News

Sapphire of Eden gets approval

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Experienced developer Core Asset Development Pty Ltd (CAD) has gained approval for the development of a $100 million, four-tower complex known as 'The Sapphire of Eden' which is expected to re-shape and revitalise Eden as a major regional centre in NSW.

Following the approval, CAD is expected to commence construction of the residential, hotel and hospitality complex in December, 2022, with completion expected in early 2023. The construction of the project is expected to generate local 1,043 jobs and 80 ongoing jobs.

CAD was previously granted development approval for a 82 room, five-star hotel and a 300-person function and wedding centre, restaurants, bars and wellness centre to be built in one of the towers, to be managed by Radisson by Individuals, with its opening expected late next year.

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The development is located on the old Eden Fishermen’s Recreation Club on Imlay Street, covering 10,000 square metres.

Managing director of CAD, Mr Mark Toma, said “We are excited to win approval and are ready to commence employing local tradesmen and sub-contractors in the project, which will give the South Coast a much needed, private sector shot in the arm in providing tourist and residential accommodation.

“Apart from the generation of jobs and investment in the region, we also expect The Sapphire Of Eden will relieve pressure on renters with more affordable residential stock on the South Coast, which has experienced surging real estate prices”, he added.

Eden and the rest of NSW’s South Coast are riding the wave of popularity as a result of greater domestic travel during the COVID pandemic, as well as being boosted by $200 million worth of Federal, State and Local Government spending on major projects, including the new international cruise terminal and other infrastructure.

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Three of the five story towers will feature one bedroom, two, three and four-bedroom apartments, a heated pool, gym and barbecue areas in a fully secured precinct, with buyers now able to secure a property by visiting HERE

The apartments will have coastal and mountains views, and many are expected to be purchased by locals who are seeking to stay in the area when transitioning from their existing homes or looking for an investment with strong rental demand.