Concept design of David Devine’s $400m Burly Residences project
David Devine’s latest Gold Coast development, Burly Residences, has been swamped by buyers with the project securing $100 million in sales in the past three months since its release.
Devine’s DD Living has revealed it has secured buyers for 33 of the 101 apartments planned for an average price of $3.8 million each.
Queensland buyers have dominated the sales, accounting for 55 per cent of the total, followed by Victorians (20 per cent) and NSW (17 per cent), with about 5 per cent snared by overseas buyers.
The prices secured for the Burly Residences apartments recently sold have ranged from $2.2 million to $8.8 million with Adrian Parsons, managing director of project marketer TOTAL Property Group, revealing that his team has been sifting through a swath of buyers who have registered their interest in the project.
“The majority of people purchasing apartments at Burly are buying them for themselves and their families, either to live permanently or for holidays,” Parsons says.
“We are seeing strong demand for larger sized apartments with extensive luxury resort style amenities, particularly on or near the beach, and Burly presents this market with an incredible opportunity for beachfront apartments in one of the world’s best beachside locations.”
The buyer profile is said to largely comprise empty nesters selling up their family homes or high net worth individuals moving their home base.
The latest sales update comes on the heels of Parsons revealing to Business News Australia in September that cash buyers have been highly active in the Gold Coast luxury market.
The $400 million Burly Residences, located along The Esplanade at Burleigh Heads across the road from the North Burleigh Surf Life Saving Club, is an upsized development announced by Devine late last year.
Devine had originally proposed a $105 million development, Alba Residences, on part of the site but decided to abandon those plans when he acquired the neighbouring property and doubled his development footprint in Burleigh.
“The DD Living team and I are pleased that Burly has been so well received by people who share our vision for Australia’s finest beachfront address,” Devine says.
“The large double site enabled our design and planning teams to create a far superior and luxurious product for sophisticated buyers of prestige property who want to live on the beach in an area like Burleigh Heads, which is internationally recognised as a premium lifestyle destination.
“It is truly a rare opportunity to be able to develop such an exceptional site on The Esplanade at North Burleigh and we are excited to transform it into the impeccable architectural design by Koichi Takada that will see our vision for Burly Residences brought to life.
“Burly’s design is an expressive wave form that references the beauty and lifestyle of Burleigh Heads, inspired by the waves crashing against the beach directly in front of the site. We are excited to be able to present and deliver these apartments to the prestige property market.”
The 24-level Burly project is planned for a 2024sqm site overlooking the Burleigh beachfront across The Esplanade.
Servicing the 101 luxury apartments in the project will be two whole floors to six-star resort and lifestyle amenities for residents comprising swimming pools, sun beds, barbecue areas, pool deck, casual and formal dining, kitchen, bar, private office space, an executive lounge and wellness centre with gymnasium, steam room, sauna and designated space for yoga, Pilates and Peloton workouts.
Devine is releasing Burly apartments in stages with the $100 million sales achieved from the first tranche.
Parsons says his team has been working through a large number of potential buyers who have registered their interest in the development since it was approved in April.
He says Devine’s reputation in the building industry has supported sales at Burley Residences which has apartments ranging in size from 141sqm to 735sqm gross, described as significantly larger than most other developments on the Gold Coast targeting the top end owner-occupier market.
“Australians have given their vote of confidence to Burly, in terms of their hard-earned cash to secure a private residence off the plan, because they know this is a unique opportunity for large luxury home-sized beachfront apartments at North Burleigh,” Parsons says.
“Their confidence in Burly Residences is due to many impressive factors, all of which play an important role in the delivery of this high-quality apartment development to savvy high-end buyers who won’t settle for anything less than the best.”
Originally published by Nick Nichols in Business News Australia. View article online HERE.