The first stage of off-the-plan sales in the Merindah Apartments project at 21 to 23 Mann St, Gosford, has closed, and the developer is still aiming to have the building ready for occupancy by the first half of 2019.
The $34m residential flat building that will tuck in behind the heritage-listed Telstra building, is the largest single tower to ever go to market in Gosford, and at 15 storeys, is the largest development in terms of height that Gosford has seen to date.
Mr Pablo Gutierrez from George Brand Terrigal, who was the agent responsible for off-the-plan sales, said: “We have sold the quota of apartments that was a necessary requirement for the loan for the project to commence.”
The DA consent for Merindah expires on September 22, but Mr Gutierrez said he was confident construction would start within that period, or the developer would be successful in securing a 12-month extension from Central Coast Council.
“We would have already started construction but the developer is just finishing a large building project in Dee Why and it is a little behind schedule,” he said.
In response to rumours that the development was not going ahead, he said: “I’ve heard that rumour, but I can unequivocally assure you that we are on track.
“I am not sure where that rumour started but I have my suspicions,” he said.
The Pinnacle Construction Group will be the lead builder on the project and Mr Gutierrez said the crane that will be utilised “is massive”.
He said off-the-plan sales had been deliberately kept to a minimum.
“As the building gets off the ground, the remaining units will increase in value.
“The developer wants to keep as many as possible because the closer to completion, the higher their market value.
“The developer has several letters of offer from finance providers to finance the project, but the developer is looking for a lower rate so another 10 units may be made available off the plan.”
According to Mr Gutierrez, every Gosford development that has had a significant marketing launch (more than $150,000) has been well-received by the market and there is plenty of demand to fill all residential space coming on stream.
The off-the-plan sales generated for Merindah were an even split between Sydney buyers and locals, and between owner-occupiers and investors, he said.
Baby boomers wanting to downsize are the main buyers of higher-end waterfront properties in Gosford at the moment, while lower-priced properties appeal to Sydney buyers, including investors and first-home buyers, Mr Gutierrez said.
Interview, Jun 26
Pablo Guitierrez, George Brand Terrigal
Jackie Pearson, journalist