Taste of Saltwater ready
CABE'S latest luxury Bargara development, Saltwater, will be completed next week following some ups and downs along the way.
Despite delays due to the global financial crisis, the development later saw record-breaking sales that restored the company's confidence in going ahead with the project.
CABE general manager Davin Finn said completion was “spot-on” with expectations, after work began on the $12 million project last February.
“A certain value (of units) had to be sold, and we had to be sure that the confidence was there,” Mr Finn said.
“The key for us was we sold two purchases, one for just under $2.7 million and the other just under $2.6 million and they were record prices for the area.”
Mr Finn said six units were still to be sold, but with some buyers waiting to see the finished product, interest was increasing.
“The floods in Bundaberg hampered everyone, and our key selling time of December and January was a non-event.”
Mr Finn said the company expected Easter to be its next key sales period.
High tides and erosion of Kelly's Beach has also caused some issues for the project.
“We were unscathed (by the weather), but Kelly's has lost a lot of sand, so it has hurt us aesthetically, as one metre of sand was washed off the beach,” he said.
“But in the past two weeks, most of that has come back.”
Mr Finn said although there was no direct effect on the development, beach access was part of the lifestyle sold, so the company was investigating a more permanent solution.
The fifth project in Bargara for the company, after C Bargara, Manta, Rockpool and Dune, the next project will be the Bargara Golf Club redevelopment and apartment building, which was also put on hold during the financial crisis.
“It is still on the cards. Our best guess is that it is two years away, but it is a constant, moving target,” Mr Finn said.