Launching The Boulevarde in Cairns

Brisbane-based property group Norventure Pty Ltd, in conjunction with international specialist bank Investec Bank (Australia) Limited (Investec), are holding a formal launch for The Boulevarde.

The event, which marks the start of the pre-construction phase for the development’s 96-unit stage one, was held onsite on 31 July, 2008.

Construction on the 372-unit residential complex at Manoora is expected to commence in the final quarter of 2008.

The joint venture partnership between Norventure and Investec finalised the purchase of The Boulevarde from previous developer CEC in May this year for $A5.5 million.

When completed, The Boulevarde will feature a selection of one, two and three-bedroom apartments plus a full range of complex amenities including a 25 metre lap pool, swimming lagoon, four spas, four barbecue areas, gymnasium, tennis court, an onsite restaurant, intercom security and signature landscaping.

The 4.65 ha Manoora site is the last significant site in Cairns and the only parcel of land within a 4-kilometre radius of the Cairns CBD that is suitable for large-scale luxury residential development.

Norventure is in the final stages of negotiations with award winning Cairns building firm, CMC (Construction Managers and Contractors). A construction schedule has been mapped for the four-stage eco-smart development, which comes with a five-star energy efficiency rating.

Norventure director Lawrie Robson said 36 pre-release sales (includes 30 sales to locals) with a total value of $A14 million had been transacted since The Boulevarde was released onto the market. The pre-launch phase will expire at the end of August 2008 at which time prices are expected to increase.

“Vacancy rates for rental properties in Cairns are extraordinary low at the moment, and it’s crucial the city’s development pipeline maintains progress,” Mr Robson said.

According to state government predictions, Cairns may need to accommodate a surge of 70,000 new residents within the next 10 years.

“The Boulevarde offers the ultimate lifestyle package for owner occupiers or investors, and those who take advantage of our pre-release sale prices will reap the financial benefits through capital gains growth or rental return,” he added.

The Boulevarde is one of a number of major projects to be rolled out with the financial backing of Investec. In January this year, the specialist banking group financed a $30 million partnership for a business park in Mackay.

Investec’s Ben O’Hara said research showed there were supply gaps in the residential and industrial property markets along the north-east and central Queensland coastline.

We see the financing of The Boulevarde as a good investment opportunity in Cairns,” Mr O’Hara said.

“There is minimal residential development due to come online in the boom coastal city in the next 18 months, and quality family-friendly, intelligently-designed developments like The Boulevarde will fill the gap,” he added

Prices for one-bedroom apartments in The Boulevarde start at $268,000, and two-bedroom apartments are priced from $350,000. Potential investors can call Court House Realty on (07) 4051 2300 or 1300 323 555, or visit www.theboulevardecairns.com.au for more information.