STAGE One of Palm Beach’s largest mixed-use residential development has sold more than 90 per cent of apartments while one 164 sqm retail tenancy remains on the ground floor.
The $125 million Pavilions on 5th is anchored by Coles with other tenants including Beans boutique coffee roaster, a pharmacy, Liquorland, bakery and a newsagent.
Australian Property Growth Fund (APGF) bought the 9800 sqm site, which covers almost a full block bordered by Gold Coast Highway 4th and 5th avenues, in 2005 for $11.1 million.
Property development general manager Mark Rundle, says the company’s decision to invest in Palm Beach was based on APGF’s past experience in identifying and transforming largely overlooked sites into ‘flourishing residential and retail hubs’.
“What we saw then and continue to see in Palm Beach is the opportunity to bring something to an area generally placed in the too-hard basket by many developers,” he says.
“Feedback we consistently receive from owner occupiers and investors is that they want to be part of the urban renewal of Palm Beach, which Pavilions is spearheading.
“The project’s location one block from the beach and quick access to the M1 were also key factors in their buying decisions.”
Stage one includes a private resort-style pool, spa and barbecue areas, secure undercover parking and residents’ rooftop entertaining terrace.
Southport-based Construction Engineering built stage one with stage two commencing in early 2010.
Due for completion in mind-2011, the second stage will add a further 2000 sqm of boulevard-style ground floor tenancies.
“We have already received a number of expressions of interest in stage two and are confident apartments in the second tower will emulate the success achieved in stage one,” says Rundle.
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