Development Update - June 2022
After weeks of wet weather, the skies have cleared in time for pouring of the Level 5 concrete slab on our Palm Beach project, Perspective Two Sea. Works continue at our Biggera Waters development, Perspective Broadwater, while our soon-to-complete project Perspective 488 is emerging from its scaffolding to embrace its beachfront location.
It’s all systems go at Sherpa Property Group this month - read on for the latest on our current developments:
Rising Fast
Perspective Two Sea
The building structure is starting to rise at Perspective Two Sea. This month the crane was relocated and the external builder hoist installed. The concrete slab for Level 5 has been poured and predicted good weather ahead will help the continued progress of the build.
Facade Revealed
Perspective 488
With the scaffolding coming down, the building facade will soon be revealed. Alongside our neighbouring development, Perspective Two Sea, both projects will create an impressive new face to north Palm Beach, seen rising from the Esplanade. External works will continue this month, including completion of the balcony tiling, glazing and balustrades. Inside, kitchens, tiling, joinery, robes and vanities are installed to Level 8. Work continues to progress at a great pace, with an August 2022 settlement anticipated.
Construction at Full Sail
Perspective Broadwater
Perspective Broadwater is gaining ground, with the crane installed on 17 May and groundworks continuing on schedule. Building Approval to build the full structure has been received and we are now finalising design coordination. Only two residences remain at Perspective Broadwater. The two storey penthouse comprises rooftop terrace, 4 bedrooms, internal lift and 360-degree views over the Broadwater, Gold Coast skyline and hinterland, set over an expansive 427m2. Two full floors of waterfront luxury, now selling at $3.39m.
Level 6 residence is now selling at $2.349m, offering 3 bedrooms, 2 bathrooms, media room, 2 car parks and Broadwater views. With award-winning builder 5Point Projects, we’re on track for settlement early next year and looking forward to welcoming our purchasers to their new waterfront home.
ACT NOW TO SECURE YOUR WATERFRONT SANCTUARY AT PERSPECTIVE BROADWATER
Objectors Appeal Process Underway
Perspective Nexus
Following a very few last-minute objections to the project last month, we have progressed with the appeals process. It’s important to note that the objections are to the City of Gold Coast for the Development Approval, and not to Sherpa Property Group itself. Sherpa CEO, Christie Leet, has met with two of the appellants from the neighbouring Aleia apartments with a view to negotiation ahead of a scheduled mediation in mid-June. We’re hopeful that negotiation will be successful and we can avoid litigation, which is an unnecessary expense for all parties. Should litigation be required, we have a court date scheduled in September. The additional objections from Currumbin Sands are also being progressed, ahead of their Extraordinary General Meeting of the body corporate. We are proactively engaging with Currumbin Sands owners and conducting open information sessions at our onsite sales office.
Development Progress
We remain positive and committed to the Perspective Nexus development. While litigation is not our preference, we are confident of our position and remain commercially aware to resolve the appeals process. In the meantime, we have secured an extension to our finance, our builder is on hold to commence immediately, and demo has been rescheduled. We have also settled on our third site at Perspective Nexus. We’re moving forward with the full support of our financier, builder and stakeholders.
5Point Projects
Our building partner, 5Point Projects, is ready to commence work immediately on Perspective Nexus. While rumblings abound about the state of the construction industry, 5Point continues to deliver. Our two current Palm Beach projects, Perspective Two Sea and Perspective 488 remain on track with 5Point, with Perspective 488 scheduled to deliver in early August - within just three weeks of the original completion date, which was signed 18 months ago. Sherpa has also taken action to support 5Point, moving to fortnightly payments so that subcontractors can be paid fortnightly. Sherpa represents about half of 5Point’s portfolio and works closely and transparently with their team to deliver on time for our purchasers.
Shortlisted for award
Perspective 202
Our recently completed Bilinga project, Perspective 202, has been shortlisted from a record number of entries in the 2022 The Urban Developer Awards for Industry Excellence. Embracing luxury, location and some of the Gold Coast’s most liveable floor plans, Perspective 202 is a testament to the artful design by award-winning HAL Architects, high quality build by 5Point Projects and our own commitment to delivering buyer value, customisation and maximising livability.
Even better, Perspective 202 represents a model case for our innovative partnership with the original site owner, to redevelop, add value and provide an elevated lifestyle without compromising on location. We partnered with original homeowner Ken to redevelop his beachfront house, providing him the unique opportunity to get a great price for his land, buy into Perspective 202 and take a well-deserved holiday during construction. Ken now enjoys his new one-per-floor luxury apartment at the same location he has loved for years, looking out onto that same ocean view he enjoyed from the balcony of his original beach home.
We’re currently hunting for our next development site - contact us if you’re looking to sell, or to get on the waitlist to buy. To discover more about the Sherpa difference or enquire about our architecturally-designed Gold Coast projects, call Todd Robinson on 0488 810 710.