Broadbeach Apartments Top $110 Million In Sales

The Beach Apartments Broadbeach has topped $110 million in sales, meaning the development is now 90 per cent sold out as construction passes the halfway mark.

The rush of recent sales has left 17 of 219 apartments remaining for sale at The Beach - with only 40 apartments available in total across all projects under construction in Broadbeach, according to 360 Residential Project Marketing Managing Director Peter Malady.

Mr Malady said Broadbeach has become 'hot property' for both local and interstate purchasers looking to take advantage of the infrastructure boom in the suburb, with money pouring in to upgrade streetscapes and local attractions including over $1 billion being spent on Star Casino and Pacific Fair Shopping Centre upgrades alone.

"Purchasers have the option of calling their new residence home or, because The Beach is the only new residential tower under construction that will be completed ahead of the Gold Coast Commonwealth Games, most buyers are signing up to have their apartment managed for short-term letting," Mr Malady said.

The management rights for The Beach Apartments were acquired by Minor Hotels Group, which already has a global portfolio of 146 hotels and resorts.

The Beach Apartments will be the management group's first Avani Residences in Australia.

The Beach Apartments, once completed, will operate as Avani Broadbeach Residences.

Mr Malady says interest in The Beach Apartments continues to climb as construction progresses.

"Unlike surrounding coastal suburbs, Broadbeach as a location has extremely limited supply, with a total of only 40 apartments available in all developments that are under construction, because the uptake has been so consistently strong," he said.

"The continued buyer interest is a result of the transformation that is happening right throughout Broadbeach. Virtually the whole suburb is getting a facelift ahead of the Commonwealth Games, and all of these new amenities will become long-lasting assets for the community."All of the remaining apartments have two bedrooms and two bathrooms, with secure basement parking, and some even have two carparks.

The $150 million Beach Apartments Broadbeach is being developed by a joint venture between leading South East Queensland property businesses, Anthony Moreton Group and Pryde Group.

It is being constructed by Multiplex, with architects DBI Design completing the project team.

Mr Malady says while recent sales have been led by locals, sales to interstate investors have also been very strong.

The 35-storey tower is currently under construction and the structure is now complete to level 22.

Construction is expected to be completed by early 2018, well ahead of the Commonwealth Games in April next year.