The $35 million Sebel Point Resort Apartments development at Silverwoods is planned to be completed by the end of 2019 bringing with it 134 local direct and indirect jobs it was revealed at the official sales launch last Tuesday.
The waterfront development called the Point Resort Apartments offers a 117-room boutique hotel and serviced apartments.
In addition to the hotel, The Point Resort will also encompass first class amenities including bar and bistro, fine-dining restaurant, 300-person conference facility, a pool, gymnasium and other health club facilities, all built on the Lake Mulwala waterfront.
This is another significant milestone for the development following the delivery of an 18-hole championship golf course and pro shop as well as around 200 homes to date.
Developer, Lotus Living is hoping to entice investors to buy into the new hotel development offering guaranteed annual net returns of around 6 per cent for a decade.
The strategy appeared to have early success with Lotus Living selling nine out of 31 holiday apartments off the plan in stage one of The Point Resort Apartments last week. Lotus Living will manage the property as a Sebel hotel brand under a franchise agreement with French hotel giant Accor, Australia’s largest hotel group.
Lotus Living Manager Director Peter Bozzo said it has been a long process getting to the start of the construction of the hotel and complex.
“It’s been an interesting journey getting to this point but we’re here and I’m very confident we will leave a lasting legacy for Yarrawonga now,” Mr Bozzo said.
“We’re hoping we get plenty of support locally because that makes the world of difference.
“The vision is still coming to fruition, it’s been a longer process than I anticipated but it’s becoming real and we’re proud to be a part of that journey.”
Mr Bozzo expected the build to take around 18 months with earthworks already started and the builder to be onsite in April, 2018.
My Bozzo said Hutchinson Builders, one of Australia’s most highly regarded construction companies, has been appointed to undertake the construction of the project. The complex has been designed by renowned firm COX Architecture
He said Lotus Living was committed to utilising local trades and services wherever possible.
“Not all the traders will be coming from Melbourne, it would be silly not to capitalise on the resources that are already here,” he said.
Mr Bozzo expected zone 3 or one block of the apartments and the whole facility except for zone 4 would be ready by Christmas 2019.
“If within three or six months we sell out on the whole of zone 3 that would give me a fair bit of confidence we need to start on zone 4 and just deliver the whole lot in one hit,” he said.
“There’s a fair few asking the right questions so we’re quietly confident.
“The bulk of it is investment properties, it’s aimed at investors.”
Lotus living Project Director, Daniel Smith, says the launch is a proud moment for the company, as The Point Resort Apartments marks an important step not only for the community but also in the continued transformation of Yarrawonga, and will provide significant additional amenity, jobs and economic growth to the surrounding region.
“There will also be 60 jobs initially created during the construction phase of the development and a further 134 direct and indirect jobs created locally once it is completed,” Mr Smith said.
“We are proud to be contributing to the evolution of Yarrawonga. The Point Resort Apartments will deliver substantial benefits to the township as it continues to flourish as a premier holiday, conference and mini-getaway destination in northern Victoria.”
He said the first batch of buyers was a mix of Melbourne, regional and Yarrawonga investors. Prices started from $460,000 for a dual-key apartment to $1.3 million for a three-bedroom unit.
“We created an offer that makes it a compelling proposition on a yield basis given the development is in regional Victoria, where you are not looking at the same level of capital growth as you would expect in Melbourne,” he said.
Investors who buy an apartment enter into a 10-year-lease agreement with Lotus Living and are guaranteed a gross yield of 6-7 per cent and a net return of about 5.9 per cent.
Mr Smith said independent research was done by both CBRE and Moira Shire and showed that 787 jobs would be created over the whole region once the resort complex was open.
“The independent research shows an eight per cent increase in visitation across the region. It will attract broader domestic and international visitors to the region,” Mr Smith said.
“The focus of The Point Resort Apartments is to create prestigious, affordable luxury where both locals and visitors will feel immediately at home.”
The facilities and room configurations will be flexible to cater for couples, groups, families and individuals, reflecting the diversity of visitors that are drawn to Yarrawonga.
The project will also include pedestrian and cycling connectivity between Yarrawonga and The Point.
“This is an exciting time for the local community, and we are looking forward to breaking ground in early 2018,” Mr Smith added.
To find out more about available opportunities at Silverwoods, head to the Sales Office located at Black Bull Pro Shop, 1-7 Silverwoods Boulevard,Yarrawonga. Call 03 5743 3744 or visit www.silverwoodsyarrawonga.com.au or www.thepointyarrawonga.com.au