The $72.16 million Merindah Apartment building, at 21 to 23 Mann St Gosford, is the development we have chosen to profile in this edition of Coast Community News as part of our ongoing series on progress on approved DAs in the Gosford CBD and surrounds.
Marketing for off-theplan sales is about to commence for the 15-storey and 140-unit Merindah Apartment building, making it one of the first large-scale developments to be put to the market in the current Gosford residential property boom.
The off-the-plan starting sale price for onebedroom apartments on lower floors of the new complex is $345,000, twobedroom apartments start from $405,000 and threebedrooms are available from $545,000. The highest off-the-plan asking price in the Merindah building is $755,000 for a south-west facing three bedroom apartment on the 15th fl oor. Mr Cain King, from CKD Architecture in East Gosford, said he was excited to see the marketing phase for the Merindah development (formerly known as the Pinnacle project) coming on line. The 140 residential units will have “fantastic views to the North, South and West” overlooking the former Gosford Public School site and the Broadwater, Mr King said. Mr Pablo Gutierrez, and Mr Anil Jintoorkar, from George Brand Real Estate, Terrigal, are in charge of marketing the new complex.
Mr Gutierrez said, above level seven, apartments facing the Broadwater would have guaranteed unimpeded water views. “They cannot be built out under current zoning for the area,” Mr Gutierrez said. Depending on the success of pre-sales, construction is scheduled to commence in early 2017. The two-year development consent is due to lapse on September 22, 2017. The marketing campaign describes the Merindah building as “an exclusive opportunity in an unprecedented location” and as a “new residential community just minutes from everything you need”. The apartments will offer “generous open plan living spaces, and light- fi lled entertaining areas, immaculately fi nished with luxury fi xtures and fi ttings”.
All Merindah apartments will have private courtyards and underground parking. The units will have air conditioning, stainless steel Smeg appliances, gas cooktops and commercial grade double-glazed external windows. Mr Gutierrez said target buyers for the apartments were investors and that the pricing of units on the lower floors was “quite sharp” to attract first home buyers and investors. “More discerning buyers, owner-occupiers, will come in for the premium apartments on the higher levels,” he said. Ninety per cent of units are expected to be sold to domestic purchasers, both investors and owner occupiers, and prices have been set with that market in mind. According to Mr Gutierrez, recent sales indicate that interest for new developments is being driven by Central Coast locals, not Sydney-siders looking for a bargain.
“The proof on the ground is the majority of off-theplan purchases are coming from local buyers. “Sydney buyers come up and leave deflated because the prices are not dissimilar to what they can fi nd in the northern areas of Sydney, but locals know and understand the local market and appreciate the lifestyle because they choose to live here,” he said. Mr Gutierrez said the timing of off-the-plan sales for Merindah was “squarely inside” the current property boom in and around the Gosford CBD. Those that are still waiting for cranes in the skies around the city must have their eyes closed, he said. “Fifteen projects are currently being constructed in Gosford already,” he said. “The cranes are being deployed as we speak in North Gosford, in Faunce St, Donnison St, and Point Frederick. “They are all over the place if you look,” he said.
Interviews, Aug 24, 2016 Pablo Gutierrez, George Brand Terrigal Cain King, CKD Architectural Services Marketing brochure, Aug 24, 2016 Merindah Apartments Jackie Pearson, journalist