The $400 million Cove development will deliver a total of 221 residences once completed in 2027.
Strong demand saw 15 terrace homes sell out fast in a $400m development of the first dedicated marina precinct in South East Queensland in decades.
The terraces, which are part of the first stage of The Cove precinct in Pelican Waters on the Sunshine Coast, were snapped up for a combined $13.5m by mostly local buyers who are now dominating demand for prestige property in the area.
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The Cove is being developed by Henzell Property Group.
Demand for luxury real estate continues to be strong across the coast.
Developed by Henzell Property Group and constructed by Evans Built, the development is expected to be the largest private development on the Sunshine Coast upon completion in 2027.
Henzell Property Group managing director Mclean Henzell said “unprecedented infrastructure spending on the Southern Coast, strong population growth and an undersupply of housing continues to drive demand”.
Nevertheless, the median price of houses in the Pelican Waters region has been seeing a decline of 5.5 per cent in the 12 months to the end of June to $1.2m.
Local builder Evans Built is handling construction.
The residential enclave will have a range of recreation facilities including swimming pools, restaurants and cafes.
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Mr Henzell described the success of the terrace homes as testimony “to the desirability of Pelican Waters as a lifestyle destination the quality of product”.
He said there was also a lot of faith in Evans Built given as a trusted local builder.
Construction for Stages 1 and 2 is well underway, he said, with Stage 1 featuring 36 luxury residences including three-bedroom terraces with views over a brand new marina.
The residential enclave will eventually deliver 221 new homes, across four stages with private swimming pools, recreation spaces, waterfront restaurants and cafes.
The development meets growing demand for new Sunshine Cost residences while maintaining desire for green space, wildlife corridors and connection to the water.
– By Tharangini Thirumurugan
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