- First-stage has been fast track amid high sales
- Secured sales so far totals $22.5 million
- Regal Residences is 50 per cent sold
Azzura Investments, a Gold Coast developer, has fast-tracked construction for the first stage of their $2.3 billion Imperial Square Southport development thanks to strong sales.
Headed by founder Robert Badalottii since 1989, Azzura has already secured $22.5 million from 52 apartments in first stage sales at their first offering at the development known as Regal Residences.
The sales, including another 15 apartments that have been reserved, means the Regal Residences is almost 50 per cent sold. The developer says sales picked up during the busy holiday period when many buyers visited the Gold Coast.
Regal Residences is located on a 1.34-hectare site and will rise 18 levels. Ultimately, the site will be home to 145 apartments and 200 hotel suites. On offer are one-, two- and three-bedroom apartments.
So far, half the apartments have been sold to non-Queensland buyers.
Jason Paris, Azzura’s sales director, says at the current rate all remaining apartments could be sold in as soon as six weeks.
“We’ve experienced a solid pace of inquiries for apartments in this debut offering at Imperial Square since January,” said Mr Paris.
“Local buyers have included a mix of first-home buyers and downsizers, all looking for the lifestyle this central location has to offer.”
Buyers vary from investors taking advantage of rental shortages along the Gold Coast to buyers who want both winter holiday homes and the opportunity to lease out the property for the remainder of the year.
“Many of these buyers have sought a solid investment that will deliver a positive cash flow, which is supported by a shortage of quality properties in central locations on the Gold Coast,” said Mr Paris.
Imperial Club membership is open to all residents which includes a complimentary stay at the hotel for a week over five years for a friend or relative.
Valet parking, discounted food and drinks at various bars and restaurants are other features of Imperial Club membership.
Amenities in the development will include pools, gymnasiums, spas and a cinema with an ocean view.