Gold Coast development: $50m luxury unit build planned for Sanctuary Cove

More than $50 million will be spent creating the first new luxury units in a well-heeled Gold Coast suburb in more than 25 years. SEE WHAT’S PLANNED

MORE than $50 million will be spent creating the first new luxury units at Sanctuary Cove in more than 25 years.

Developer Mulpha International has unveiled plans for an “ultra-luxury” four-storey residential complex which will be built on a waterfront site at the northern Gold Coast resort.

The project, still in the design phase, will feature 48 units ranging from two to four bedrooms.

Artist impression of a proposed luxury unit complex at Sanctuary Cove planned by Mulpha International.

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Mulpha chief executive Greg Shaw said the project would be launched to the market early in the new year.

“Our market research shows there is very strong demand for a high-end, apartment-style offering in the marine village precinct catering to the ‘right-sizer’, owner-occupier market,” Mr Shaw said.

“We are very excited to bring this to market and Sanctuary Cove has really bounced back with most of our tenants trading above pre-shutdown levels.

“Just this year we completed an expansion of the marina and increased berthing facilities for superyachts which we expected a 90 per cent occupancy rate within months.”

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Greg Shaw, the CEO of property development company Mulpha. Picture: Hollie Adams.

It is one of a range of major developments proposed, or under construction, squarely aimed at the lucrative downsizer and over-60s market.

Sales have been boosted by Victorians and New South Welshmen relocating north in the wake of border closures and the long COVID-19 lockdowns.

Sanctuary Cove sales general manager John Hughes said the new development would be targeted to the high-end buyers.

“We believe the demand will be very strong from current residents living in homes within the resort community and from interstate buyers looking to right-size into new luxury residences right on the water. The market is crying out for it,” he said.