Surfer Paul Gedoun plans $70m landmark apartment building in Rainbow Bay

A surfing newcomer has bought one of the Gold Coast’s premier development sites. He’s now revealed his plans to create a $70 million apartment building close to four surfing beaches.

A PASSIONATE newcomer to surfing has bought what is regarded as one of the premier development sites on the Gold Coast for $12 million-plus, and plans a $70 million landmark apartment building.

The site, sitting above Rainbow Bay at Coolangatta, puts developer Paul Gedoun a stroll away from four surfing beaches.

He plans a “high-spec” 12-floor tower with 16 apartments and which will be crowned by a $10 million-plus two-level penthouse.

The Rainbow's End building in Rainbow Bay.

Buyers of the few two-bedroom apartments will pay at least $1.1 million and those wanting a whole floor will be spending between $6 million and $7 million.

The Brisbane-based Mr Gedoun, a 42-year-old father of two who “discovered” surfing at Rainbow Bay four years ago, will keep one of the whole-floor apartments for his family.

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He yesterday said that before his deal went unconditional this week he already had been besieged by would-be buyers, some using “unorthodox” methods to try to contact him.

The developer is a joint partner in Pointcorp, which has bought and is to redevelop The Villa private golf course at Nerang.

His Coolangatta buy, on the corner of Marine Pde and Petrie St, involves the near 40-year-old Rainbow’s End building, a six-unit low- rise on a 1012sqm site.

“It’s a property that can’t be repeated.”

Mr Gedoun said the property was a gem, sitting on a peninsula to which there was one way in and one way out.

“There are four world-class surfing beaches a walk away – Rainbow Bay, Greenmount, Snapper Rocks and Duranbah,” he said.

“It’s a landmark site and I want to deliver a landmark project that does the site justice.

“I love everything about it and can’t believe I’ve been lucky enough to buy it.

“It’s a property that can’t be repeated – one of the best sites on the Gold Coast, if not in Queensland.”

Mr Gedoun said some of the owners in Rainbow’s End agreed to sell only if they were given the right to buy in the new building.

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He said the site was code assessable under planning rules, a 12-level building was allowable, and he hoped to lodge a development application by March.

“My initial plan was to have 21 apartments, including two-bedders, but there’s been such a demand for whole-floor homes that I’ve cut the number back to 16.”

The new building will be a landmark addition to the area.

GV Property Group principal Antonio Mercuria, who amalgamated and sold Rainbow’s End, yesterday said the property drew more than 100 inquiries and 12 ‘very competitive’ offers.

“As the offers came in I had to run each one past each owner individually – that meant 72 interviews.

“It was a long exercise but we got there.”