Sales in the $111 million Northcliffe Residences have flew past 50 per cent due to onshore buyers, triggering demolition work on the project’s beachfront site at Surfers Paradise.
In a marked departure from the apartment market norm, almost $56 million in off-the-plan sales have been achieved for the development without any offshore marketing.
McGrath Projects Marketing Agent Steven Chen said Brisbane and interstate buyers account for the majority of apartments sold to date, with just four of the sales going to foreign buyers - two from China and two from New Caledonia.
McGrath Projects Marketing Agent Steven Chen and Eastview Managing Director Graham Goldman.
Mr Chen said Northcliffe Residences, which has 75 apartments over 25 levels, might not have to engage overseas marketing channels if the sales trend continued.
“The developer is thrilled the development has appealed so strongly to the Australian market,” he said.
“The project has been designed with the owner occupier market in mind and this has been reflected in the sales activity to locals.
“Our belief was that Northcliffe Residences, with its intricate design and inclusions, would resonate with a market where there is very little comparable product.
“The volume and type of sales we’ve achieved demonstrate that there is strong local demand for apartment product of this calibre.”
Mr Chen said most of the buyers were owner-occupiers or people wanting a lock-and- leave weekender or holiday home.
“Northcliffe Residences exudes the ideal Gold Coast lifestyle for many high-end buyers because it offers the opportunity to secure a spacious, contemporary and luxurious residence right on the beach,” he said.
Northcliffe Residences’ leisure offering centres on a private beach club that includes a fully equipped gymnasium, steam room, sauna, lounge, dining room, surfboard storage, and an infinity pool and terrace with direct access to the beach.
Construction of the project is expected to start in coming months with demolition starting this week of an ageing eight-level unit building on the site at 3 Northcliffe Terrace, just minutes from the heart of Surfers Paradise.
It will offer 75 luxury one, two and three-bedroom apartments, a two-level penthouse with private rooftop pool and entertaining terrace, and four whole-floor sub-penthouses.
Full control of Northcliffe Residences was recently taken by global development and construction company CNQC.