Making hit with Ultima

TWEED Ultima, the $145 million tri-tower resort development planned for the Tweed CBD is proving a property hotspot for investors despite their reluctance to put money into projects further south in NSW.

Since official marketing commenced three weeks ago there has been a total of 68 of the 160 apartments snapped up in the first release of tower one and two, with total sales worth in excess of $38 million.

The project on 8000 square metres bounded by Wharf and Bay Street at Tweed Heads includes 235 apartments across three towers, including two 15-level towers and a third 10-level building which fronts Wharf Street and incorporates a total of 75 units.

It will also incorporate eight "town homes" which are also registered as "home offices" situated on Navigation Lane, within stage one of the project.

Tower three is expected to be released to the market later this year.

Zinkohl, associated with prominent Gold Coast property identity Majeed Tabrizi, is developing the project, which will also include a retail precinct.

Adrian Parsons of real estate agents Richardson and Wrench said the 68 sales in under a month indicated buyers had confidence in the area.

"It's also a good sign that buyers believe in the development, they can be assured that their investments are safe and that they're receiving outstanding value for a quality project," he said.

"Although the property market has levelled slightly, Tweed is one area that'll certainly continue at pace.

"Northern New South Wales and south-east Queensland is still attracting interstate purchasers. About 50 per cent of Tweed Ultima buyers are from southern origins like Sydney and Melbourne."

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