Brisbane-based Spyre Group has hit the jackpot with its stunning portfolio of three Gold Coast beachfront apartment projects selling out in quick succession.
The $79 million Elysian, $77 million Natura and $25 million MAYA projects have all achieved project sell-outs after an amazing sales run for its ultra-luxury projects – most of it selling in the midst of the Covid pandemic.
Spyre Group’s stunning sales success – as one of the most active and private developers on the Gold Coast – finds the company with no stock currently in market as it awaits approval on its next luxury beachfront venture at Greenmount on the southern Gold Coast.
“We are absolutely delighted that we have been able to converge three luxury beachfront products that met what the market wanted,” said said Spyre Group director Andrew Malouf.
“We have worked very hard over the last four years to create residences tailored towards the luxury downsizer market and the sell-out certainly vindicates the luxury product that we have brought to the market.”
Spyre Group dropped in on the local beachfront development scene three years ago and has since carved out a workbook of projects in excess of $250 million.
Through its unique approach to developing high-end, design-led residential projects, the group has become one of the most active and successful developers along the coastal strip.
Blending with the city’s natural surrounds, its contemporary designs offer refined and relaxed beachside living and have captured the imagination of local downsizers and interstate buyers drawn to a luxury yet laidback lifestyle.
Spyre Group is planning to build on its winning formula with its latest acquisition of the rare north-facing site of the well-known Komune Resort that overlooks one of Australia’s most famous surf breaks, Snapper Rocks at Coolangatta.
Mr Malouf said the project, to be known as Cala Dei, has already gained significant interest even prior to market release.
“Cala Dei will deliver the considered approach that has become synonymous with our brand on the Gold Coast – which is to deliver unmatched luxury tailored to beach living sought by a discerning downsizer market,” said Mr Malouf.
“A major key to our success on the Gold Coast has been the ability to secure the best beachfront sites in unique and highly sought-after locations.
Spyre Group’s debut Gold Coast project was the $79 million Elysian Broadbeach, a luxury 21-level boutique tower with 61 apartments.
Well received by the marketplace, its success laid the foundation for the company to expand its presence along the coastal strip with the $77 million Natura project at Burleigh Heads – comprising 33 half-floor, three-bedroom apartments over 17 levels; and the $25 million MAYA Kirra Beach development with 16 two and three-bedroom plus multi-purpose room (MPR) half-floor residences.
Nicholas Clydsdale, Director of CBRE Residential Projects Gold Coast, the marketing agent for Spyre’s Gold Coast projects, says the group targeted the high-end owner-occupier market ahead of the curve with the launch of Elysian Broadbeach in late 2016.
“It is that foresight and Spyre Group’s approach to development focusing exclusively on the end user, tailoring its product specific to the location and target market, that has been the key to the success of their projects,” said Mr Clydsdale.
“Through the ebbs and flows of what is a highly competitive market, Spyre has been successful because it is responsive and flexible, enabling it to deliver exceptional product and results for the buyers of its apartments.”
Mr Clydsdale says in the past 12 months, the CBRE Gold Coast average sale price has shifted significantly from $925,000 to $1.8 million.
“That’s a clear sign of the increasing demand for premium product on the Gold Coast,” he said.
“In the $2.5 million to $5 million price bracket for premium apartment product, we have noticed strong depth from Queensland buyers, who represent more than half of the steady uptick in transactions.
“But there has also been a significant increase in buyers from the southern states in this higher price bracket as net interstate migration continues to strengthen.”
Spyre’s next coastal venture Cala Dei, nestled in the foothills of Greenmount headland, is set to launch in the coming months as the company awaits council approval.