Melbourne-based Optimus Developments have lodged plans for a boutique apartment building project, following a beachfront site purchase at 31 Broadbeach Boulevard.
The Broadbeach projects marks the Russian-backed developer's first foray into the Queensland apartment market -- the site was formerly earmarked for the "Astoria" tower developed by Reed Property Group.
Optimus Developments chief executive Andrew Karpati said 31 Broadbeach would meet the expectations of high-end purchasers, adding that all buyers who bought into Astoria remain on board with the upgraded plans for 31 Broadbeach, with a number of new contracts already in the pipeline.
"The location and timing is absolutely right for this project, and we are confident buyers will respond to the way we have re-imagined the building to embody a design-driven ethos," he said.
Karpati said that a third of apartments have already sold -- a sufficient number of sales to warrant the start of demolition.
Optimus' projects include land subdivision projects in NSW as well as a near complete townhouse development in Canberra.
Brisbane-based Trenert Partners, the development manager for 31 Broadbeach on behalf of Optimus, said the re-designed apartments, which include half and full floor options plus a ground level "beach house" are expected to be officially launched to the market in December this year.
Trenert director Peter Priest said they were timing the launch in line with the start of the demolition of the current building.
"This project is happening and purchasers can have confidence that they are investing with an A-grade developer backed by a highly experienced team."Sales agent Andrew Bampton said prices for full-floor apartments are expected to start from about $3 million, and he anticipates that the balance of purchasers will be a mix of local owner-occupiers and investors from southern states looking for a beachfront holiday home.
The site, at 31 Broadbeach Boulevard, Optimus is planning to start demolition within the next few weeks to clear the ageing apartment building which currently occupies its site to make way for its new project, 31 Broadbeach.
Construction is expected to start early 2018.