The biggest Main Beach apartment development in three decades is being fast-tracked to the market after strong initial interest on the two-tower project.
Lagoon Main Beach, which is being developed by local Drew Group, will comprise 248 one, two and three-bedroom apartments across two towers, Sunrise and Sunset, each taking in views of either the Pacific Ocean or the hinterland.
There will be just nine premium sky homes across the two towers, and three two-level penthouses, located on Cronin Avenue, just 100 metres from the Tedder Avenue lifestyle precinct.
The $390 million project comes with a high-end range of amenities
designed to compliment the coastal way of life, including a pool oasis with private cabanas, indoor and outdoor lounges, fitness centre, yoga deck, surfboard storage, business hub and heated spa.
Construction is expected to commence on the approved development later this year, with completion slated for mid-2025.
Drew Group have recently opened their most recent project, Palm Beach Avenue (PBA), a vibrant new luxury dining experience grounding Drew Group’s just-completed Village development on the corner of Palm Beach Avenue and Gold Coast Highway.
PBA is the mastery of award-winning restaurateur and chef Daniel Ridgeway and his wife Ruggie who are behind two beloved Gold Coast establishments – Little Truffle and BiN 232 Pacific Fair.
Jonathan Drew, who heads up the family-run Drew Group, says the completed residential and dining precinct has provided a refreshed feel to central Palm Beach.
“We are immensely proud of what we have delivered to Palm Beach. It’s a great asset for not only residents, but the broader community as we work to transform Palm Beach into a luxury dining and holidaying precinct,” Drew said.
“We are particularly delighted to have Daniel and Ruggie delivering a sensational restaurant on the ground floor. PBA is the standard of dining Palm Beach has been craving for some time and we look forward to hosting one of the Gold Coast’s top tier establishments for years to come.”
Construction on Village wrapped in March, a collection of 72 one, two and three-bedroom apartments and three beach houses fronting
Already the development has welcomed a significant uplift in value, with the latest re-sale of a two-bedroom apartment showing a $600,000 price rise in just a matter of months.
The two-bed, two-bath unit at Village originally sold for $1,008,000 off the plan last year before being resold at auction in May this year for $1,680,000.
Jayde Pezet, Director of Pezet Matheson, says the significant uplift in re-sale value underpins the continued strength of demand in the Palm Beach market.
“Drew Group has a very sound understanding of market principles and a strategic focus on delivering projects which offer continued value to purchasers, long into the future,” Pezet says.