Vitale Property Group notches up $70m in sales for EADE Byron Bay, backed by two big-ticket deals

Byron Bay’s first new beachfront apartment development in a decade, the $210 million EADE Byron Bay, has struck a chord with luxury apartment buyers who have stumped up $12.75 million and $11.75 million in two separate deals.

Developer Vitale Property Group says the contracts are among $70 million in sales achieved since the project was launched late last year and among the highest paid for apartments in the coastal town.

The project has also secured buyers for two apartments at more than $10 million each, with the four sales announced accounting for well over half of the sales by value to date.

The strong run of sales, which Vitale says reinforces demand for premium residences in a market historically dominated by detached beachfront homes, also comes on the heels of a broader rebound in the Byron Bay market earlier this year.

While there is no recent data available in the wake of the federal government’s Budget changes that have led to a softening of property prices nationally, Cotality research showed that in the 12 months to February this year the median dwelling value across the Byron Shire rose by 6.7 per cent, outperforming both Sydney and Melbourne over the same period.

The median price for apartments in Byron sits around $1.3 million while the median for freestanding homes is $2.8 million.

Remaining apartments at EADE Byron Bay are priced from $4.75 million to $15.95 million, reflecting the premium that buyers are prepared to pay for the prime beachfront location close to the town centre.

Construction of EADE Byron Bay is currently under way on a 6,000sqm site on the corner of Shirley and Milton Streets, overlooking Main Beach and the Wreck surf break.

The project comprises just 25 residences and is the first beachfront apartment development approved in Byron Bay in more than a decade.

Buyers to date include Byron Shire residents downsizing from larger homes, while the project has also attracted purchasers from Sydney, Melbourne and Brisbane.

Vitale Property Group managing partner Chris Vitale says the scale of both the apartments and the site set the project apart.

“There isn’t another beachfront holding in Byron Bay of this size and position that could be developed again,” he says.

 “Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can’t find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location.

“The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

“Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house.”

Designed architects Hayball and with interiors by Alexander & Co, EADE Byron Bay includes a range of upmarket resident amenities comprising a resort-style pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces.

The development is targeting an 8-Star Green Star rating through energy-efficient systems, low-impact materials and extensive landscaping.

EADE Byron Bay is being marketed by Projx Australia in collaboration with WHITEFOX Projects, who point out that interest has come largely from owner-occupiers and sophisticated lifestyle-driven purchasers.

“We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location,” says WHITEFOX national projects director Phillip Rand.

“The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE, Byron Bay.”

Vitale Property Group is aiming to complete construction of EADE Byron Bay by May next year.

The Byron Bay project comes on the heels of Vitale’s successful delivery of the $510 million Mondrian Hotel and Private Residences development at Burleigh Heads last year.