Harry Triguboff to build twin 55-level towers at Surfers Paradise site

Apartments king Harry Triguboff is planning to build two 55-floor towers at a prominent Surfers Paradise site, saying the area is “entering a new era”.

AUSTRALIA’S apartments king Harry Triguboff is doubling down on his faith in Surfers Paradise, spending $75 million to buy an oceanfront site assembled by Singapore’s Banyan Tree group.

The veteran developer this week confirmed he had bought a major Surfers site but would not name it, citing a contract confidentiality clause.

Property sources said the purchase definitely was the 4423sqm Banyan Tree site, which is at the northern end of the Esplanade.

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The Banyan Tree development site at the Northern end of the Esplanade in Surfers Paradise. Picture: Nigel Tod.

The 88-year-old Meriton group founder Mr Triguboff, who is building the 76-floor Ocean tower on The Esplanade, yesterday said he had started drawing up plans for two 55-floor towers and would keep one of them.

“I’m Surfers’ biggest fan – I love walking on the beach and I lap up the buzz.

“Surfers is entering a new era on the back of Covid, with more and more Australians appreciating it.

“Many of them are buying apartments and, of course, low interest rates are helping them.

“I’m not the only developer awake to what’s happening (in Surfers) – two whole city blocks, back from The Esplanade, have sold or been joint-ventured.”

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Harry Triguboff. Photo: James Horan.

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The new towers will take the number Mr Triguboff has built on the Gold Coast since the early 80s to 21.

He said he was ecstatic over the progress of Ocean, on which construction was up to the level 55, and over the tower’s ‘standout’ appearance.

“The apartments are selling well and the Meriton Suites hotel, which we’re opening on the lower floors in early July, is chalking up huge bookings.”

Mr Triguboff, who has a Main Beach penthouse, said it was highly likely that one of his planned new towers would include a Meriton Suites hotel.

The 76-level Ocean supertower under construction in Surfers Paradise.

The triangular Banyan Tree site, which backs on to Main Beach Pde, partly is occupied by the 46-year-old Bahia tower and the Beach Lodge low-rise.

The tenants in those buildings have been asked to move out by July 21.

Banyan Tree, an international hotel and resort operator, assembled its site in 2014 at a cost of $50 million and gained approval for a twin-tower project, Cassia Northpoint.

It has been betwixt and between on whether to proceed with the project, take in a partner, or sell the site.

The sale move comes after it last year sold a Brisbane holding on which it planned a 128-apartment tower.