- 80% of The Cove's $200M waterfront development's first stage is sold
- Development is set in Pelican Waters; construction is set to begin in May
- Henzell family have been developing the area since the 1930s
In a sign of the continued strength of Queensland’s Sunshine Coast property sector, 80% of the first stage of ‘The Cove’ – a $200M waterfront apartment and townhouse development – has been sold.
Henzell Property Group‘s Corsica Residences is the first section of their planned community, set in the middle of Pelican Waters, with construction beginning in May.
38 townhouses and apartments have sold, including all five of the luxury penthouse terrace properties, including one sight unseen to a Melbourne buyer for $1.5M.
Local owner-occupiers are providing the majority of sales.
“We have been overwhelmed with enquiry since the launch and to have sold more than 80% of apartments and terrace homes in the first stage, including the sell-out of our penthouse terrace collection, puts us way ahead of where we anticipated,” said Mr Henzell, managing director of the Henzell Property Group.
“The sales reflect the extremely strong underlying demand for downsizer product among a local market of buyers who have been a part of the Pelican Waters community for many years but wish to downsize.”
Four generations of the Henzell family have helped define the urban shape of Caloundra since the 1930s.
Pelican Waters was established by the Henzell and Ford families in 1989 on land that the families have owned since 1946.
The families have developed the Pelican Waters Golf Course, collaborating with Australian professional golfer Greg Norman as designer of the 18-hole golf course.
Other projects in the Henzell family’s portfolio include the Henzell Plaza building in Caloundra’s CBD, established in 1972, and the $15 million Carlyle Terraces residential development in the Pelican Waters precinct.
The Cove is the final instalment in the Pelican Waters community which the Henzell family has been developing for more than 30 years. The Cove will be developed over four stages, and includes 200 apartments and terrace homes.
Local buyers, Alan and Judy Cramond, are among a number of owner-occupiers downsizing into The Cove.
“The whole ambience … is the best I’ve seen on the Sunshine Coast – nothing we looked at had the same level of quality to the design and architecture,” said Mr Cramond.
“We loved the aspect of the area and the level of security on offer. We have been following the developers for quite some time as we have bought into two of their other projects previously and we knew that the quality of this project would be absolutely superb.”
Sunshine Coast-based O.G.E Group Architects has designed the full masterplan. Additional stages to be developed include restaurants and a grocer, adding to the $20 million Marina Village which offers a range of health, medical, cafes and restaurants.
The development is situated on a 2.7-hectare waterfront site and has north-facing views to the Pumicestone Passage and Caloundra as well as views out to the Glasshouse Mountains, Bribie Island and Moreton Island.
The master-planned project is set to be completed in 2025.