Real Estate

investors snap up apartments at The Archibald

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-11-05 18:14:10

Apartment sales have begun for Gosford’s Archibald Development, a $400 million project promising to deliver Gosford’s ‘most significant transformation’.

After recently announcing that the site will include the Central Coast’s first five-star hotel to rival Barangaroo, McGrath agent’s launched Stage One sales for the residential apartments, offloading 60 per cent in just one day.

With the majority of buyers local investors, agent Jaimie Woodcock said that the launch was the strongest registration campaign that he had seen on the coast.

It is not hard to see why.

With construction set to begin in the coming months, the incredible two tower development will include 300 apartments, a premium hotel with 167 suites and a rooftop sky bar on the corner of Mann and Donnison streets.

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There will be two pools – one for residents and one for the hotel, retail shops and restaurants, all designed to create a vibrant downtown hub.

“Feedback from investors was that the unique nature of The Archibald gives them confidence of price growth over the build period, as well as the attraction to tenants with all of the amenities including restaurants and health and wellness,” Mr Woodcock said.

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“The belief in Gosford and the awareness from investors all over the country shows how much attention the area is receiving as an investment hot spot.”

Mr Woodcock said that his team expecting a sellout of Stage One, which will be about $50 million in sales, either by Christmas or in the New Year.

“There were two local families on launch day who purchased three apartments each,” he said.

“It’s exciting to see the success of the project so quickly. The addition of a five-star hotel to the story has provided a lot of confidence to buyers of the quality of the whole precinct.”

The ICC Development Group, who developed the Sofitel in Darling Harbour, has confirmed it will develop the luxury hotel to match Sydney’s Sofitel Darling Harbour and Barangaroo precincts.