Cube Developments advance construction on sold-out Mooloolaba apartment development, Picasso

Construction is ramping up at the sold-out Mooloolaba apartment development, Picasso.

The project, by the local Cube Developments, has just completed the second level of the seven-level development, which is hoping to have a roof on by Christmas.

Construction is expected to complete at the start of next year, with settlements forecasted for Q1 2022.

Picasso is another case of the interstate buyers dominating sales in the area. Only two or three buyers hailed from the Sunshine Coast, Cube Developments Director Scott Juniper said.

"The majority of sales have been outside the local region, with around 30 per cent coming from interstate so far", Juniper added.

The mid-year sell-out was quicker than Cube expected.

Juniper puts it down to the product and the lack of stock.

"There are no new apartments selling in Mooloolaba, so this was a big draw-card, as a rare opportunity for buyers to purchase new in the area," Juniper says.

"The large modern apartments set Picasso apart from the market."

The $12.5 million development, a stone's throw from Mooloolaba Esplanade, comprises 12 apartments across seven storeys.

The interstate trend is one the Cube team are also seeing at their luxury Maroochydore project Nature, where buyers a wave of local and interstate high-rollers are wanting to maintain inner-city luxuries alongside a post-COVID lifestyle shift.

“Buyers are seeking to achieve the best of both worlds - the open-air and relaxed lifestyle that the Sunshine Coast offers, coupled with a high-end home that is on par with their Brisbane, Sydney or Melbourne residence,” Juniper said.

Nature by Cube, on the dress circle The Esplanade, was pinned for 13 luxury apartments across eight-levels, crowned by an expansive 475 sqm penthouse.

But there's been interest in amalgamating apartments on the lower levels, to match the same size of the penthouse.