Capital gains delivered for Hemingway Palm Beach buyers, all apartments settled

Hirsch & Faigen, a Melbourne-based developer, has completed its debut Gold Coast project, the $75 million Hemingway at Palm Beach. They recently celebrated the successful settlement and completion of the development, welcoming its first residents to the address that has given buyers a place in the closely held beachfront precinct near the commercial heartbeat of Palm Beach.

The team has also revealed that the beachside development has delivered substantial capital gains of between 35 and 50% for buyers.

Matt George, Head of Sales for Hirsch & Faigen, said, “Early buyers at Hemingway have enjoyed significant capital gains of up to 50% in one of the most dynamic markets in Australia.”

The majority of buyers, according to George, are “local downsizers and upsizers, as well as first-home buyers” who believed in Hirsch & Faigen’s ability to deliver this project amid well-documented challenges the construction industry faced throughout this period.

The 14-level Hemingway houses a grand selection of 78 luxurious residences ranging from one- to four-bedroom designs. Priced from $420,000 to $3.995 million at their 2021 market debut, these properties have now fully settled more than two years after Hirsch & Faigen's launch.

The developer reported a complete sell-off of all apartments, including the penthouse, which sold for $3.995 million, prior to the project’s completion in December 2021.

Among the many buyers is Brisbane resident and property industry entrepreneur Leah Kent, who intends to maintain her newly acquired property as both an investment and a holiday home.

“Having an apartment for the family to enjoy that can be utilised as an office was not only a solid investment but a dream come true,” said Ms Kent, further praising the project's attractively laid-back lifestyle and serene beach location.

Resident amenities at Hemingway include a pool.

Offering insight into her purchase decision, Ms Kent said Hemingway’s choice of builder, architect, and consultants gave her confidence during a period of uncertainty.

“During an uncertain period for the construction industry, seeing many projects not proceeding, this credibility and insight gave us confidence that the project would be delivered and to a high standard,” said Ms Kent.

“As an experienced consultant specialising in high-end off-the-plan residential property, I am well informed and unashamedly particular when it comes to functional floorplans and quality finishes, true to Rothelowman Architect’s work.

“The appliances, finishes, and inclusions were all superior and we were thrilled to find that the developer was willing to accommodate our requests for custom variations, which is increasingly rare.

“It is incredibly reassuring to see that property values are finally being recognised and so rewarding to have been able to benefit from the risk that comes with buying off-the-plan.”

Embarking on its first development on the Gold Coast, Hirsch & Faigen has an impressive success streak with its residential and commercial projects in Victoria. Following Hemingway, the company has engaged in two more projects – the $75 million Emerson Kirra and the $200 million Yves Mermaid Beach – achieving a formidable $350 million sellout success in just two years.

Hirsch & Faigen director Daniel Faigen expressed pride and satisfaction over the sold-out development, saying, “We are extremely pleased with the positive feedback from Hemingway’s buyers.

“We are equally proud to have completed Hemingway and delivered this exceptional project during challenging times for the construction sector.

“The Gold Coast has been an exceptional market for our group across three projects and we look forward to also bringing Emerson and Yves to completion in due course.”

Hemingway, situated at 1267-1273 Gold Coast Highway with frontages to both Seventeenth Avenue and Jefferson Lane, offers buyers easy access to an active beachside lifestyle, urban facilities, and a thriving dining and entertainment scene.

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