Pradella Property Ventures, the developer behind Seachange Lifestyle Resorts has again renewed their confidence in the Gold Coast property market by securing a rare blue chip development site.
Less than 10 days after it was revealed that Pradella Property Ventures had lodged a development application for a $70 million 160 dwelling Seachange Lifestyle Resort in Toowoomba, they have again snapped up a premium waterfront development in an off market transaction at Upper Coomera.
The undisclosed sale price is rumoured to be in excess of $10million and comprises of one 3ha approved site and a 3ha residential allotment. Once complete will showcase 130 dwellings worth $75million.
The transaction represents the strong depth in the market for premium blue chip sites, with nearly 200m of deep water frontage, the development will be magnificent once complete. The vendor was keen to ensure he sold to a privately owned family company with a good track record. “Seachange was the perfect fit” said Jayde Pezet from KM Sales and Marketing who negotiated the transaction.
It is understood that the approved site will undergo some changes before marketing commences with the second site subject to council approval. “The current approval does not fit our brand, Seachange is known for its premium homes in unique, irreplaceable locations. A development application will need to be lodged over the whole site delivering a high quality master planned resort that takes advantage of the waterfront position and enhances the area”, said Alex McMahon from Seachange Lifestyle Resorts.
Pradella Property Ventures recently completed two developments, Seachange Lifestyle Resorts Arundel and Emerald Lakes, with a total value in excess of $300Million and 540 dwellings. Both resorts have been designed for over 50’s and offer some of the most expensive amenities seen in any resort in Australia. “We are extremely excited about this acquisition. The success of the last two developments gives us great confidence in the Gold Coast; properties in such premium locations are a hard find” said Alex McMahon.
The over 50’s market continues to grow with demand far outstripping supply. Pradella appears to be positioned well to absorb this demand with $260million in the development pipeline.