A boutique $30 million residential project has launched on the Gold Coast's Jefferson Lane in Palm Beach, bringing new apartments to the city's most undersupplied market.
The Jefferson, situated at 60 Jefferson Lane, is being developed by Lacey Group and will feature 46 apartments across eight levels, with front door access to the ocean and Palm Beach's highly sought- after cafe and restaurant precinct.
Lacey Group director Adam Lacey said The Jefferson was one of very few apartment projects available on the southern Gold Coast and had been designed to maximise its location.
"The Jefferson will offer the rare chance for buyers to purchase a quality apartment at exceptional value on one of the Gold Coast's most prestigious streets," he said.
"Jefferson Lane is the southern Gold Coast's answer to Hedges Avenue and with Palm Beach in hot demand, we have already been fielding strong interest ahead of the launch."The Jefferson will border Jefferson Lane and Gold Coast Highway, on a prime parcel of land just steps from the beach between Fourth Avenue and Palm Beach Avenue.
It will offer one, two and three bedroom apartments, the majority of which feature ocean views, with a maximum of six residences per floor. The development will also include an exclusive resident recreation deck with spa, barbecue area and private lounge area.
"The Jefferson has been designed by award-winning architects, BDA, to take advantage of its premier location," said Mr Lacey.
"The apartments have a modern design that integrates living spaces with the outdoor environment, allowing residents to fully embrace the Palm Beach lifestyle.
"During the day, residents can skip across Jefferson Lane to enjoy world-class beaches, before choosing from a growing range of top rate dining options at night, including The Collective and Balboa Italian."The apartments will display contemporary finishes and generous balconies, designed to maximise ocean and parkland views, while maintaining privacy for residents, with basement car-parking available over two levels.
Construction of The Jefferson is expected to begin late this year with settlement scheduled for early 2019.
According to the latest report by independent property analyst, Urbis, the apartment market on the Gold Coast's southern beaches is the most under-supplied on the Gold Coast, with just 46 apartments available for sale at the end of 2016.
According to Urbis' first quarter snapshot of the region, 255 sales recorded in the March 2017 quarter, with 74 per cent of sales being two-bedroom. Weighted average sale price recorded at $632,171, a decrease of $21,752, however an annual increase of 5.9 per cent. For the fifth time in two years, the Coastal Fringe Precinct has recorded the highest quarterly sales rate across the four Gold Coast precincts, with 113 sales during March 2017 quarter. The GC Central Precinct recorded 106 sales during the March 2017 quarter, followed by Southern Beaches (30) and North Shore (6). Medium rise sales out-performed high rise sales by 25 per cent.
In the March 2017 quarter, 113 sales were recorded in the Coastal Fringe Precinct – this is 44 per cent of total sales. As well as a move away from beachfront-located high rise precincts, this quarter saw medium rise projects dominate, with medium rise sales out-performing high rise sales by 25 per cent. 62 per cent of medium rise projects are in the Coastal Fringe Precinct. Only 1,373 apartments remain available for sale at the end of March 2017, which equates to one year’s supply at the current annual sales rate.
Mr Lacey said The Jefferson would help to fill the void for new beachside apartments in the region.
"In recent years, new development in the area has focused on townhomes and duplex projects, which has led to a lack of supply of new apartments," he said.
"As a result, we are expecting The Jefferson will be met by pent-up demand from those who have been waiting for an opportunity to secure a new beachside apartment, with prime access to the very best the suburb has to offer.
"This includes some of the southern Gold Coast's best beaches, shopping centres, schools and restaurants, which are all located within kilometres of this address.
"We are expecting interest from young professionals, established Palm Beach residents looking to make the move to boutique apartment living and investors wanting to secure a foothold in an undersupplied market."The launch of The Jefferson comes on the back of McGrath founder John McGrath naming Palm Beach as an area to watch in south-east Queensland.
"Beachside living is a key reason buyers want to invest and live on the Gold Coast, and areas like Palm Beach tick all the boxes," said Mr McGrath.
"The suburb has emerged as a new hotspot, as it embodies much of what people have loved about the Gold Coast for decades."