Gold Coast development: $140 million project planned for Palm Beach

A $140 million project is planned on the biggest and most expensive oceanfront site to change hands in a Gold Coast property hotspot.

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A LUXURY two-in-one apartment tower and five beachfront houses are planned on the biggest and most expensive oceanfront site to change hands in property hotspot Palm Beach.

The 14-level tower, with twin wings, will be the centrepiece of a development that will have a major emphasis on subtropical planting.

The $140 million project, tagged Reef Palm Beach, is earmarked for a 3304 sqm site at 332 The Esplanade that has a 40-metre frontage to the beach.

A luxury two-in-one apartment tower and five beachfront houses are planned on the biggest and most expensive oceanfront site to change hands in property hotspot Palm Beach.

The holding was bought by long-time developer Anthony Gordon, building industry figure Paul Younan, and an unnamed Gold Coast family for $21 million in September.

The seller, listed healthcare group Regis, earlier had aborted plans for an eight-level aged-care project on the land.

The Gordon-Younan project, designed by Cottee Parker, is expected to be launched in April if it gains development approval, with a construction start in August.

The tower will have 76 apartments of from one to four bedrooms, with 90 per cent of the owners getting two carparks.

The design centres around a central spine that connects the two wings with a lightwell that runs the full height of the building, allowing light to penetrate the building and nourish extensive subtropical planting designed to create a cascading garden.

Mr Gordon yesterday said the project was designed to reflect the coastal fabric of Palm Beach, with nearly half of the site open space and landscaped areas.

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“The size of the site gives us a little more freedom to be creative in the positioning and alignment of each of the buildings to make the most of the views, while having plenty of setback from the Gold Coast Highway.

The $140 million project, tagged Reef Palm Beach, is earmarked for a 3304 sqm site at 332 The Esplanade that has a 40-metrefrontage to the beach.

“On completion, the project will be a real oasis of green sitting in stark contrast to the sand and blue ocean beyond.

“We particularly have focused on creating a stunning streetscape with a lush, green feel that will provide a beautiful welcome for residents and their guests.”

Mr Gordon said the site’s size allowed the provision of resident amenities that were not possible in boutique buildings.

They would be spread over two levels and include a large foyer and lounge area, gym, and a pool deck with cabanas and private barbecue spaces.

A LUXURY two-in-one apartment tower and five beachfront houses are planned on the biggest and most expensive oceanfront site to change hands in property hotspot Palm Beach.

Mr Gordon said two-bedroom apartments were expected to start at around $800,000, with prices peaking at $3.5 million.

CBRE residential project marketing director Nicholas Clydsdale said the building had been designed as a collection of individual homes with a premium on space and light.

“This a well-designed project in a great location and is being delivered at a time when the Gold Coast luxury market is in great health.”

The Esplanade site has the 17-level 19th Avenue tower on its northern side.

The land is across the Gold Coast Highway from twin 12-level towers built on a 4.7ha former tourist park bought by the Sunland Group for $18.4 million in 2014.