CUBE Developments has broken ground on its $12.5 million Picasso apartment project in Mooloolaba, Queensland.
The seven-storey boutique apartment project, is comprised of 12 residences and is currently 75% purchased, by both Queensland and interstate buyers.
“There hasn’t been a boutique project like Picasso released in the area in a number of years, so this is a rare opportunity for buyers to purchase new in the area,” said Scott Juniper, director at Cube Development.
“The vantage at Mooloolaba is unrivalled – just 200 metres from the patrolled beach, and a short walk to the new entertainment and dining district at the wharf. This all contributes to creating a lifestyle around the precinct that is unlike any other,” said Juniper.
Located within close proximity of the Mooloolaba Esplanade, the three remaining three-bedroom apartments are priced at $935,000, $995,000 and $1.95 million.
The higher-end 289sqm sub-penthouse residence, features a private infinity pool, a wine cellar, open plan living spaces, four balconies and ocean views.
“The expansiveness of the apartments and size of the bedrooms – comparative to what you could expect in a residential house – is what has set these apartments apart in the current market,” he added.
The project has drawn the greatest interest from purchasers seeking a second home, followed closely by owner-occupiers.
“In a trend that has held true across the entire portfolio, 30 per cent of Picasso buyers have hailed from Victoria and New South Wales. The after-shock of COVID has all but settled with those once in a lifetime decisions now imminent,” said Juniper.
With net migration from capital cities hitting the largest recorded number in the September quarter, with Sydney losing 7,782 in net terms and Melbourne losing 7,445, the purchaser preference for lifestyle change is not likely to shift soon.
Construction was scheduled to commence on 1 March 2021 and is expected to generate 500 jobs in the local region.
Publication: Australian Property Journal
Author: Hannah Page