Indicative of a booming southeast Queensland property market, all 422 apartments in the upper levels of The Star Gold Coast hotel and apartments tower have now been purchased with their new owners set to move in.
Destination Gold Coast Consortium Project Director, Jaime Cali said the uptake had “exceeded expectations” in an environment of record growth and resiliency despite the impact of the pandemic.
“High quality stock across the Gold Coast is low and demand is high,” Ms Cali said.
“The purchase price for The Star Residences has held since 2017 when the properties were first offered for sale.
“The market has caught up, so much so, apartments in the second $400m tower were quickly snapped up, which means all 879 residential apartments across both towers have now sold.”
With a staged move-in date commencing later this month, the first new residents will soon have exclusive access to a range of facilities within the tower including a luxury pool deck, lounge, and wellness amenities complete with a yoga studio, spa, and sauna.
They will also be able to enjoy the full suite of restaurants, bars, and entertainment within The Star Gold Coast Resort, including the newly opened Uncle Su Cantonese restaurant and Isoletto Pool Club.
“Remote and decentralised working arrangements as a result of the pandemic have seen investors attracted to a lifestyle where they have the convenience of dining and other facilities right on their doorstep,” Ms Cali said.
“They want the flexibility of purchasing opportunities where they can stay for perhaps six months and for the remainder of the year know that there will be high rental traffic because of The Star Resort.
“They understand the complex is well maintained, with 24-hour security, services and the standard of building is superior. There is peace of mind for an investor.”
The Star Gold Coast Chief Operating Officer, Jess Mellor said the resort is ready to roll out the welcome mat.
“The launch of The Star Residences is history making as we open the doors to the first people to ever live on the island and take over responsibility as manager and caretaker of the apartments,” Ms Mellor said.
“As the largest addition to our iconic Gold Coast resort since The Darling opened in 2018, The Star Residences will add a fresh, new accommodation offering for people who choose to stay with us.
“And the timing couldn’t be better with the upswing of events and conferences returning to the Gold Coast.
“We are proud to continue to provide jobs and opportunities for local suppliers with the sold-out second 63- storey tower now at construction level five and due for completion in 2024, as part of our $2 billion masterplan, which allows for a total of five towers.
“And as we’ve seen with the recent visit to the city by the international Olympic Committee, it further sets up the Gold Coast to play its part hosting visitors for the 2032 Brisbane Olympics.”
The hotel and residential towers are being developed by The Star Entertainment Group with consortium partners, Chow Tai Fook Enterprises and Far East Consortium, a joint venture that is also developing the transformational $3.6 billion Queen’s Wharf Brisbane precinct.