Macquarie York eyes new developments as $76 million Allure edges closer to sell-out

Sydney-based developer Macquarie York is nearing a sell-out of its $76 million Allure development on Chevron Island, with the success of its debut Gold Coast project giving the company an appetite for new opportunities in the city.

Allure, a 17-level project targeting the highly active middle market, is close to 90 per cent sold including a record price achieved for a Chevron Island apartment.

Only 12 apartments remain for sale.

The project, which delivered two-bedroom apartments starting from $495,950, has been popular with a broad range of buyers, including downsizers.

The highest prices paid was $2.445 million for a spacious upper-level luxury apartment, bought by a couple downsizing from Mudgeeraba and demonstrating the strength of the Chevron Island market for luxury apartments.

Macquarie York, a company founded by Roy Skaf in 2008 primarily offering specialist property industry services, is currently preparing to release a new luxury apartment project at Palm Beach on the back of its success with Allure.

“Although Allure attracted a diverse range of buyers, the project attracted a big share of locals, especially downsizers who were drawn by Chevron Island a lifestyle location in its own right,” said Mr Skaf.

“It’s a suburb locals know and love, not least because of its proximity to the beach, world-class shopping and the emerging cultural precinct.

“Our next development will take a different approach through a more luxe offering. What this shows is demand for a diversity of residences across the Gold Coast and we’re open to explore this further with future projects.”

Macquarie York currently has a townhouse development under way in Sydney at Mannering Park.

The company was established by Mr Skaf to provide property developers and private investors a range of specialist industry services that are not traditionally offered by conventional property agencies.

Macquarie York’s advisory services are designed for in-house sales and marketing of developments, as well as end-to-end solutions for investors from first-home buyers to large-scale property development acquisition. 

The company’s push into the Gold Coast as early as 2018 was driven by the rising strength of the local market identified by Mr Skaf.

“Allure has proved a successful debut for our team, giving us insight into a market that is looking for quality developments in prime locations,” said Mr Skaf.

“We’re confident of achieving a sell-out of Allure in the next couple of months and completing construction early next year, ready for our first residents to move in.”

Construction of Allure began in October last year. Macquarie York is poised to officially launch its newest Gold Coast project at Palm Beach soon.