Buyer frenzy at first stage of $200m development

A buyer frenzy has unfolded at a $200 million waterfront apartment and townhouse community with more than 80 per cent sold in its first stage.

Henzell Property Group's masterplanned community, The Cove at Pelican Waters, has tapped into strong local demand and interstate interest with 38 sales at its Corsica Residences.

Construction on the first homes is expected to start in May with buyers snapping up the first stage.

Henzell Property Group managing director McLean Henzell said local owner-occupiers drove the majority of the sales in the first stages.

Mr Henzell said the sales achieved were a reflection of high demand for luxury new residences tailored toward downsizers.

He said the "overwhelming" inquiries and sales put the group "way ahead" of initial expectations.

All five of the luxury penthouse terrace collection within the first stage sold within a week of its launch to market.

Mr Henzell said one of the three-bedroom apartments in the penthouse collection sold to a Melbourne buyer who purchased it site unseen.

The Cove is the final instalment in the Pelican Waters community which the Henzell family has been developing for more than 30 years.

It will be developed over four stages and includes 220 apartments and terrace homes, a grocer and waterfront restaurant.

Henzell Property Group marketing director Marcus Muir said there had also been exceptional interest from interstate buyers seeking to relocate to the Sunshine Coast.

"The Cove has been meticulously designed over a number of years to bring something to market that buyers were calling out for," Mr Muir said.

"The COVID-19 pandemic is definitely elevating peoples' plans to move from southern states to Queensland and we're seeing an increase in inquiries week on week."

Local buyers Alan and Judy Cramond were among a number of owner-occupiers downsizing into the up-market Cove development nestled in the heart of the resort community.

The couple said their apartment came with plenty of room and space for the grandkids.

"The whole ambience of The Cove is the best I've seen on the Sunshine Coast - nothing we looked at had the same level of quality to the design and architecture," Mr Cramond said.

"It's close to a range of amenities and dining options and is fully secure which played a big part in our decision to purchase."