First look: Saf Developments buy Maeve, Bowral apartment and townhouse development, for record $9 million
Local builder developer Saf Developments has paid a record $9 million for Maeve, the luxury townhouse and apartment development project in the heart of Bowral.
Maeve, on a 6,000 sqm site at 18 Kangaloon Road, was sold by Reform in an off-market deal negotiated by Knight Frank agents Nathan Berlyn and Luke Hayes, who are also marketing the 12 apartments and 12 townhouses. The development sale was more than double the price of a medium-density site in the area.
Berlyn said there had been strong demand from multiple developers over the course of the off-market campaign to sell the Maeve site and project, and ultimately it was sold to an existing client who was a local builder-developer.
“This property garnered strong interest largely due to being a development-approved, turnkey site in a great location, within walking distance to town.
“It also has a high-end design and a superb product mix with large, oversized homes that perfectly cater to the growing downsizer market in Bowral.”
Around half of Maeve is already sold. The townhouses are sized at 221 sqm and start at $2.2 million, while the apartments, which range from 131 sqm to 179 sqm, start from $1.7 million.
Luke Hayes said Bowral’s real estate market was performing exceedingly well.
“The biggest driver for demand without a doubt has to be the sheer lack of quality stock available for the local market, who are largely equity buyers wanting to downsize to new homes with house-like proportions,” he said.
“With a growing of the local population now reaching retirement age, demand for this type of accommodation in Bowral has increased considerably each year.
“I’d say also a third of this market are co-primary Sydneysiders looking for a weekender or eventual retirement home.”
According to Knight Frank research, given the shortage of new townhouses and apartments being built in Bowral, the average number of established sales was only 22 across the 2022 year, which was the same volume recorded at the end of 2019.
The median price for an attached dwelling in Bowral has more than doubled since March 2020, with 106 per cent growth to be $1.26 million at the end of 2022.
Knight Frank is selling multiple projects in Bowral including Elmsdale Residences and the upcoming Springfield.