CRU COLLECTIVE SELL DEVELOPMENT-APPROVED SITE OFFERING PRIME PALM BEACH OPPORTUNITY
Gold Coast developer Cru Collective has sold a prime development-approved site at Palm Beach in a strategic move that paves the way for a diversified Sydney Group to gain a foothold in Australia’s premier residential lifestyle market.
Cru Collective, which has completed three highly successful residential projects on the southern Gold Coast in recent years, has sold the site to focus on its latest project, an 11-storey luxury skyhomes development at Kirra Beach.
The company has owned the 2,093 sqm square metre site located at 26 Mawarra Avenue since 2019, earmarking it for an upmarket ‘uber cool’ retail precinct and apartment development.
The purchaser has laid immediate plans to develop the site with a premium residential offering as it moves to capitalise on solid market fundamentals driving demand for luxury apartments along the Gold Coast’s southern beaches.
Cru Collective managing director Chris Bolger said the interest his company received for the Mawarra Street site reflected the ongoing strength of the Palm Beach residential market.
“There is huge demand for unique sites with approvals in place, and this site drew an overwhelming amount of interest from astute developers keen to tap into the southern Gold Coast market,” said Mr Bolger.
“The sale is a strategic move for our company, giving us a very strong cash position that has been supported by the success of our recent projects and gives us flexibility to look for other opportunities.”
The most recent is Siarn, a $40 million luxury beachfront development at Palm Beach which was sold out by its in-house marketing and sales team late last year, well before construction was completed.
Cru Collective is now turning its attention to its upcoming luxury Kirra Beach project which is set to be launched next month by Cru’s dedicated in-house team. The company has also set in place a national acquisition strategy for future growth.
The sale of the site was negotiated by Antonio Mercuri, of GV Property Group, who was involved in the original acquisition of the site by Cru Collective.
“There has been incredibly strong demand for premium residential sites on the Gold Coast from interstate companies, and particularly from quality developers,” said Mr Mercuri.
“In the past, many took just a passing interest but now we’re seeing a more companies of this calibre buying sites because of the growth trajectory of the Gold Coast and the future of south-east Queensland.”