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Media Releases
10-06-2008
UnRivalled record for penthouse sale
PHOTO OPPORTUNITY:
Ken Reed, Managing Director of Reed Property Group, and Grant Kenny will officially announce the record sale of the Riva Penthouse on Wednesday 11 June, 10amat Riva site, 42 Duporth Avenue, Maroochydore
With an enviable blue chip blend of absolute riverfront location, panoramic ocean views and nearly 500 square metres ofluxury living, an off-the plan penthousehas set a new benchmark price for apartments within the Mooloolaba to Maroochydore lifestyle hub onQueensland’s Sunshine Coast.
The buyer, a Queensland businessman, has purchased the $5 million 12th floorresidence in the iconic Riva building which is located in an exclusive waterfront enclave within the CBD.
Unveiled to the market earlier this year in a marketing campaign by GQ Property, the designer penthouse was the only remaining opportunity to purchase within Riva, with all21of the other apartments already secured by local, interstate and international buyers.
Rivais the fourth in a series of residential projects by leading developer, Reed Property Group, in Maroochydore’scoveted and tightly held riverfront strip and is currently under construction with locally based building company, RCQ.
It is also the first development collaboration between Reed Property Group and well known business and sporting identity, Grant Kenny, together with his business partner Neale Kaalund.
Ken Reed, Managing Director of Reed Property Group, said this prestige property sale defied challenges such as stock market volatility, the credit crisis and rising interest rates which are currently affecting the real estate industry and the property market in general.
“Absolute waterfront property overlooking the Maroochy River mouth has become the premier address on the Sunshine Coast with astute buyers recognising and appreciating its remarkable lifestyle and investment potential,” Mr Reed said.
“Riva successfully interprets the strong market demand for spacious residential living in a prime, irreplaceable location in the true heart of the Sunshine Coast.
“Spectacular views with seamless access to all the facilities of contemporary, inner city community life are an added Riva advantage, making the project one of the most exciting and outstanding of its kind.”
In reaffirming Reed Property Group’s commitment to the area, Mr Reed said Maroochydore is fast becoming a rare opportunity and his company’s vision for its urban renaissance continues to gain momentum with the best yet to come.
“Riva has provided the perfect prelude for our future plans within the CBD and the redevelopment of the Big Top Shopping Centre into a cosmopolitan destination is now a priority on our development agenda,” said Mr Reed.
The transformation of the Big Top Shopping Centre, a three hectare property within the traditional CBD, into the metro precinct is considered one of the largest urban renewal projects in the Sunshine Coast region.
“Reed Property Group is proud of its track record in the urban revitalisation of the CBD and our leadership in this area will continue with this significant capital investment in the Big Top site.”
In a confidence boost for Maroochydore in general, Reed Property Group currently has more than $1 billion worth of projects in its development pipeline including a mixed use precinct in the master planned Sunshine Cove community, strategically located at the entry to the CBD zone.The Riva project is on track for completion in early 2009.
ENDS
Media enquiries:
Kathy Contoleon on 5409 5266 or 0432 60 22 90.
Photo Opportunity Details:
When: Wednesday 11 June 2008
Time:10am
Where: Riva Building Site
42 Duporth Avenue, Maroochydore
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