Local and interstate buyers drive SPG Land's sell-out of Robina's Cambridge Residences
Local and interstate buyers have snapped up the final stage of SPG Land's $162 million Cambridge Residences apartment development in Robina.
The $44.5 million sell-out of Brooke Residences was the final stage of Cambridge, which all up has over 400 apartments.
Project marketer Colliers said the final stage, comprising 95 apartments, proved a hit with local and interstate buyers who were drawn by the value proposition of the development.
“This final stage of Cambridge Residences demonstrated a quantum shift in the buyer profile from investors to owner-occupiers,” said David Higgins, Director Residential for Colliers Gold Coast.
“An overwhelming majority of buyers in the final stage, 74 per cent, were owner occupiers which is a massive turnaround from the previous three stages where 80 per cent of sales went to investors.”
Higgins said the development benefitted from a spill of buyers who have been priced out of projects in beachside locations. Apartments in the final stage sold at an average price of well under $500,000 each.
“Not everyone can afford the beachfront, but Cambridge Residences proves that great projects in prime locations that are well priced and with great amenities are selling well,” he said.
“Our team received excellent local enquiry, as well as a number of value-seeking interstate buyers who flew up specifically to purchase off the plan.”
Almost a quarter of buyers in the final stage were from interstate, while four apartments were sold to international buyers. Of the 74 per cent of sales to owner occupiers, almost 50 per cent were first-home buyers.
A large number of sales were secured by downsizers who had sold larger homes to take up residence in Robina’s urban hub, while the 26 per cent of investors who bought into the final stage were all local Gold Coast buyers.
“Cambridge Residences was a niche market offering that combined a fringe location with a high level of residential amenity,” Higgins added.
“The quick sell-out of this final stage was an outstanding vote of confidence in Robina and for price-pointed stock targeting the missing middle.”
Following the sell-out of Cambridge Residences, SPG Land is now gearing up for an $800 million three-tower development in Surfers Paradise that will deliver an innovative design and create one of the largest residential resort projects ever undertaken on the Gold Coast.
