Multiplex settles Casuarina Beach buy

MULTIPLEX has settled on the $30 million purchase of two remaining Cotton Beach land holdings at Casuarina Beach.

Multiplex purchased the two super lots – comprising a total 5.3 hectares of absolute beachfront land in the southern precinct of Casuarina Beach – from Casuarina master developer Kings Beach in 2005.

The purchase also included a 1.7-hectare site, which Multiplex has already settled and commenced development of the $120 million Cotton Beach residential resort – the first stage of what will eventually be a $300 million development over the entire 7-hectare holding.

Multiplex Apartments’ managing director Chris Palandri the master plan for stage two consists of approximately 300 dwellings to be rolled out over the next few years.

Palandri said that construction of stage one, the $120 million beachfront low rise residential resort comprising 129 beachfront apartments, is well under way with the completion on track for mid 2008.

“Stage one of Cotton Beach has been an enormous success with more than $60 million in apartment sales in the past 12 months.

“It’s also the only apartment project currently being developed on the New Tweed Coast with a residential zoning approval which allows owners to live there permanently,” he added.

Australian Property Journal