SUNSHINE Coast-based developer Reed Property Group has dipped its toe into the emerging Gold Coast market with plans for a luxury medium-rise tower in Broadbeach.
The company is targeting buyers with $1.3 million to spend on a boutique offering along Broadbeach Boulevard.
The 13-level Astoria will feature a two-level penthouse of 385sqm priced at $5 million.
Reed Property Group CEO Jay Emmerton sees the project filling a void in the local market for boutique luxury apartments.
"We firmly believe there is substantial demand for this kind of private haven amidst the hustle and bustle of Broadbeach," he says.
"While luxury offerings are available for buyers at the higher end of the market, very few opportunities exist for buyers looking to purchase a luxury beachfront apartment within a smaller size development."
The Astoria has just 16 apartments, many of them full-floor formats, providing what Emmerton calls a 'boutique and resort-style feel'.
"With just 16 apartments in the building, Astoria will offer residents a range of exclusive amenities including an ocean-side pool and spa, barbeque area, recreational lounge and rooftop terrace with stunning 180-degree views stretching from Coolangatta to Stradbroke Island," he says.
Reed has already received three formal expressions of interest for full-floor apartments priced from $3 million.
"The development has received strong interest since launching at the turn of the new year, with enquires mainly coming from the Gold Coast, Brisbane and Sydney," says Emmerton.
Astoria marks Reed Property Group's first move into the Gold Coast market after undertaking developments across Queensland over the past 25 years.
Emmerton says Reed plans to lift its presence along the tourism strip this year, with at least one potential new project on its radar.
"Over the past few decades we have carried out a range of residential, commercial and hospitality projects in areas such as Brisbane, the Sunshine Coast, Mackay and Townsville, and we feel the time is now right for us to deliver an exclusive residential offering to the Gold Coast market," he says.
Emmerton says positives for Broadbeach include the $8 million sale to a Chinese buyer of a penthouse at The Oracle, as well as $1 billion in redevelopment activity driven by the Pacific Fair upgrade and new six-star hotel at Jupiters Casino.
"It is evident the area is very much a Gold Coast hotspot at present. We recognise that Broadbeach boasts a range of core economic fundamentals that will ensure it remains a thriving hub and popular destination amongst Gold Coast locals and tourists alike over the long term, so we are confident property in the area will stay in strong demand."
Construction, to be undertaken by Reed's property arm RCQ Construction, is expected to start in mid to late 2016.
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