The Sandpiper site on the Noosa Beachfront has moved into construction mode in a sign of strong confidence in the Noosa Beachfront market.
The development consists of three large 3 bedroom full floor apartments that sit on this prized absolute beachfront position on Hastings Street.
The ground and mid floor apartments were sold for a total of $14 million and the commercial component on the Hastings Street frontage has also been leased.
The property has been marketed by R&W Noosa and the last remaining apartment to be sold is the Penthouse. The penthouse was originally to be retained by the developer, but is now available for sale. The completion date for construction on the development is aimed to be finished before mid 2013.
R&W Noosa principal, Peter Butt, says that the commencement of construction is a great show of confidence in the tightly held beachfront market.
The original Sandpiper consisted of 6 x 1 bedroom apartments and 2 commercial shops. The developer purchased the individual apartments and the commercial over a period of six years and is now finally seeing the fulfillment of a long held vision for the site.
The architect commissioned for the design was Richard Foster who also designed the adjoining development of “The Breakers”, which was also a great success in filling the short supplied 3 bedroom beachfront market.
Currently there are only twenty five of these large 3 bedroom apartments on the beachfront and many of these have been tightly held since the original purchase dates, with some being held by the original owners for over 20 years, they simply don’t come on the market all that often. “We have seen very limited turn over in this beachfront market, even in the down cycles” Peter Butt said. “This is a market that is relatively unaffected by hard times and therefore inspires significant confidence as long term family assets”.