Strong sales accelerate construction in iconic $2.3 billion Imperial Square first stage

Gold Coast developer Azzura Investments, buoyed by strong sales, is looking to accelerate its construction program in the first stage of its landmark $2.3 billion Imperial Square development in Southport.

Azzura, headed by longtime Gold Coast developer Robert Badalotti, has secured $22.5 million in sales for the first stage of its Imperial Square which is set to reshape the Gold Coast’s CBD suburb over the next decade.

The sales comprise 53 apartments in the $155 million first stage, known as Regal Residences, with the pace picking up early this year after buyers flocked to the Gold Coast during the busy holiday period.

Azzura reports a further 15 apartments have been reserved by potential buyers, edging Regal Residences close to 50 per cent sold and prompting a start to construction in coming months.

Regal Residences will rise 18 levels on the Imperial Square site, located on 1.34ha at 59-73 Meron Street in Southport. It will bring to the market 145 apartments and 200 hotel suites over 18 levels.

Azzura’s sales director Jason Paris says if apartment sales continue at the current pace, all remining apartments could be sold within the next six to eight weeks.

“We’ve experienced a solid pace of inquiries for apartments in this debut offering at Imperial Square since January,” said Mr Paris.

“Local buyers have included a mix of first-home buyers and downsizers, all looking for the lifestyle this central location has to offer.”

Interstate buyers account for about half of the sales which have been struck at an average price of $425,000 as buyers take advantage of the project’s incredible value.

“Many of these buyers have sought a solid investment that will deliver a positive cash flow, which is supported by a shortage of quality properties in central locations on the Gold Coast,” said Mr Paris.

“Some of the buyers plan to spend the winter months in their Regal Residences apartment and rent it for the rest of the year. Others plan to rent it for two or three years before eventually retiring on the Gold Coast.”

Regal Residences presents buyers with a choice of one-, two- and three-bedroom apartments.

Residents will also enjoy Imperial Cub membership, including a complimentary stay for a week over five years for a friend or relative in the Regal Residences hotel. Membership includes valet parking and discounted prices at bars and restaurants in the development.

The first stage has been designed to set the standard for the master-planned Imperial Square development that, when completed, will include a range of commercial and business spaces, rooftop bars, and luxury amenities such as a pools, gymnasiums and spas, as well as a cinema with spectacular views to the ocean.

Azzura Investments is headed by company founder Robert Badalotti who has delivered an impressive portfolio of award-winning projects since 1989 stretching from the northern Gold Coast to Byron Bay in northern NSW. These projects comprise more than 2600 residential dwellings, 24 commercial developments and six international resorts.