First look: STEER to deliver $45 million Palm Beach boutique apartment development
Palm Beach is set for a new luxury high-rise apartment development.
STEER will deliver CÔTE Palm Beach, a $45 million high-rise project at 3 Thirteenth Ave, on the corner of Thirteenth Ave and the dress circle Jefferson Lane. It will see 17 half-floor apartments built, each with three bed, three bathrooms, and two parking spaces.
Steer Founder Rob Steer says despite the rising construction prices, there remains a strong local demand. He is committed to delivering the project with a strong local builder.
DKO studio director Kai Chua says the design of each apartment, balances the need for\ shelter and privacy whilst opening to the ocean and magnificent views. It offers all the wonders of modern coastal living with the warm, intimate embrace of home.
The local population in Palm Beach is forecast to grow considerably over the next 10 years, and Steer says that, with height limit laws soon to be introduced, there will be even tighter availability of this type of stock in the coming years.
"We see a unique opportunity to cater for the market", Steer said.
The luxury bathrooms on offer at COTE Palm Beach. Image supplied
With due diligence completed on the site, Steer is expecting sales and marketing to begin in July, with construction set to follow shortly after in September.
Jefferson Lane is the most sought-after beachfront strip in Palm Beach. Down the street a 247 sqm, three-bed apartment in 77 Jefferson recently sold for $3.95 million.
Further along the sand at 39-41 Jefferson Lane, Seven Group media heir Ryan Stokes has apartment development plans currently with council.
Dubbed Akuna, a word derives from the Aboriginal word meaning “flowing water," the project will span nine levels and comprise nine three-bedroom apartments and four four-bedroom apartments.
A two-level penthouse at 15 Jefferson Lane sold last year for $7.5 million, which was even more than the suburb's former $6.9 million record house price sale. That now stands at $8,275,000, a sale achieved earlier this year.
Steer has a mixed bag of projects currently in the pipeline, working on a few residential developments in the southern Gold Coast, a joint venture with Churchill Group for the $50 million redevelopment of the Ashmore Seafood and Steakhouse which will become the Ashmore Markets shopping centre, and his most recent, a joint venture of a new striking hotel in Palm Beach.