Thinking Zen tocost millions
By ED SOUTHORN
TWO more development properties out of 11 freehold sites at Kingscliff's most exclusive address - Murphys Road - are next in line to become luxury apartment blocks.
Developer Phil Usher yesterday predicted beachfront Murphys Road would continue its rise as the Tweed Coast's elite street to rival pricey Hedges Avenue at Mermaid Beach on the Gold Coast.
Mr Usher's 1000-square metre site at 13 Murphys Road is the next apartment project to be built on the strip where Kingscliff's first $1 million and then $2 million apartments were sold, at Resort Corp's Soruya block at 7 Murphys Road.
Mr Murphy said he expected the three-storey Zen block, comprising six apartments to start construction early next year, would break the $2.25 million apartment record set by Soruya.
Mr Murphy bought the Zen site from Resort Corp for $1.75 million in April, 2003.
Now, land at 11 Murphys Road, the same size as the Zen site, is for sale for more than $3 million.
Anyone interested in buying an apartment at Zen will have to hand over more than $1 million if they're looking to join the exclusive club of Murphys Road property owners.
Mr Usher said a "very well-known Australian sporting identity" was close to signing up for one of the Zen apartments.
Mr Usher said the Zen apartments would be built in line with Feng Shui principles, while another Usher development project planned for Runaway Bay would be designed in consultation with one of only four Feng Shui Masters in Australia.
Selling agent for the Zen project, Blair Carter, said land prices per square metre at Murphys Road were about one third of those at Hedges Avenue.
Mr Madrers said he still had two apartments for sale at Soruya - for $2.45 million and $2.35 million.
So far, Mr Madrers has sold four Soruya apartments for $6.9 million and he expects to achieve a development profit of "close to" 20 per cent of $10 million spent on the project.
A joint venture between Macquarie Bank and champion golfer Greg Norman is still considering development options for coastal land owned by the local indigenous community at the northern end of Murphys Road.
The group was initially keen to build a golf course, but is now believed to be assessing an eco-lodge style accommodation project.