LUXURY ISLAND NEARS SELLOUT

LUXURY ISLAND NEARS SELLOUT

THE last new precinct at Ephraim Island will be put to market in January after The Broadwater sold out this month.

There has been a rush on apartments at the luxury, man-made, island since February, with 28 sold at a value of $23 million.

The development has so far netted about $450 million in sales for joint-venture developers Lewis Land and Mirvac.

Ephraim Island marketing agent, CBRE’s residential projects director Chris Litfin, says the apartments were well priced, with a willing seller.

“In a normal market we would have sold twice as many (since February), but this is a good effort – not outstanding, but a good steady result,” says Liftin.

 The masterplan for the Paradise Point development includes five distinctive precincts of apartments, villas and a limited number of homes, connected by a central avenue and pedestrian walkways through parklands. Construction started in 2003 and finished five years later.

The Reserve will be the fifth, and final, Ephraim Island precinct to go to market, when it hits in January and Liftin expects it to be sold out in six months.

Mirvac national CEO apartments and commercial, John Carfi, says Ephraim Island combined location, innovative design, world class residents’ facilities and quality construction and finish.

“We could see the potential of this unique site and when the opportunity came to join forces with the Lewis Land Group of Companies, who had enjoyed considerable success with the neighboring development, The Sovereign Islands, we grasped it,” he says.

Ephraim Island also includes a protected ‘all weather’ deep-water marina with more than 100 berths with direct open ocean access via the Gold Coast Seaway.

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