Although not as sizeable and lavish in stature as Dubai’s developments, Ephraim Island is nevertheless an impressive development that’s taken numerous years to come to fruition.
The project is a joint venture between Mirvac and The Lewis Land Group of Companies, and has exchanged hands numerous times since it was originally owned by Paradise Point pioneer Jim Hansford.
In 1978 it was sold to companies associated with Gold Coast apartment developer Jim Raptis, who set about building the bridge from the mainland at a cost of approximately $6 million.
In 1991 it was sold to a Japanese consortium KK Alpha Corporation for $45 million and according to information supplied by the developer’s publicists, KK Alpha Corporation planned a $400 million Venetian-themed resort named Odyssey Island. However, the company struck financial difficulties and closed its Gold Coast offices in 1993.
The Lewis Land Group of Companies, which has developed the adjacent The Sovereign Islands, acquired Ephraim Island in 1995 for approximately $10 million.
In 2001 The Lewis Land Group of Companies joined forces with Mirvac in a joint venture to develop the island.
The $555 million Ephraim Island was officially completed recently, six years after concepts were first publicly released for the development in 2002.
According to information supplied by the developer’s publicists, the completion of major construction works has seen a “surge in popularity, sales and visits to the unique island development”.
Total sales secured are “in excess of $400 million” since being officially launched for sale to the market in March 2003.
The development occupies a 9.619 hectare site in the middle of The Broadwater, 400 metres off the Paradise Point Village on the northern end of the Gold Coast.
According to the developers, out of a total of 383 apartments, villas and beach houses, more than 75 per cent have been sold. Prices have reportedly ranged from $525,000 through to almost $5 million.
The final stage of Ephraim Island, The Reserve Precinct, was finished in May, which also saw the completion of the grassed open space just south of the bridge.
The media release supplied to The Epoch Times states: “Ephraim Island has attracted purchasers from throughout the world,” but “The majority of sales have been to South-East Queensland residents.
“The largest group of purchasers have been Gold Coast residents either downsizing from large waterfront homes or upgrading their existing home and moving to prestige apartment living.”
Mirvac’s Queensland Chief Executive of Development Matthew Wallace says that Ephraim Island can cater to most of your needs.
“The lifestyle provided on Ephraim Island is truly first class and if you don’t want to move off the island, then you really don’t have to.”
Some of the facilities offered at Ephraim Island include a 115-berth, direct ocean access marina, Ephraim Spa, The Wellbeing Centre with a gymnasium and lap pool, Darcys Restaurant Bar and resort style pools throughout the grounds.
Mr Wallace also says that the development of Ephraim Island by the joint venture partners represented a significant reduction in density and size from the original KK Alpha Corporation plans.
“In total, approximately 77 per cent of Ephraim Island’s overall area is dedicated to open space,” he said.
Mirvac reports that recent sales included apartments ranging in price from $890,000 to $2.8 million.
For more information, see: www.ephraimisland.com.au .
The project is a joint venture between Mirvac and The Lewis Land Group of Companies, and has exchanged hands numerous times since it was originally owned by Paradise Point pioneer Jim Hansford.
In 1978 it was sold to companies associated with Gold Coast apartment developer Jim Raptis, who set about building the bridge from the mainland at a cost of approximately $6 million.
In 1991 it was sold to a Japanese consortium KK Alpha Corporation for $45 million and according to information supplied by the developer’s publicists, KK Alpha Corporation planned a $400 million Venetian-themed resort named Odyssey Island. However, the company struck financial difficulties and closed its Gold Coast offices in 1993.
The Lewis Land Group of Companies, which has developed the adjacent The Sovereign Islands, acquired Ephraim Island in 1995 for approximately $10 million.
In 2001 The Lewis Land Group of Companies joined forces with Mirvac in a joint venture to develop the island.
The $555 million Ephraim Island was officially completed recently, six years after concepts were first publicly released for the development in 2002.
According to information supplied by the developer’s publicists, the completion of major construction works has seen a “surge in popularity, sales and visits to the unique island development”.
Total sales secured are “in excess of $400 million” since being officially launched for sale to the market in March 2003.
The development occupies a 9.619 hectare site in the middle of The Broadwater, 400 metres off the Paradise Point Village on the northern end of the Gold Coast.
According to the developers, out of a total of 383 apartments, villas and beach houses, more than 75 per cent have been sold. Prices have reportedly ranged from $525,000 through to almost $5 million.
The final stage of Ephraim Island, The Reserve Precinct, was finished in May, which also saw the completion of the grassed open space just south of the bridge.
The media release supplied to The Epoch Times states: “Ephraim Island has attracted purchasers from throughout the world,” but “The majority of sales have been to South-East Queensland residents.
“The largest group of purchasers have been Gold Coast residents either downsizing from large waterfront homes or upgrading their existing home and moving to prestige apartment living.”
Mirvac’s Queensland Chief Executive of Development Matthew Wallace says that Ephraim Island can cater to most of your needs.
“The lifestyle provided on Ephraim Island is truly first class and if you don’t want to move off the island, then you really don’t have to.”
Some of the facilities offered at Ephraim Island include a 115-berth, direct ocean access marina, Ephraim Spa, The Wellbeing Centre with a gymnasium and lap pool, Darcys Restaurant Bar and resort style pools throughout the grounds.
Mr Wallace also says that the development of Ephraim Island by the joint venture partners represented a significant reduction in density and size from the original KK Alpha Corporation plans.
“In total, approximately 77 per cent of Ephraim Island’s overall area is dedicated to open space,” he said.
Mirvac reports that recent sales included apartments ranging in price from $890,000 to $2.8 million.
For more information, see: www.ephraimisland.com.au .
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