A second luxury development planned on Moffat Headland will help set a new price benchmark in an area where oceanview units were once as cheap as $250,000.
The “next-level” Lagune Residences is going up next door to the ultra-opulent Honu apartments where prices start at $3.35 million for the groundfloor home.
Lagune, named for the stunning blue waters opposite, could be one of the most unique joint development ventures in the region.
The people who own the land, on which currently sits a house, helped drive the project after learning about Honu right next door, the designer and developer has revealed.
Lagune will perch atop Queen of Colonies Parade, one of the most tightly held streets on the Sunshine Coast, with uninterrupted north-facing views over the cliff edge to the sea and coastline.
Like neighbouring Honu, each apartment in the five-storey building will take up an entire floor.
The homes will have four bedrooms and 3.5 bathroom, two living areas, a private central courtyard and a large interior.
Each will span nearly 300sqm and have front access and a high level of finish (the average Australian house is less than 200sqm).
After the boutique project Honu Moffat Beach, it will be the second development on the prime patch in 15 years by the award-winning Joe Adsett Architects, who specialises in ‘subtropical modernism’.
It was while designing Honu that Mr Adsett became friendly with the neighboring landowners to the left, and eventually struck up a deal.
“We were actually approved by the landowner themselves to develop their property for them (within Lagune),” Mr Adsett said.
“The landowner themselves are part of this project and part of the design process. They will live in the penthouse.”
Establishing a good working relationship, the trio chatted quite a few times, with Mr Adsett fielding some of their feedback on the adjoining development.
“As it turned out we got to like each other quite well and they then approached us,” he said.
“They said they’d been approached themselves but we would like to do something like this but we would prefer to do it with you and your company.
“We were delighted with that and are delighted to work collaboratively on this design and this project.”
According to realestate.com.au the landowners’ property at 20 Queen of Colonies Parade sold in August 1983 for $175,000 and again in January 1990 for $310,000.
Mr Adsett said the landowner would be the registered owner of the land until the project’s completion.
He said the Sunshine Coast Council approved the development application for Lagune Residences with “no dramas.”
“We are excited about the project because the Moffat Beach area is so tightly held and hard to crack,” he said.
“Minimal properties come up for sale, particularly on that headland location.
“I think the going rate for a block of raw land on Moffat Headland, that’s sold in recent months, is about $6milllion plus.
“The supply is there, we always feel very confident going into developing these projects because they are always in demand.”
Construction is expected to kick off in January and after a soft launch of the offering the firm has had quite a lot of early interest.
Mr Adsett said like most of his other projects, the remaining four lower apartments would sell fairly quickly, but prices could not be confirmed yet.
“Caloundra has really boomed in recent years and what was a lovely coastal village, has become quite expensive parcels of real estate,” he said.
“I think Lagune Residences will be setting a few new benchmarks and records for the area.”
“We’re looking forward to providing further price details to our early registration purchasers when the project is officially launched on September 21.”
Records show units overlooking the water in another apartment complex on the street sold for $250,000 in the mid-90s, an example of just how dramatically prices have shot up.
The features setting Lagune apart from other multi-residentials are the courtyards, the building’s shape and the apartment sizes.
The central courtyard creates a separation of living areas but also allows a retreat from the northerly afternoon summer seabreeze.
“Another key feature is the visual aesthetic of wave shaped walls on the balcony of the building – it curves and shapes around the building like a wave,” he said.
“The size also makes it a genuine housing alternative.”
