Sale of $14 million apartments as tide turns for better in Noosa
Two of the apartments in the Noosa triplex Sandpiper have been sold off the plan through Richardson & Wrench Noosa for a combined $14 million.
The agency has been marketing the three-bedroom apartments since 2009 and now has the Hasting Street block’s penthouse apartment listed with a $10 million asking price.
The ground floor apartment was originally priced at $9 million and the mid-floor priced at $10 million, however these prices were negotiated back to the recent $14 million combined selling price.
“Noosa beachfront is absolute prime real estate which is recognised internationally as one of the most desirable locations in the world,” Richardson & Wrench director Peter Butt says.
“Prices have been adjusted down over the last two years, and some special Noosa positions may never be this price again.
“Three-bedroom beachfront apartments on Noosa Main Beach are in extremely short supply, with only 26 true three-bedroom apartments available to the market,” Butt says.
“When the Sandpiper development is complete this will only make 29 three-bedroom apartments in total.
“These apartments have seen very little turnover, as some have been held by the original owners for over 20 years.
“In historical terms these apartments have increased in value at almost 20% compound growth; however the current market conditions have capped this growth for the time being.”
“Astute buyers who are familiar with our market have realised this and have made their move to secure property now rather than waiting to compete with the southern buyers who will be coming to Noosa over this spring and summer,” Butt says.
“These latest sales together with the $5 million sale to Mark Webber have signalled a strong resurgence in top-end Noosa property.”
Construction of Sandpiper in Noosa was initially scheduled for late 2009. It has been designed by Richard and Jane Foster. It was a 1960s block of six one-bedroom apartments and two shops. After engaging local architect Richard Foster, plans were submitted and subsequently approved for the construction of three full floor apartments and two boutique retail outlets. The units were consolidated at a $16 million cost over six years between 2001 and 2007.
