Gold Coast property: Construction begins on $74 million Flow Residences

Construction has begun on a new $74 million luxury accommodation tower overlooking one of the world’s most famous surf breaks as its developer plans new Gold Coast projects.

CONSTRUCTION has begun on a new $70 million luxury accommodation tower overlooking one of the world’s most famous surf breaks.

The first sod was turned on the Flow Residences this week, less than a month after the southern Gold Coast tower sold out in a COVID-inspired spending spree.

The tower is expected to open in March 2022, with the building works set to create more than 200 jobs in the meantime.

Brisbane-based developer Paul Gedoun said the project had proved more successful than anticipated, having sold out in just four months, with famed surfers Joel Parkinson and Mark Richards buying in.

“We launched at the end of June and got an amazing result which is testament to the site and our strategy. To have achieved 22 sales in just a short couple of months, worth on average $3.5 million, shows that we have a great project and the right strategy,” he said.

“We are very excited about Flow because it’s a new day for the southern end of the Gold Coast.

“We’ve had a lot of our buyers who haven’t been able to come visit the site and spend time with us - without needing to quarantine - so having the border open this week is very significant.”

Mr Gedoun said he was now turning his sights to other development opportunities on the Gold Coast

October 23

A BRISBANE developer has found a golden pot at the end of Rainbow Bay, with apartments in his $74 million luxury beachfront tower selling out.

The final $3.15 million unit at Rainbow Bay’s 13-storey Flow Residences sold less than 12 weeks after the project was put to the market.

The luxury three-bedroom, half-floor “oceanic” apartment overlooks Snapper Rocks and came on top of $70 million in sales recorded during the first two months of the campaign.

Real estate agent Jayde Pezet managed the sales and said the speed of the sellout surprised everyone.

“This is without doubt the most successful sales campaign we have been involved,” he said.

“What has made it more unbelievable is that we launched the apartments at the end of June, only weeks after the Gold Coast came out of the COVID lockdown and while the borders with NSW and Victoria remained closed.

GOLD COAST DEVELOPMENT SPECIAL SERIES

PART ONE: GOLD COAST’S 10 BIGGEST PROJECTS UNDER CONSTRUCTION

PART TWO: GOLD COAST’S 10 BIGGEST PROJECTS YET TO START

PART THREE: GOLD COAST’S 10 MOST CONTROVERSIAL DEVELOPMENTS

“The sellout shows the pent-up interest in the Gold Coast from well-heeled downsizers who are from the Gold Coast, Brisbane and interstate.”

The 22-unit tower was developed by Brisbane-based surfer and developer Paul Gedoun and his S & S Projects.Of the buyers, 65 per cent were Queenslanders, with most from Brisbane. NSW residents bought seven apartments and one buyer hailed from California in the US. Champion surfers Joel Parkinson and Mark Richards were among the buyers.

The existing three-storey building on the site will be demolished in November, with construction of Flow expected to begin in early 2021.The city council approved the tower in September despite objections from nearby residents who feared the project would block their view.

Parkinson and Richards are among several cashed-up buyers who are diving into the city’s property market, defying the COVID-19 recession, with developers chalking up more than $130 million in sales in just six months.

Strong sales have been reported across a range of major projects on the back of downsizers and southern state residents looking to escape from Sydney and Melbourne.

Keylin Group’s $650 million Serenity 4212 in Helensvale achieved more than $55 million in sales since its launch in April this year at the height of restrictions, with 75 of its 110 waterfront blocks already sold.

Artist impression of the Serenity development at Helensvale.

Swimming pool area at the Serenity development at Helensvale.

More than $70 million of units have sold in Rainbow Bay’s $74 million Flow Residences, with just one of its 22 units remaining.

Keylin director Louis Cheung said the strength of the sales had surprised the company.

“The sales have absolutely blown us away,” he said.

“We were very confident when we ran the ruler over this site that we would secure some strong sales, but not to this extent so soon.

“What makes it all the more remarkable is that these sales have been achieved predominantly during COVID, and the lockdown period.

Artist impression of the Flow Residences at Rainbow Bay.

Property figures have reported a significant uptick in out-of-state residents buying up Gold Coast property in recent months after unpleasant experiences being locked down in Sydney and Victoria.

Cru Collective’s $40 million Siarn at Palm Beach has seen $7.5 million in sales alone to three buys -including two from interstate and one from overseas, who each bought via video conferencing.

An interstate buyer from Wollongong also purchased a luxury apartment and marina berth in Aniko Group’s No. 1 Grant Avenue ‘sight unseen’ during COVID, worth over $800,000.

Housing prices softened by 2 per cent in Sydney in July to $1.1 million, while on the Gold Coast the average house price rose to $672,500, up 2.7 per cent on the same time last year.

No. 1 Grant Avenue, Hope Island

Data released in mid-August revealed more than $200 million worth of building work was lodged in June alone.

The number of applications came on the back of state and federal governments’ COVID-19 economic stimulus measures and continued migration to the city.

In September, new research from leading demographer Mark McCrindle was revealed, showing the Gold Coast would be the first major Australian city to rebound from the economic turmoil of the coronavirus.

The city’s population was forecast to top 1.2 million within 20 years before COVID effectively halted migration in March.

Mr McCrindle said migration levels would drop in the short term, before spiking dramatically in coming years.