A prime piece of real estate – which is just metres from Coolum’s pristine main beach – will be transformed into seven luxury homes as construction officially started on the $8 million Latitude Coolum Beach apartments this morning.
Double R Projects Director Ken Reed said he was delighted to commence construction of the project and given the uncertainty for many around what the future holds, the 100 jobs which would be created as a result of the build getting underway could only be good news for the Sunshine Coast.
“We don’t underestimate how important it is to keep our local economy moving while we still can and today’s commencement can give confidence in our commitment to this project to our buyers and potential buyers and to the Devcon construction team,” Mr Reed said.
“What we do know is that the climate for property will be positive following this crisis given the unprecedented low interest rates and the volatility of the stock market. We are building a premium property that buyers will love to call home and we are confident this type of high-end apartment stock will be in high demand when our market returns to a level of normality.
“We acknowledge this may be some way off but getting this project underway ensures we are ready to respond to demand when it comes.”
“The seven Latitude Coolum Beach apartments including a 247sqm penthouse with exclusive top floor access, offer spacious, luxurious living and many enjoy expansive ocean views.
“Those who call these apartments home will be steps away from the beach, Coolum’s beautiful boardwalks and the vibrant esplanade with cafes, restaurants, boutique retail and of course the Coolum Surf Lifesaving Club.”
“We have already sold two apartments and we’re anticipating there will be more interest as construction gets underway, particularly from people wanting to downsize and invest money into property.
Devcon Managing Director Michael Kain said this will be a great opportunity for tradies on the Sunshine Coast with 100 per cent of the team being employed locally.
“Job creation and retention is at the forefront of everyone’s mind at the moment so the commencement of a project such as Latitude Coolum Beach is good news for our local economy and particularly the sub-contractors and tradies,” Mr Kain said.
“At peak times we expect to have around 35 workers on site and it’s these smaller, boutique projects that make it easier for us to implement strategies to work within the government’s current recommendations around social distancing and still meet our targets.
With the Reserve Bank of Australia cutting interest rates to a record low 0.25 per cent, real estate experts expect this could introduce a different variety of buyers into the market.
North Shore Realty Sales Consultant Ben Thomson said the stock market is taking a hit due to the impact on Covid-19 which means a lot of people will be looking to invest their money into property.
“We are fortunate to be located near one of the best beaches of the Sunshine Coast, with little land opportunities left available between us and the beach. Real estate in areas like Coolum are now at the forefront of investments,” Mr Thomson said.
“We are now seeing very strong local enquiry to match the steady interstate stream. Commencement of this development is a very exciting time for the locals as the iconic site begins a new chapter.”
There are currently around 70 properties for sale within Coolum Beach and realestate.com.au data indications show investment houses in Coolum Beach rent out for $400 a week with an annual rental yield of 4.9 per cent.
Latitude Coolum Beach is higher-end living, offering three-bedroom, two bathroom apartments with secure garaging on the ground floor. The apartments range from 177sqm to 231sqm while the penthouse on level five offers 247spm of luxury living.
The apartments are priced from $869,000.