Gold Coast development: $100m luxury tower plan for Main Beach's Four Corners site revealed

An absolute beachfront site in Main Beach will be transformed into a giant $100 million luxury tower. SEE THE PLANS >>>

AN ABSOLUTE beachfront site in Main Beach will be transformed into a giant $100 million luxury tower.

Just six weeks after buying the Main Beach Paradise site for a record $16 million price, developer Greg Eastment has unveiled a 17-storey tower for the Four Corners site, which is just metres away from the busy Tedder Ave dining precinct.

The 56-year-old three-storey low-rise unit building will be demolished to make way for the boutique residential tower which will take out the 787 sqm site.

Artist impression of the tower planned for Main Beach's Four Corners site.

The tower is expected to begin construction in 2022

Plans filed with council this week reveal the tower will have just 15 units across 16 residential levels.

There will be 12 three-bedroom units and three five-units which will take out the top levels.

If approved, construction will begin in early 2022, with the first residents set to move in by mid-2023.

“The very large and liveable apartments will be highly desirable to ‘empty nesters’ downsizing from large detached dwellings, hereby adding to the housing diversity of the Main Beach beachside community,” a planning report on the project reads.

Four Corners at 3519 Main Beach Pde. Picture: Jerad Williams

The Main Beach Association, which has campaign against large-scale developments in the area have vowed to closely monitor the project.

“This is a very small site so we will be looking at this project very closely,” group president Sue Donovan said.

“It will be interesting to see how this project compares with the other towers on the beachfront.

“However, we do accept the face of Main Beach is becoming more high-density and the fact that there are sites which require development.”

The Bulletin revealed in March that Mr Eastman had paid more than $20,000 per sqm.

Prestige property agent Harry Kakavas said the previous square-metre record stood at $18,541, which he achieved prior to the global financial crisis when he sold a double block he owned in Millionaires’ Row, Mermaid Beach’s Hedges Ave, to developer Mike Moorhead for $15m.

Record smashed for Gold Coast residential site

A deal on an ageing beachfront Main Beach low-rise has smashed the record for a Gold Coast residential site, taking it above $20,000 a square metre.

The 56-year-old Four Corners is under contract to car dealer Greg Eastment for around $16 million.

The 10-apartment building’s 787sq m site is to make way for a $100 million high-end boutique apartment project.

The sale is the latest example of Main Beach, dormant in tower development terms since 2008, coming to life and shaping as the city’s latest boom suburb.

A new tower, Cerulean, broke the drought and has just been completed.

Another seven buildings are either being marketed, about to be offered, or awaiting approval.

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Prestige property agent Harry Kakavas, who was advising Mr Eastment during the Four Corners amalgamation, yesterday confirmed the price being paid for the site exceeded $20,000 a square metre but would not disclose the figure or the total price being paid by Mr Eastment.

He said the previous square-metre record stood at $18,541, which he achieved prior to the global financial crisis when he sold a double block he owned in Millionaires’ Row, Mermaid Beach’s Hedges Ave, to developer Mike Moorhead for $15m.

“The amalgamation of Four Corners is the result of eight months of patient negotiations with the owners of the building’s apartments.

“The buyer made his judgment as to the site’s worth and potential well before the Gold Coast market started to run hot.

“What’s happened since in terms of residential price surges reaffirms that his judgment was correct.”

Four Corners at 3519 Main Beach Pde. Picture: Jerad Williams

Mr Kakavas, who is to market the Eastment project, said designs for the proposed new building had yet to be finalised but it would involve predominantly single-floor and dual-floor apartments.

“The aim is to start construction, subject to approvals, early next year and to complete the building by mid-2023.

“The yet-to-be-named project is not expected to be publicly marketed – there are several would-be buyers in the wings.”

The Bulletin reported in October that a move to amalgamate Four Corners was under way – Mr Eastment had paid $1.225 million for one of the apartments two months earlier.

He previously had sold an apartment in a nearby luxury boutique building, SEA.

The Four Corners site, at 3519 Main Beach Pde, faces north and also fronts Breaker St.

The southern neighbour is a beach cottage that sold for $7.236m at auction in January, valuing its 402sq m site at $18,000 a square metre.

Two doors further south developer Danny Andrews has launched a 16-floor luxury tower, Dune, on a beachfront site that spans 617sq m and cost $10.6m – or $17,179 a square metre.

John Muchall, a valuation director of JLL, yesterday said the price being paid for Four Corners was reflective of the high demand for smaller-scale boutique development sites.

“Given Four Corners has a corner position, it is not surprising it has sold at a higher rate than other beachfront sites along that Main Beach Parade strip.”