Lacey Group all-but sell out Palm Beach project The Monroe
The local Gold Coast developer Lacey Group has secured a near sell out of its luxury Palm Beach apartment development, The Monroe.
It was only six weeks ago Lacey Group secured approval from the Gold Coast City Council for the boutique development of just 33 on the Jefferson Lane dress circle.
Two weeks ago the apartments, ranging between $619,000 and $1.79 million, were launched to the market, with local owner-occupiers driving the purchasing.
Made up of a number of two and three bedroom apartments, a townhome and a penthouse, The Monroe also feature a rare expansive rooftop terrace offering 250sqm of recreation space and a pool.
Lacey Group director Adam Lacey says the latest project brings a new dimension to beachside living.
"When designing The Monroe, we put a lot of thought into who our buyers would be and how they would experience living here", Lacey said.
"The project was designed to appeal to local owner occupier downsizers, young professionals and those looking for a lock and leave beachside home.
Early site works for The Monroe are expected to commence by mid this year to pave the way for construction to start.
Jayde Pezet and Todd Matheson, of KM Sales and Marketing, who marketed The Monroe, said 65 per cent of sales made were from databases or purchasers who have previously bought in Lacey Group projects.
“The number of sales to previous Lacey Group buyers is testament to the quality of project delivered by Adam and the team, and is further evidence of the unprecedented demand for off-the-plan apartments in a market that is becoming increasingly competitive,” Pezet said.
Pezet believes quick sell outs will become even more common due to the pressure cooker type situation in the Gold Coast property market.
“There’s virtually zero rental vacancy across the city, and this is leading more people to consider buying, however those who do are finding there are dozens of purchasers lining up to make offers on an established property.
“In turn, this has prompted an uptick in interest for off-the-plan apartments, so buyers really need to be on a database to ensure they don’t miss out."
The Monroe is the second Lacey Group project to be developed on Jefferson Lane, following the sellout success of the $32million The Jefferson, which was sold out prior to completion in July 2019.