Buyers settling; valuations on target in Stanhill project

Marquee Development Partners is showing a strong hand in spite of economic conditions, with all end buyers at its Stanhill Chevron Island project reporting full valuation support and several settling ahead of schedule.

Marquee has settled the majority of the 61 apartments in Stanhill in one week and has paid out its bank in full, with 100 percent of buyers reporting full valuation support for their purchase price.

All apartments are expected to be settled within the next two weeks, with prices ranging from $499,000 to $799,000.

The Stanhill apartments originally sold off the plan in late 2018, with Gold Coast builder Rawcorp commencing work on the $35 million project in December 2018.

Marquee is already starting early site works at its nearby ‘The Catalina’ apartments on Chevron Island, with Rawcorp also appointed to this project.

Rawcorp is completing an early works package at The Catalina, with plans to commence the main construction contract shortly, employing about 200 local sub-contractors, many of whom worked on the Stanhill project.

Marquee Development Partners CEO Mark Spedding says completing one project and preparing to start the next is a show of strength and confidence in the Gold Coast market.

“In the current environment, it’s more important than ever to keep the wheels turning by delivering new projects on time for residents to move in to, and creating new job opportunities by proceeding with plans to pave the way for new development,” he said.

“We work really hard to offer both great value and high-quality apartments for our purchasers buying off the plan.

“Stanhill is a great example of this, as almost 18 months later bank valuations support the purchase price paid and this helps ensure settlements run smoothly and stress-free for purchasers.

” Investors who purchased in Stanhill have been pleased to see that we have received over 100 enquiries from long term tenants looking to rent, even during the middle of COVID-19.

“Several tenants are working in the Bundall office precinct or within central Surfers Paradise, both within an easy five to 10-minute walk.

“With new development at HOTA and the construction of our projects, Chevron Island is one of the most active precincts undergoing urban renewal on the Gold Coast.”

Mr Spedding says most Stanhill residents, who are expected to move in by mid-May, have inspected their apartments, with overwhelmingly positive feedback.

“Buyers who have completed an inspection are loving not only their apartment and views but also the many upgrades Marquee has provided to the resident common areas, which have been delivered above specification,” he said.

” Stanhill apartments feature an expansive rooftop pavilion taking in panoramic views of the Gold Coast waterway and skyline, complemented by a pool, spa, barbeque terrace, gym, yoga lawn and private dining room.
“The other thing that really makes both Stanhill and Catalina stand out is the quality of the apartment design.
“We’ve worked hard to make every apartment comfortable, functional and liveable, while maximising the view corridors from each living space to the city skyline, river and hinterland, depending on orientation.
“Now that Stanhill is complete, purchasers considering our next project, The Catalina, will be able to see for themselves the quality of fittings and finishes they can expect to see in their own apartment building.”
Remaining two and three-bedroom apartments at The Catalina, ranging from 91sqm to 182sqm, are priced from $589,000 to $1.19 million.