point “thins out”.
“Put it this way, there is no one relying on finance or haggling on price,” he said.