The strength of the Queensland retirement living market, and consumer support for the off-the-plan sales model, has been illustrated by a Gold Coast development selling out seven months before construction completion.
Aura’s The Pavilion North Kirra on Lang Street has 68 one, two and three-bedroom apartments over ten storeys on the 2025sq m site, offering stunning ocean views on the sought-after southern end of the Gold Coast.
Stage one is due for completion in September 2021.
Aura Holdings director Tim Russell said The Pavilion had exceeded all expectations and defied Covid doom and gloom.
“We knew from the launch of this project there would be a demand for quality independent retirement living beside the beach at North Kirra but the volume of sales has been unprecedented,’’ he said.
“The Pavilion is addressing the gap in the market for a safe, maintenance-free lifestyle for over-60s and is the only retirement village east of the Gold Coast Highway.’’
Residents will be able to stroll 100m to the North Kirra Surf Club and the beautiful sandy beach or hop on their bikes to head north or south on the extensive oceanfront bikeway.
The pet-friendly village will provide residents with a range of community facilities including a rooftop garden, café, gym, yoga and pilates zone, wine room, billiards room, library, functions room and barbecue area, plus retail space on the ground floor. Stage two will include the pool.
Aura Holdings fast-tracked stage two, the final stage of the project, after the overwhelming popularity of stage one.
Deposits are being taken for stage two with apartments ranging from $540,000 to $1.18 million.
Already more than 50 per cent of the 73 apartments in stage two have been reserved. Stage two is expected to be completed late 2022.
Mr Russell said the Covid pandemic had exposed the vulnerabilities of many older Australians living alone in their family homes.
“Our residents in Aura’s established communities have expressed their satisfaction and appreciation of the support they received during the health crisis while many were able to live comfortably with their immediate needs met in their own apartments supported by their village managers, other staff and fellow residents.’’
Chris O’Driscoll, director Transaction Services Healthcare and Retirement Living at Colliers, said: “The level of pre-sales at The Pavilion is highly unusual in medium-density retirement living as owner-occupier purchasers generally prefer to see the completed product before committing.”
“This, to me, not only highlights the village’s fantastic location but also the need for this type of product on the southern end of the Gold Coast.’’
Aura Holdings is currently involved in six projects in various stages of development in southeast Queensland, providing high-quality retirement living apartments.
The Pavilion stage one was designed by O’Neill Architecture and is being built by Woollam Constructions.
Several apartments in stage two have been designed to be larger than regular retirement-living apartments. “Nearly all the stage two apartments will have amazing ocean views and the premium apartments, boasting three bedrooms, a study and walk-in pantry are up to 209sq m in total floor space,’’ Mr Russell said.
Comment from our CEO on this story
Downsizing.com.au CEO Amanda Graham said that buying off-the-plan had significant advantages for downsizers, including that it gave them many months to prepare for their move and not rush the sale of their current home.
"In addition, buying off-the-plan gives buyers greater scope to select their preferred colours and fixtures and sometimes even dwelling configuration," Ms Graham said.
"The strong results from this project are an indicator that buying off-the-plan is likely to only become more popular in retirement living, particularly among tier one developers with a proven track record."