Boutique apartment development, Horizon at Scarborough Beach – has a new owner. GM Property Group (GMPG) purchased the soon to be constructed 39 unit apartment complex on the corner of Brighton Road and West Coast Highway from embattled developer Diploma late November 2016.
GMPG wasted no time getting on with the project, appointing WA construction company JAXON to commence construction of the $20 million development this month, with anticipated completion in 18 months.
GMPG Director Simon Munckton said that ‘we are thrilled to have secured this iconic development site in the heart of Scarborough. It is a great value proposition. The quality of the building design and location just 200m to the beach ticks the boxes for buyers looking to enjoy Perth’s enviable beach lifestyle.
Scarborough Beach is such an icon of the WA beach landscape and these apartments have been specifically designed to make the most of the close proximity to the beach, in particular the two heated lap and leisure pools, promenade, grandstand and kiosk that will be completed by summer 2018’.
The latest data from the Real Estate Institute of WA (REIWA) has showed Scarborough is second only to Baldivis in terms of number of sales in the last quarter of 2016, and is one of REIWA’s top suburbs to watch for 2017.
‘Our decision to acquire the site has been vindicated by recent sales and we anticipate further interest in these unique apartments from both owner occupier and investors, now that the project is proceeding without delay’, Simon said.
Only a select number of three, two and one bedroom apartments remain, especially those with uninterrupted ocean views. Buyers need to be quick to secure their property to avoid missing out on these contemporary apartments in an exceptional location.
Selling agent for Horizon at Scarborough Beach is Cindy Lee from Crème Real Estate who can be contacted on 1300 791 886 or email email@example.com.
GMPG, based in Perth with additional offices in Melbourne and Sydney was founded by Blair Gerrard and Simon Munckton. The co-directors have more than 31 years combined experience with property development and investment syndication.
Following on from selling out the groups successfully completed SouthBank apartment complex in South Perth, GMPG were quick to identify the Scarborough site for their next project.