Regatta on a run

A selldown by the Meriton group is providing investors with a virtual two-for-one deal – the chance to acquire two apartments in the booming Gold Coast residential and rental market for the price of one in Sydney.

The apartments are in the Regatta precinct at Meriton’s 1700-title Brighton on Broadwater community in Southport.

Nearly half of the 172 available already have sold, with buyers lapping up the lifestyle on offer and the bumper rental returns being achieved.

Brighton on Broadwater is made up of low, medium and high-rise buildings, shops, restaurants, and cafes on a 5.6ha site a stone’s throw from the Southport Broadwater and on the doorstep of the Gold Coast’s new light-rail system and the Gold Coast Highway.

Regatta, where the buildings range from five to 12 levels, was completed in 2011 and its apartments were part of the Meriton Suites portfolio of serviced apartments.

They have become superfluous in the wake of Meriton Suites launching 208 serviced apartments in Brighton’s final tower, the 55-level Sundale.

Harry Triguboff, the developer who founded Meriton in the 1960s, says the Regatta units, by virtue of their size, location and pricing, already have been in big demand, with nearly 80 sold.

“That’s not surprising, given that they are being sold at prices that existed six years ago when they were built.”

Many of the Regatta apartments are being offered furnished and some have studies.

The one-bedroom apartments are priced from $332,000, those with two-bedrooms from $396,000, and the three-bedroom units from $533,000.

Mr Triguboff says that by comparison, buyers in Sydney are paying more than $600,000 for one-bedroom apartments,  in some cases more than $1.1 million for two-bedders, and as much as $1.3 million-plus for three-bedroom apartments.

“The Regatta apartments don’t just win on price – they are in most cases bigger and tenants love them.”

Meriton, which guarantees buyers tenants from day one, is leasing the Regatta apartments at between $400 and $570 a week, with a management fee of 4 per cent.

Regatta is in a tranquil spot in the heart of Brighton on Broadwater and has its own gardens and some apartments have water views.

The air-conditioned apartments have stainless-steel appliances, dishwashers, gas cooktops and stone benchtops.

Floor-to-ceiling glass and high ceilings mean they are flooded with natural light and oversize balconies and garden courtyards open up entertaining options.

Buyers targeting Regatta have included people taking advantage of the Queensland first-home buyer grant of $20,000, which ends on December 31.

The Brighton on Broadwater retail area includes a Woolworth’s supermarket, an array of cafes and restaurants, and a medical centre, and the community has its own childcare centre.