Developers delay sale of apartments due to pricing volatility

Criterion Vision spokesman Bill Welsh said there had been some delays in the project, but a construction manager had been appointed and would start in January. "We're excited to kick it off and get started," Mr Welsh said.

The development will include four three-storey townhouses that boast four bedrooms and double garages at the front and six three-bedroom townhouses at the back.

Interest in the apartments was strong, Mr Welsh said, but due to the volatility of pricing, the developers decided to delay selling the properties. "The costs were changing so much - they were changing overnight so we decided to build the properties before we sell them.

"Pricing in building is changing so quickly."

Mr Welsh said he believed the demand would be strong for the apartments due to their quality finishes and location.

Buyer interest had come from as far as the United States when the apartments were on the market.

During the initial expression of interest period, real estate agent Jason Thwaites said the inquiries were rolling in. "It's a very well designed complex in a location that had absolute access to everything. You don't even really need a car," he said.

"It's an inner city metropolitan lifestyle in a growing coastal city."

The site was home to the popular Criterion pub before it closed its doors in January 2008 and was destroyed by fire in February 2010.

The damage caused by the blaze was so bad, what was left of the historic hotel had to be pulled down in 2013 for safety reasons. The original hotel was built in 1872, and the design of the new townhouses was a nod to its history.

Initial plans for the site unveiled in 2019 included a four-storey inner city development with 40 apartments, shops and offices, but that idea was shelved in favour of townhouses.

IN OTHER NEWS

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: